Letting agents' insurance

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Professional indemnity insurance for letting agents UK
Professional indemnity insurance for letting agents UK
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The problem

Letting agents face many risks

Industry regulation non-compliance

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

Damage to property and snappy dogs

There are all kinds of pitfalls when showing other people's property. A pet running straight out of the door and causing damage or an injury is just one of many examples.

Failing to comply with regulations

As a letting agent you have to comply with certain industry regulations. Even when you do everything right, you may find yourself facing an enquiry into your conduct.

Claims of wrongdoing or overstepping the boundaries

You may find yourself at odds with either the tenant or the landlord. The tenant might feel that your conduct is inappropriate while the landlord can accuse you of not delivering the required service. Both could end up in a costly legal claim.

Life coach insurance UK

You need letting agent insurance that's low cost, compliant with industry regulations and protects you against claims of wrongdoing

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Self-employed insurance done fast, clear and upfront.

Letting agents professional indemnity insurance
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More flexible

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No extra fees

We give you one price, no APR or hidden extras.

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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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Be confident knowing your cover is backed by trusted UK insurers.

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Get help when you need it from our Bristol based team.

Covers to consider

How much does letting agent insurance cost?

Choosing the right insurance for you depends on the size and nature of your business. Key insurance covers letting agents should consider include:

Self employed professional indemnity insurance
Professional indemnity

from £7.41 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

Self employed professional indemnity insurance

Professional indemnity

from £8.63 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

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 +£9.24 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
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Extremely impressed with the professional and supportive service I received.

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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...

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

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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...

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Legal Expenses
Included as standard

With every policy subscription we also include Business Legal Protect. This means from the moment you sign up you gain immediate access to extra support services.

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
In detail

Why buy insurance for letting agents?

You strive to harmoniously bring a landlord and tenant together in a property ideal that suits them both. The issue is that often it’s not that straightforward and you may get caught in a legal dispute.

During such a situation your professional conduct will come under scrutiny as each party is looking to blame someone else for either loss of earnings or extra costs. As much as you can be confident that you provided the right instructions and carried out all the right steps, there is always a chance that one of the parties will pursue a claim against you to recover their losses.

How does liability insurance for letting agents help?

You strive to harmoniously bring a landlord and tenant together in a property ideal that suits them both. The issue is that often it’s not that straightforward and you may get caught in a legal dispute.

Unless you are prepared to pay the injured party to make the claim go away, you may need some legal help. Without insurance for letting agents you’ll have to pay for the legal costs yourself and possibly damages. On the other hand if you’ve had the foresight to buy the right legal covers, your insurers and the specifically designed legal process will assist you with defending your position.

Professional indemnity insurance for letting agents

This cover pays for a legal expert to represent you, aids in redress, and compensates your client in the event your actions are deemed to be the cause of the claimant’s financial losses.

Professional indemnity insurance for letting agents is designed to protect your business from legal disputes brought against your by your customers. They could be either the landlord or the tenant. You have professional obligations to both.

Plus professional indemnity insurance for letting agents is a regulatory requirement and if you’re a member of a redress scheme, you are most likely required to have this cover.

Public liability for letting agents

If you operate in a reasonably traditional way, i.e. hold your landlords keys in order to show prospective tenants around, you’d be wise to consider public liability insurance.

It is also a legal cover but specifically designed to protect you from accusations of causing property damage or an injury. Both do happen in the letting agency world and for the sake of saving a few pounds a month, it’s not worth leaving your business exposed on this front.

Business legal protection insurance

You might think why you should also need this cover if you already have professional indemnity and public liability.

The answer is that they are defence covers. In other words you can’t use those covers to bring a claim against a third party. Nor can you deal with a contract dispute, recover unpaid invoices or get assistance if you’re investigated by HMRC .

That is what Business legal protection insurance is for and can help with when you have reasonable chances of succeeding. You can either use this cover to defend yourself or bring a claim against a third party.

Employers’ liability insurance for letting agents

If you have employees then you’re likely to need this cover. It’s required by law and you could be facing a fine if you don’t comply.

In this section
FAQs

Common questions

Do letting agents usually have insurance?

They should and our recent survey into this profession shows that majority do even though they may not always understand how it can help.

Is professional indemnity insurance required by law for letting agents?

It isn’t but if you’re doing things properly, you should have this type of policy in place.

How much does PI insurance for letting agents cost?

Your cost will depend on your claims history, limit required and income.

What insurance do letting agents need?

Apart from what is already mentioned above, a letting agency might also need premises insurance, business interruption, cyber cover, commercial car insurance, and possibly key person insurance. It all depends on the specific circumstance of a business.

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

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Once you buy
If your plans change

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

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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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