Property management insurance

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Insurance for property managers
Insurance for property managers
Insurance for property managers
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What is property management insurance?

Property management insurance is not just one policy, but a combination of insurance covers catering to various business needs.

As a property manager in the UK, it's important to be aware of potential legal issues. Professional indemnity insurance can help address compliance and risks arising from providing advice. Public liability insurance is often required if you meet with clients and deal with their property in person. Additionally, it's wise to have commercial legal expenses insurance, which, with Suited, is included as standard.

How much does property management insurance cost?

Property management insurance starts from £8.89 a month. Price varies depending on business size, claims history and chosen limits.

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
Self employed professional indemnity insurance

Professional indemnity

from £9.54 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 £20.41 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 £22.78 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

Included
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...

Chezza
on Trustpilot
14 February
Great!

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...

Mokolada
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 property managers need insurance?

Property management companies offer services such as advertising and maintenance, but legal claims may arise from errors, damages, or injuries.

Accidental injuries or property damage

As a property manager, you may face various incidents that could lead to claims against you. Slip-and-fall accidents, property damage, or injuries to tenants or visitors are just a few examples. 

Tenant disputes leading to legal claims

Additionally, legal actions may arise due to tenant issues such as lease agreements, security deposits, or eviction proceedings, which can be expensive to resolve.

Accusations of making a costly mistake

Your role as a property manager involves providing various services, including advertising, tenant screening, lease preparation, and rent collection. It's important to note that property owners or tenants may hold you responsible for any financial losses they incur.

Unpaid invoices

Credit control is another service commonly provided by property management companies, and chasing bad debt is possible. It's crucial to be aware of these potential risks and take necessary precautions to protect yourself and your clients.

Professional indemnity insurance for property management

Professional indemnity insurance protects property managers against claims of negligence or inadequate advice that could lead to financial losses for your clients. 

Property managers often face legal disputes with tenants and owners, which can be stressful and costly. 

Professional indemnity insurance offers legal defence and compensation if you are deemed responsible, making it essential to protect your business.

What does professional indemnity insurance for property management cover?

To protect themselves from claims of wrongdoing in regards to their advice or work, property managers can obtain professional indemnity insurance.

Cover includes:

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

For example:

  • A tenant might try to claim you caused harm to them whilst you were doing your job - inspecting a property, starting eviction proceedings, collecting rent or similar.
  • Property owners may claim you’ve caused them a loss by letting to the wrong tenant or underselling their property.

Switching or cancelling professional indemnity insurance for property management

If you cancel your professional indemnity policy in the UK, you cannot make any claims against it. 

Therefore, when switching to a new property management insurance provider, it is important to ensure that your new policy includes coverage for your previous work, referred to as "retroactive cover".

Should I keep professional indemnity insurance if I take a break from property management?

It’s wise to keep your professional indemnity if you retire or take a break from property management. Claims against professional misconduct can surface months or years after you delivered the work. 

If a past client sues you for damages and you have cancelled your professional indemnity, you will not be covered.

How long you keep your cover in place is up to you; consider the type of property management you did and the likelihood that a client might bring a claim against you. 

Public liability insurance for property management

Public liability insurance shields property managers from claims of injuries or property damage.

As a property manager, you're responsible for maintaining your properties. You'll likely hire a third party, but you're still liable for damages or losses. You may still be liable, even if it's your subcontractor's fault.

Public liability insurance is a must for property managers. It protects against unexpected incidents and potential lawsuits, providing legal and financial security. It's affordable and essential for this profession.

What does property management public liability insurance cover?

Having public liability insurance can be very helpful in the event of injury claims and demands for compensation.

Cover includes:

  • accidental injury or death
  • accidental property damage

For example:

  • During a showing of a property, a fall occurred. Some weeks later, you’re faced with a legal letter asking you to pay compensation.
  • Following a house inspection, you receive a tenant demand to pay repair costs to their property, which they claim happened during your visit.

Other insurance property management buy

Determining the appropriate insurance coverage for your unique situation requires careful consideration of several factors. These may include whether you possess a laptop, have personnel on staff, or conduct your operations from a physical office location.

Commercial legal expenses

Most commercial legal expenses insurance will protect property managers 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 property managers 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 tax matters concerning your business
  • Criminal prosecution
  • Unpaid invoices (over £200)

For example:

  • HMRC investigates your tax affairs
  • You are facing an investigation from a professional body
  • You need legal help chasing a significant unpaid invoice
  • You’re being taken to court for breach of contract

Electronic business equipment insurance

Insurance for electronic business equipment covers the expenses of repairing or replacing business tools like computers, cameras, or other equipment. Property managers frequently depend on electronic devices. Whether you own or rent this equipment, you can obtain insurance coverage for the cost of repairing or replacing it in case of accidents.

Shopping for property management liability insurance

When choosing whether or not to use Suited property manager insurance to protect your business, it's important to consider the following:

Cheap property management insurance

Some insurance providers may offer very low prices, but their after-sales service may need to improve. It's important to check how easy it is to contact your insurance provider. At Suited, we offer multiple options for contact and respond quickly.

Research the insurer's reputation

The reputation of an insurer's payout is critical. Suited only partners with financially stable insurers with excellent ratings.

Many providers impose fees to amend or cancel

Low initial prices may seem appealing, but they may have hidden fees for monthly payments or policy amendments/cancellations. At Suited, we charge no extra fees, and you can cancel anytime without any additional charges.

Check for restrictive policy wordings or high excess

Some providers may offer attractive prices but may not provide sufficient coverage. Suited's professional indemnity and public liability policies have no £0 excess.

In this section
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FAQs

Common questions

If I subcontract some work, will it still be covered by my property management insurance?

Suited insurance for property managers covers subcontracted work. It is essential to ensure that your subcontractors also have relevant insurance.

Do I still need to have public liability insurance if I don’t offer any property maintenance?

Other situations such as showing tenants around or having physical contact with third parties and their property during the course of your business are reasons to consider this cover.

Does professional indemnity insurance for property managers cover unpaid invoices?

No but Suited includes additional £100,000 legal expense cover with every subscription which provides qualified assistance with chasing a bad debt.

What are the property management company insurance requirements?

You’ll find that in the UK your clients and/or the regulatory bodies usually insist on professional indemnity and public liability 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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Property manager public liability insurance
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