REIX - Real Estate Insurance Exchange

Beating Risky Business Before It Begins

by

The life of a real estate broker can sometimes feel like walking a tightrope while performing a juggling act. Lose your focus and it could result in a nasty spill.

Mary-Ann Mears knows all about that balancing act. As the Calgary-based managing broker for Sotheby’s International Realty Canada, she oversees 50 agents and three employees across three Alberta offices.

“My biggest challenges are ensuring my agents are current with policies and procedures at the office, that they have a clear understanding of CREB’s rules and regulations, and that all of their transactional activities adhere to the Real Estate Act,” says Mears.

In addition to providing one-on-one mentoring and business planning with her agents, Mears works hard to be proactive and keep her team informed on relevant news and hot-button issues, hosting regular training meetings and reviewing current market conditions.

So when she’s offered a ready-to-use presentation with pre-prepared notes as a learning opportunity for her team, she jumps at the chance.

Broker Series

REIX’s Broker Series offers resources specifically designed for brokers to help them tackle timely risk-related topics with their agents, including conflict of interest, risk hotspots, subject clauses and misrepresentation.

“The Broker Series presentations are tremendously helpful and welcomed. I found the first one, Know Your Client, to be precisely on point,” says Mears.

“The key benefit of being proactive is mitigating the risk of lawsuits for both the agents and the brokerage. It keeps agents sharp. Also, this kind of supporting information helps to minimize the recurrence of common and repeated errors by agents.”

In the end, says Mears, ensuring her agents stay informed is just good business.

“It reduces my risk exposure, their risk exposure and most importantly, our clients’ risk exposure.”

The Broker Series – part of REIX’s Risk Management Support Program (RMSP) – provides brokers with a new PowerPoint presentation and accompanying notes quarterly. Check out the link to view and take advantage of the other resources offered through REIX’s RMSP!

The Real Estate Insurance Exchange (REIX) provides mandatory errors and omissions insurance to over 14,800 Alberta and Saskatchewan real estate industry members and nearly 1,200 brokerages. We’re dedicated to providing high value to our subscribers through exceptional claims, risk and financial management. Be sure to follow us on Facebook!

Multi-Factor Authentication on your business email account

If you already need a separate passcode (e.g. a code texted to your cell phone) to access your email  for the first time on a new device, or to view it on the web, then you already have this.

This will close in 0 seconds

Weekly backups for your business computer systems

Your computer systems, such as your PC and your phone, contain mission-critical data on them – regular backups are a simple and effective way to ensure disruptions to you and your clients are minimized in the event disaster strikes.

This will close in 0 seconds

Firewalls on your internet access

Almost all internet connections have a firewall built in to prevent people from freely accessing your home or business network, or worse, your computer’s files.  You most likely already have this in place, but we encourage you to familiarize yourself with the key piece of security equipment.

This will close in 0 seconds

Endpoint Protection (a.k.a. anti-virus)

An up-to-date endpoint protection software is key to keeping your PC safe from viruses – it’s simple to install and may already have it included free with your computer (e.g. Windows Defender). It scans files, emails, and more to make sure nasty viruses and code to infect your PC.

This will close in 0 seconds

Security and Privacy Liability

Provides coverage, including legal expenses and damages, for any claim made against you for any actual or alleged breach of privacy, damage to the computers or systems others, unauthorized disclosure of data, and more, arising out of your professional services.

This will close in 0 seconds

Data Recovery and Loss of Business Income

a) Pays for the expenses related to investigate, repair, and manage a cyber event, including but not limited to: damage and interruption by a computer virus or malicious code, accidental damage or destruction of data, and malfunctions.

b) Reimburses you for lost income as a result of a cyber event – subject to an 8 hour waiting period.

This will close in 0 seconds

Event Management Expenses

Covers the costs associated with a breach of your systems to ensure you meet the requisite privacy legislation requirements – including notification costs as well as credit monitoring and other support for affected clients.

This will close in 0 seconds

Data Extortion

Provides services and coverage for expenses related to cyber extorsion threats (e.g. ransomware) – including the costs to manage the event and, where necessary, pay the ransom.

This will close in 0 seconds

Social Engineering Fraud

This is coverage for your clients – it covers them for lost deductibles as a result of somebody using your identity and business relationship as part of a real estate deal to convince them to send their deposit to the wrong place.

This will close in 0 seconds

Security and Privacy Liability

Covers legal expenses and damages for any claim made against you for breach of privacy, damage to the computers or systems of others, unauthorized disclosure of data, and more, arising out of your professional services.

This will close in 0 seconds

Data Recovery and Loss of Business Income

Pays for expenses related to investigating, repairing, and managing a cyber event, and reimburses you for the income lost due to the event.

This will close in 0 seconds

Incident (Event) Management Expenses

Covers costs associated with ensuring you meet the requisite privacy legislation requirements post-incident — including notification costs, credit monitoring, and other support for affected clients.

This will close in 0 seconds

Data Extortion

Provides services and coverage for expenses related to cyber extortion threats (e.g. ransomware) — including costs to manage the event and if necessary, pay the ransom.

This will close in 0 seconds

Social Engineering Fraud

Covers the actions of third parties who fraudulently cause the diversion of deposit funds from a real estate trade.

This will close in 0 seconds

Multi-Factor Authentication (MFA):

Multi-step account login process that requires users to enter more information than just a password, like a code sent to their email or phone.

This will close in 0 seconds

Weekly Backup:

Copies your files to a safe secondary location for preservation in case of equipment failure or cyber incident.

This will close in 0 seconds

Firewall:

Network security device that monitors traffic to or from your network to prevent people from freely accessing your home or business network, or worse, your computer’s files.

This will close in 0 seconds

Endpoint protection (anti-virus):

Endpoint security system scans files, emails, and more to protect against viruses, malicious code, and other cybersecurity threats on your desktop, laptop, and mobile devices.

This will close in 0 seconds