Estate agents' insurance

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Professional Indemnity Insurance for Estate Agents
Professional Indemnity Insurance for Estate Agents
Professional Indemnity Insurance for Estate Agents
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Covers to consider

What is estate agent insurance?

Estate agent insurance isn’t a single product. It’s a combination of covers that meet the insurance needs of your estate agency business.

Professional indemnity is usually required to operate as an estate agent in the UK. Assuming you meet clients face-to-face, you will also need public liability. Commercial legal expenses insurance is valuable, so we include it as standard.

Self employed professional indemnity insurance
Professional indemnity

from £7.67 per month

Provides you with legal defence against claims of professional mistake or negligence causing a financial loss to your clients.

Up to £2,000,000 cover

Zero excess

Dedicated legal team

A+ insurer

Competitive prices

Core cover
Self employed professional indemnity insurance

Professional indemnity

from £8.89 per month

Provides you with legal defence against claims of professional mistake or negligence causing a financial loss to your clients.

Up to £2,000,000 cover

Zero excess

Dedicated legal team

A+ insurer

Competitive prices

Core cover
Commercial legal expenses insurance.
Business legal protect

Cover of £100,000 commercial legal expenses included with your policy subscription.

Protects you and your business against a range of issues not typically covered by professional indemnity or public liability.

IR35 & HMRC investigations

Legal matters concerning your business

Negative PR (£25,000 cover)

Criminal prosecution

Compliance & regulation issues

Unpaid invoices (over £200)

Also includes free telephone advice & help from qualified professionals.

Tax and commercial legal advice

Counselling for you and your staff

Access to a legal template library

Identity theft assistance

Self employed public liability insurance.
Public liability

from +£4.76 per month

Protects your business against claims of causing an accidental injury or property damage to either your clients or a third party.

Up to £2,000,000 cover including products liability

No excess

Expert legal team

A+ specialist insurers

Covers claims against your client caused by your business

Business equipment insurance.
Electronic business equipment

from +£7.00 per month

Pays for repair or replacement if your portable electronic equipment (and accessories) get damaged or lost.

Equipment up to £10,000 cover (£3,500 per item)

Accessories are included (£500 per item)

Hired equipment is covered

Worldwide - your devices are covered anywhere you are

Personal accident insurance.
Business owner protect

from +£10.07 per month

Reimburses your taxable business expenses while you’re recovering from a serious illness or injury.

Up to £2,000 a month

Up to 6 months following the first 30 days of illness

Any tax deductible expenses included

Receive a lump sump payout if you suffer an accident leaving you with partial or total disablement:

£5,000 lump sum

Fast customer service

Quick payout

Answer 4 questions then select the policies and limits you need.
Answer 4 questions then select the policies and limits you need.
What people say
2 March
Extremely impressed

Extremely impressed with the professional and supportive service I received.

Kellie Williams
on Google
16 February
Very efficient

After shopping around for business liability cover, I found suited, I had a few questions and Jana from suited was very efficient...

on Trustpilot
14 February

The website is easy to use and the process is intuitive, clear and easy to follow.

Matt M
on Trustpilot
11 February

I was recommended Suited, because I’d been stalling. Simple to use website, offered clear, concise information and selection...

on Trustpilot
12 December

Really fantastic service by the suited insure team! Always found the insurance side to be a bit confusing but the team took me...

Michael Ryan
on Google
15 September

A simple and flexible service for what I required. Great communication from start to finish.

Matthew Allen
on Google
1 August

I was looking for business insurance this easy to use and very well explained web site made the process simple and painless. Had a quote...

Piers Field
on Trustpilot
In detail

Why do estate agents need insurance?

Estate agents are exposed to many risks inherent in their profession. They deal with and have responsibility for valuable properties. They have a lot of contact with members of the public. They provide advice on deals that involve large amounts of money.

And then there is the estate agency itself with all its assets, offices, employees, websites, lots of electronic data and regulatory obligations.

Industry regulation compliance

While not directly required by law, you will find that professional indemnity insurance for real estate agents is a must-have cover if you wish to operate in the UK property market.

Giving the wrong advice

Professional advice can go wrong, and since large amounts of money are changing hands, you’ll want to have proper legal protection in place.

Damage to property and injury

There are all kinds of pitfalls when showing other people’s homes. Picture yourself opening the door, and a dog escapes onto the road; it causes an accident or injurs someone. Who would be at fault?

Not making ends meet due to illness

No doubt your business relies on your income. Would you have enough reserves to afford monthly outgoings if you fell seriously ill?

