Operating in today’s busy property market can be both challenging and rewarding.
As a Property Professional, Insurance risks can vary from property exposures for office equipment or contents, liability risks for slips, trips or employee injury, to more complex financial exposures such as Professional Indemnity or Crime Risks.
The good news is that Estate Agents Insurance packages can be tailored to your specific business requirements across the varying policy sections, the following checklist highlights the five key exposures:
#1 Property Insurance
If you own or rent office premises, you will need to cover items such as Buildings, Office Equipment, Computer Equipment (including Laptops, Tablets or Smartphones).
#2 Public & Employers Liability
Agents come into contact with members of the public as part of their everyday business, whether it is clients visiting your own office, or a member of your team conducting a viewing or valuation.
Should a member of the public suffer injury or damage to property as a direct result of your actions, you could find yourself on the end of a costly legal claim.
Public Liability Insurance will indemnify you against such instances, for example, a client trips over your doormat and breaks their leg, or over a briefcase on a viewing.
If your business has any employees, you have a legal obligation to purchase Employers Liability Insurance.
Under the Employers’ Liability (Compulsory Insurance) Act 1969, any firm deemed to have employers must purchase Liability Insurance to protect the duty of care it owes to its employees.
Fines of up to £2,500 per day can be granted for breach of the act.
Employers Liability Insurance indemnifies a business against claims made against it by employees who have suffered injury or illness at work while in your employment and deem you responsible.
For example, a fall from steps putting up the Christmas decorations or a repetitive strain injury from extensive computer use.
#3 Professional Indemnity Insurance
As an expert in your field, you and your employees have a duty of care to your clients. Both for the services and advice you provide to them.
Should a client or third party suffer a financial loss as a result of the failure of your services and/or advice, they could make a civil claim against you or your firm. Typical Estate Agents Professional Indemnity Insurance claims include:
- Failure to carry out correct tenant checks
- Valuation challenges post-sale
- Loss of documents or misplaced documentation which delays or impedes a transaction
#4 Crime Insurance
Crime Insurance is a vast area of cover, from employee theft or dishonesty (fidelity Insurance) to more complex fraud issues such a payroll or identity theft.
While you can minimise exposure by utilising a robust vetting process, an Estate Agents access to customers’ financial information can still be misused.
#5 Cyber and Loss of Data Protection
The sheer amount of customer data handled by both Letting and Estate Agents means that exposure to both physical and electronic data theft/misuse makes Cyber and Data Loss cover almost critical.
Claims can arise from system hacking to misplacement of confidential waste, resulting in claims from both individuals and regulators.
Other Potential Areas of Risk
Other others of consideration include motor vehicles, personal accident for directors and/or employees, business travel, money, computer breakdown, management liability and healthcare.
FREE Business Insurance Review
Insync Insurance specialises in cover for Property Professionals. You can request an Estate Agents Insurance quotation online.
Alternatively, why not book a free review with one of our expert Gurus who can help you find the right level of cover at the right price.