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Estate Agents Insurance
If you run your own estate agency, you’ll already know that one of the most important things you need to think about is business insurance. Whether you specialise in residential or commercial property, or both, making sure you have the right estate agents insurance cover in place for every eventuality is vital. Here’s what your estate agents insurance should include.
Liability insurance
First and foremost, your estate agents’ insurance needs to cover you for any accidents or losses that may occur on your premises, or as a result of your business.
Public liability insurance is there to help you meet the costs of legal representation and compensation if a member of the public is injured on your premises, or if their property is damaged.
If you employ staff, you’ll also need to take out employer’s liability insurance to cover you in the event of an employee being injured while they’re working for you. To keep things simple, you could opt for combined commercial insurance, which includes all of these, as well as business interruption and anything else you need cover for.
If you’re a larger company, you might also want to consider taking out directors and officers liability insurance to protect your own assets should you be held accountable for losses on behalf of your company. We can include all of these levels of cover on your estate agency insurance policy, don’t worry!
Getting estate agency insurance for your premises
As an estate agent business, you’ll need an insurance policy that covers your bricks-and-mortar premises as well as the fleet your staff uses when they’re valuing properties and conducting viewings. Office insurance is there to cover your building and its contents, including office equipment that would be costly to replace. This kind of policy can include accidental damage cover, as well as covering equipment taken off site, such as laptops.
Professional indemnity insurance
A question that’s often asked is do estate and letting agents need professional indemnity insurance?
To be a member of the NAEA (National Association of Estate Agency) professional indemnity insurance is a requirement. As well as this, as a property professional who will be providing advice, having professional indemnity insurance is also a wise move; you never know when a client might suffer losses as a result of advice you’ve given them. If a person decides to sue (rightly or wrongly), due to advice you’ve provided, a professional indemnity policy will help cover legal costs.
Estate agency insurance
Whether you have one company car or several, business fleet insurance will provide cover for business usage, as well as saving you time compared to insuring each vehicle individually.
You’ll be able to choose between insuring named drivers or allowing anyone in your company to drive any vehicle, and you can even add on optional extras such as breakdown cover.
Get a quote for estate agents insurance today
We’re always on hand to advise on the best estate agents insurance policy for your business. To discuss the insurance needs of your estate or letting agency, and to receive a tailored, no-obligation quote, call one of our business insurance experts on 0800 078 7003 (or 0300 600 0603).