Professional indemnity insurance for estate agents

As an estate agent, you advise clients on what they should do with their properties and provide certain services to help them secure a sale or a tenant. Bringing a deal about that pleases the property owner and represents a good value for the buyer or tenant is always a challenge, especially in changing market conditions. 

If one of the parties in the chain perceives that your actions led to their financial loss, you may get caught in a legal dispute.

This is why professional indemnity insurance is an essential cover for estate agents. It will provide a legal defence if your client accuses you of a costly professional error. The cover will also pay compensation if due.

In addition, UK estate agents must be members of an authorised redress scheme, and your membership must be made clear to your customers. Redress schemes require estate agencies to hold professional indemnity insurance.

What does professional indemnity insurance for estate agents cover?

Professional indemnity is usually a requirement for estate agents but also an instrumental cover for any business providing professional services to its customers. 

You can generally resolve disputes with clients without going to court. However, the legal fees to deal with legal threats can still be significant. Everybody has heard of injury lawyers, but solicitor firms specialising in legal claims against estate agents also exist. These companies actively encourage unhappy clients to initiate a case against their estate agency.

Professional indemnity protects estate agents from claims or accusations of wrongdoing from their professional advice or work product.

Cover includes:

  • Failing your duty of care
  • Making a mistake
  • Acting negligently
  • Giving the wrong advice or recommendation

For example a compensation claim has been initiated against you because:

  • You failed to make a buyer aware of a defect in a property that you were aware of, and they seek compensation after buying the property
  • You shared a client's confidential information with an unauthorised party
  • Your client accuses of underselling their property
  • You are accused of underhand tactics

Choosing an estate agent professional indemnity limit that’s right

Selecting an appropriate professional indemnity limit for your estate agent business is not always obvious; consider the following:

  • The property ombudsman and the scheme of which your agency is a member will have specific professional indemnity insurance requirements.
  • The more significant your business is and the greater the number of clients, the higher the claim risk. Remember that sometimes, more than one claim can occur within one year, and you need to ask yourself whether the limit of your PI policy would be sufficient.
  • The size of your contracts is also a factor. While you might limit your liability in client contracts, you are not immune to claims exceeding this amount. Ensure that the professional indemnity limit you select is sufficient for the size of your business.

Switching your professional indemnity insurance

Typically, in the UK, if you cancel a professional indemnity policy, you can no longer claim against it.

Therefore, if you switch your estate agent insurance provider, be sure your new policy covers your past work; this is called “retroactive cover”.

Should I retain estate agent professional indemnity when I retire?

It’s wise to keep your professional indemnity if you’re taking a break or retiring from real estate work. Claims against professional misconduct can surface months or years after you delivered the work.

Remember: If you cancel your policy, your insurance coverage will end, including coverage for any previous work.

How long you keep your cover in place is up to you. Consider the type of estate agency you ran and the likelihood that a client might bring a claim against you. 

Public liability insurance for estate agents

Public liability insurance tends to be another critical cover for estate agents.

Most estate agents will meet clients at their offices and often drive potential buyers and tenants to show them around a property. A lot can go wrong, and you could end up with a compensation demand for an injury or property damage.

Public liability covers you if an accident happens to a person or their property, and they seek compensation. 

What does estate agent public liability insurance cover?

Public liability provides legal defence and covers a possible payout if you're found liable for accidental property damage or causing an injury.

Cover includes:

  • accidental injury or death
  • accidental property damage

For example, you may be sued because:

  • During a property visit, a prospective buyer let the seller’s pet out, and you’re now held responsible.
  • You left a window open, and during a storm, there was water damage to the property.
  • When getting out of your car, a prospective buyer injures themselves and they’re asking you to cover their medical bills

Other insurance estate agents buy

Your estate agency insurance needs will vary depending on your unique circumstances. Consider if you could handle a legal dispute, how negative publicity could impact your reputation, if you rely on costly computer equipment, how you would cover business expenses if you became ill, if you have employees, and if you have physical premises.

Commercial legal expenses insurance

Most commercial legal expenses insurance will protect estate agents against various tax and legal issues you may encounter due to your profession, which are not covered by professional indemnity or public liability.

At Suited, we combined £100,000 of commercial legal expenses insurance with helplines and other tools to better assist estate agents in dealing with these issues. We call this Business Legal Protect, and it’s part of your subscription.

Business Legal Protect offers qualified advice and assistance with:

  • Legal and accountancy matters concerning your business
  • Criminal prosecution
  • Negative PR
  • Compliance & regulation issues
  • Unpaid invoices (over £200)

For example:

  • Your client refuses to pay fees you earned
  • Your client accuses you of breach of contract 
  • A dissatisfied client is publicly badmouthing your business
  • A substantial invoice for your work is still outstanding despite chasing it

Electronic business equipment insurance

For estate agents who depend on electronic business equipment, such as computers, cameras, and other tools, it is worth considering getting electronic business equipment insurance.

