Property Management Professional Indemnity Insurance
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Like all those providing professional services, property management companies provide a service that comes with an expectation of a certain level of professionalism and specialist knowledge. When things go wrong the property management company may well be held to account for any financial losses with legal action and property management companies professional indemnity insurance is designed to mitigate the effects of such actions.
Property Management Professional Indemnity Policy Highlights
Why Do Property Managers Need Professional Indemnity Insurance?
There are many reasons for choosing to buy professional indemnity insurance. This could be to meet contractual obligations or to comply with regulatory requirements.
Your business may require professional indemnity insurance for the following reasons:
- Giving advice to clients
- Providing a professional service
- Handling information that is confidential in nature
- Using material that is subject to copyright or intellectual property belonging to others
- Belonging to a professional body and their rules stipulate that professional indemnity insurance is compulsory
- A client insists your business arranges cover before they offer you work (a contractual requirement to have the cover)
Your business could face a claim if you provide negligent or inaccurate advice and as a result of that advice your client suffers a financial loss.
A professional indemnity policy will pay for your legal defence costs and any damages or settlement amounts needed to resolve the claim against you.
Of A Professional Indemnity Insurance Policy
- Offset the financial risk to your insurer
- ensure your business doesn’t have to fund claims
- receive professional legal support when things go wrong
- Protect your business against costly negligence claims – the policy will pay for any compensation that you need to pay (up to the level of cover you choose)
- Pay for legal costs to defend you even if the claim isn’t valid
- Provide you with expert advice and representation to minimise disruption to your business
- Show your clients that you take your professional reputation seriously
- Comply with contractual obligations
- Meet regulatory or trade body requirements
Professional Indemnity Proposal Forms
Your requirements may not be as simple as the questions asked on our online quote and buy system, therefore we ask that you complete the following proposal form and a member of our team will be in touch with you shortly.