Estate agents' professional indemnity insurance
Pick an estate agents' insurance package (if your turnover's under £100,000) or build your own.
To buy or not to buy? Questions like that are right up your street.
Get the answer wrong, however, and your clients are more likely than ever to blame you for their losses.
Defending yourself is expensive and time-consuming. Worse, doing nothing just leaves you with a damaged reputation.
Protect your business in one easy move with estate agents' professional indemnity insurance.
A sound investment? We think so. Early viewing advised ...
You can't be a member of the NAEA without it. In the interests of being professional, that's a good enough reason by itself.
But that's not all, of course. It's a sue-first-ask-questions-later world out there.
Mistakes happen, accusations are made, solicitors get involved and clients want payback. Rightly or wrongly these things happen every day and, sooner or later, you could be on the receiving end.
A claim won't go away if you ignore it. And there are no shortcuts. You have to Do Something About It.
So, you need professional indemnity insurance because you have a business to run; because you have limited funds; because you're not legally trained; and because your reputation matters.
What else is there?
For NAEA members:
A minimum of £100,000 is needed. Residential letting agencies need a minimum of £150,000, unless your annual fee income is over £150,000 and then you need at least £500,000.
Other than that, you have to decide what level of cover is enough for you. Consider what you do, who you do it for and how much it's worth. Think about worst-case scenario and what could go wrong. What's the most expensive mistake you could make (or be accused of making)?
Always bear in mind that you can't have too much cover. Your legal defence can cost many tens of thousands of pounds - and that's before the compensation bill from your client arrives. Your level of cover has to be enough to cover all of this.
It's a tricky one to get right. Have a read of this guide or call us if you need more help.
Negligence claims and allegations made against you by clients and third parties, because of mistakes you've made and things you've failed to do.
Specifically (but depending on the policy wording):
- Intellectual property infringement
- Loss of documents or data
- Negligent misrepresentation or misstatement
- Employee dishonesty
- Virus transmission
- Breach of confidentiality
- Failure of third-party equipment
But that's not all. Some professional indemnity policies can fix a mistake before your client is even aware of it, thereby preventing a claim in the first place.
Most estate agents have an office. And most estate agents go out and about. If that's you, you should probably have estate agents' public liability insurance.
It covers claims of physical damage against your business. So, if you break something or someone's injured, you're covered.
Employers' liability insurance covers your business if an employee sues it for damages. Claims are usually because they've suffered injuries and illnesses as a consequence of working for you. It's a legal requirement for UK businesses with employees.
Office and property insurance covers the things in your office (furniture, plants, fixed IT equipment etc) and portable insurance covers gadgets and technical equipment away from the office (laptops, tablets, projectors etc). If you're not sure it's worth insuring, add it all up - it's probably worth more than you think.
Business interruption insurance means you can still work when your office is out of action. Be it flood, fire or flea infestation, you're covered for the costs of setting up elsewhere and for any lost revenue in that time.
Directors' and officers' insurance covers your company bosses. Anyone from regulators to shareholders to competitors can accuse you of not running a business with due care. Worse, directors are personally liable for their actions. The good thing is this insurance covers your defence costs and any compensation you have to pay. So you can put away your chequebook.
Glad you asked.
The simple answer is: we know what we're doing. Professional insurance is all we do so we know what you need, even if you don't.
We also know that buying insurance can be, well, a bit of a pain. So we make sure getting yours is quick and hassle-free.
We do all that while treating you like a human being, too. You won't find a call centre here. Or a phone menu. And we've banned nonsense insurance jargon.
Plus, every insurance-related question you can think of is answered in our School of Risk, and you'll get our quarterly risk advice email - 'The Waggle' - to help you avoid problems in the first place.
If you're after a second opinion, have a look at our customers' feedback. They're the ones you should really listen to.