Professional Indemnity Insurance For Estate Agents
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Professional Indemnity Insurance For Estate Agents

PI Insurance for Estate Agents

Professional indemnity insurance is essential for estate agents, providing critical protection against claims of negligence, errors, or omissions that could arise during their professional activities. Given the complex and often high-stakes nature of real estate transactions, estate agents are vulnerable to a range of potential legal disputes. These could involve allegations of providing incorrect advice, failing to disclose pertinent information, or making administrative errors that lead to financial loss for clients.

 

PI Insurance in detail

Types of cover included in PI insurance include:

  • Civil liability -  If a client suffers financial loss because of any advice or information provided by your business, PI can cover the cost of legal defence and any compensation awarded.
  • Breach of confidentiality - If personal information or a client's confidential details held by your business have been shared without your client’s permission, you may be required to pay compensation.
  • Libel, slander, and defamation - Damage to a third-party’s reputation.
  • Negligent statement and misrepresentation - Provides protection should you supply incorrect information, such as property details, while providing your services.
  • Loss of documents - Covers the cost of replacement or restoration of documents that were damaged or lost when left in your business’ care.
  • Formal investigation - If your business is investigated by an ombudsman, PI can cover the cost of the investigation and any legal proceedings.
  • Employee dishonesty - Provides cover if your clients suffer a loss caused by a dishonest or fraudulent act by a member of your team.

Why do Estate Agents and Property Managers need PI Insurance?

Estate agents face numerous risks inherent in their profession. They are responsible for valuable properties, interact frequently with the public, and provide advice on high-value transactions.

Additionally, estate agencies manage various assets, including offices, employees, websites, extensive electronic data, and must comply with regulatory obligations.

What's included in Standard Guild Professional Indemnity (PI) Insurance Scheme?

The Guild are delighted to be working in association with Mint Insurance Brokers to provide a compehensive solution for Guild Members' insurance needs. The solution provides cover in the case of:

  • Negligence: or breach of professional duty
  • Intellectual property: unintentionally infringing others’ intellectual property rights.
  • Unintentional breach of confidentiality
  • Loss of documents/data: damaged, lost or stolen data and documents
  • Fraud & Dishonesty: liability arising from the theft of your clients money
  • Defence Costs: including those incurred as a result of proceedings brought against you under the Consumer Protection from Unfair Trading Regulations or the Estate Agents Act 1979.
  • Compensation claims following complaints to a Government approved redress scheme

This should not be taken as full description of the policy wording and you should always take time to familiarise yourself with the terms, conditions and limitations of the policy wording.

 

PI Insurance is included in all of our Guild Plans. To learn more about our plans, click here. 

 

How much does Professional Indemnity Insurance Cost for Estate and Letting Agents?

The Guild will pay for the professional indemnity premium. Any additional charges that may apply will form part of the membership agreement.

Find out more about how much you could save on compliance related costs when you become a Guild Member by clicking here. 

Other Products and Services available for Guild Members

As well as compliance support, The Guild provides a range of tools, products, and services to help you grow your business, stand out amongst the local competition and increase your market share.

We hand select the best agents across the UK inviting them to be the exclusive Guild Member in their area, check if yours is available today.

 

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