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Professional Indemnity Insurance

PI insurance requirements for entities that conduct business as property agents.

Requirements

Property agents that conduct business must have professional indemnity (PI) insurance that indemnifies the property agent against any liability they may incur during their business as a property agent. The PI insurance must cover claims by clients and by people who are not clients, and claims arising from any act, default, omission, neglect or defalcation by the property agent and by any person employed by or acting on behalf of the property agent.

Minimum level of cover

For new entities seeking to be licensed from 1 January 2026, and for PI insurance renewals occurring in the 2026 calendar year, PI insurance will need to meet the following levels:

All real estate agencies and property management businesses conducting business must hold a minimum PI insurance cover of $2 million for any one event.
All general auctioneers conducting business must hold a minimum PI insurance cover of $1 million for any one event.

PI insurance policy

As part of its ongoing commitment to safeguarding the public interest and ensuring high professional standards, the Property Agents Board has endorsed a new PI Insurance Policy. Among other things, it confirms that property agents must provide the Board with a Certificate of Currency evidencing PI insurance held, sets out changes to the minimum level of cover required, and details the processes that apply when PI insurance is not held.

You can read more about these changes in the Board’s PI Insurance Policy below.