This type of insurance provides coverage for the cost of repairing or replacing your equipment in case of an accident, whether it is owned or hired. It is an excellent means of safeguarding your valuable assets and ensuring that you can continue to operate your business with ease.

By securing this type of insurance, you can have peace of mind, knowing that your business is protected from unexpected and potentially costly equipment damages.

Accident and illness cover

If you work as an estate agent, it's vital to have a contingency plan in case you're unable to work due to a serious illness. In such a situation, business expense insurance can offer financial assistance for several months until you're able to resume work.

At Suited, we recognize the difficulties that independent consultants face, and we're here to help. We provide a comprehensive solution called Business Owner Protect, which combines business expense insurance with personal accident insurance. With this product, you can be confident that you have the financial protection and peace of mind you require to concentrate on your work.

Employers’ liability insurance

Employers are legally obligated to have employer's liability insurance if they have individuals working for them - regardless of whether they are full-time, part-time, contractors, or volunteers.

Employers' liability provides protection for both the employer and employees in the event of work-related injuries or illnesses.

Property insurance

If you have an office, you may require property insurance to protect the content and possibly the building as well.

Cyber cover

For estate agents, having a website that is not only visually appealing and functional, but also serves as a promotional tool is of utmost importance.

This is because it not only showcases their properties, but also gathers information from potential clients. However, with the increasing number of cyber threats, it is essential to protect their business from potential breaches and attacks.

Therefore, having a cyber insurance policy in place is absolutely necessary to safeguard their website and business from any unforeseen cyber risks.

Estate agents we insure

Suited offers comprehensive insurance policies that cater to the needs of a wide range of estate agents, including:

  • Property consultants
  • Letting agents
  • Property managers
  • Commercial estate agents
  • Residential estate agents
  • and more..

Shopping for estate agent indemnity insurance

Whether or not you decide to use Suited estate agent insurance to protect your business, it’s worth keeping the following in mind:

Cheap estate agent insurance

When picking an estate agent insurance provider, don't just look at the prices. Consider the customer service too. At Suited, we offer multiple ways to contact us and always provide a quick response.

The insurer's reputation is essential

When it comes to insurance, it's crucial to have the assurance that your coverage will be there when you need it most. At Suited, we only collaborate with financially stable insurance providers who have a reputation for prompt payouts.

Many providers charge fees to amend or cancel

Several insurance providers may entice you with low initial prices, but they often come with hidden fees for monthly payments or policy changes. However, at Suited, we don't levy any additional charges, and you can cancel your policy at any time without any extra payments.

Some policy wordings are restrictive or have a high excess

It's also essential to consider the policy excess amount, as some providers may offer lower prices but with higher excess amounts that exceed the property ombudsman's guidelines. At Suited, our professional indemnity and public liability policies have a £0 excess, ensuring that you have the right level of coverage without any unexpected costs.

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Common questions

Do estate agents need public liability insurance?

Unless your business operates completely virtually without physical access to clients or their property, you are likely to need public liability insurance.

Is professional indemnity insurance required by law for estate agents?

Strictly speaking it isn’t but because the property ombudsman and property redress scheme make it a condition of membership, you will need it to do business in the UK property market.

How much does PI insurance for estate agents cost?

Price is usually determined on your turnover, limit and past claims. Suited PI insurance for estate agents starts at just over £7.

What insurance do estate agents need?

Estate agents typically need professional indemnity insurance. Public liability insurance is worth considering if there’s physical contact with the public, clients and their property. Businesses with employees will need employers’ liability insurance. And those who own and rent premises might like to arrange buildings and content insurance.

Answer 4 questions then select the policies and limits you need.
Answer 4 questions then select the policies and limits you need.
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Estate agents professional indemnity insurance
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Go retroactive

Include retroactive cover to insure previous work.

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Holiday mode

Pay less when not working by hibernating your PI cover.

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Call us with any questions or queries. Our Bristol based team is available from Monday to Friday and answers straightaway.

Monday-Friday, 8:30am to 5:30pm

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If your plans change

No problem, Suited uses a simple subscription model making it easy to walk away.

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14 day promise *

If you call to cancel within the first 2 weeks we’ll give you a full refund.

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No longer need us? Cancel anytime, no more to pay.

* 14 day promise is not available online, please speak to a member of staff. Not available if you have reported a claim.

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