Professional Indemnity (PI) insurance protects you and your business against claims for alleged negligence or breach of duty arising from an act, error or omission in the performance of professional services.
You may be required to take out PI cover by law or in line with a trade association/regulatory body.
The level of cover selected is referred to as the Limit of Indemnity (LOI). This is the maximum amount the policy will pay in the event of a claim.
The minimum level of cover available is £100,000, however we can look at accommodating a specific limit if you have one.
It is a legal requirement to have Employers' Liability (EL) if you have one or more employees.
Failure to have EL cover in place could see your business fined up to £2,500 per day.
The minimum level of cover required by law is £5,000,000 however, most insurers will offer £10,000,000 as an industry standard.
Whilst Public Liability (PL) is not a legal requirement, it's a good idea to have it when running a business.
There is no legal penalty if you don't have PL cover in place however you will have to pay for legal costs & any settlement fees out of your own pocket.
There isn't a one-size-fits-all answer with PI insurance premiums. The total premium will vary based on the level of cover, business activities, turnover and if any additional covers (e.g. EL & PL) to name a few.
For Property Sourcing PI, prices start at around £320.00 incl IPT at 12% and any fees*.
For R2R/SA/HMO PI, prices vary more however can start at around £500 incl IPT at 12% and any fees*.
*Premiums subject to change based on underwriting.
HHSRS stands for Housing Health and Safety Rating System. It is applicable to landlords and property-related professionals.
"The housing health and safety rating system (HHSRS) is a risk-based evaluation tool to help local authorities identify and protect against potential risks and hazards to health and safety from any deficiencies identified in dwellings. It was introduced under the Housing Act 2004 and applies to residential properties in England and Wales".
We will need you to complete a proposal form, please complete the one that aligns closest with your business activities, the forms are imbedded below. We aim to respond within two working days however response times may be longer during busier periods.
Property Sourcing Only Proposal Form: complete if your business is Property Sourcing ONLY.
All Other Property Activities Proposal Form: complete if your business is undertaking the following activities (whether in isolation or a combination):