Insuring your estate and letting agency
If you work in real estate and letting, insurance provides an extra layer of security that gives you peace of mind and lets you focus on your clients. Every day is full of appointments, viewings, inventory appointments and contracts. If someone complains, has an accident at a property or you’re even injured yourself, it’s another headache you have to deal with. Putting business insurance in place means your agency is covered for errors and omissions, dissatisfied clients, data issues and more.
Why you need business insurance as an estate or letting agent
Illness and injury
Sometimes taking customers to viewings involves a degree of risk, particularly when they’re viewing a new-build home. If someone slips and falls, or otherwise injures themselves at your offices or at a property, they could claim against your estate agency. We’ll cover you for expenses and legal claims, so you can get on with the day to day.
Unhappy clients
Not every rental deal passes off smoothly. If a customer feels they’ve received bad advice, or they end up letting to an uncooperative tenant, they may bring a claim against your letting business. When this happens, you’ll need professional insurance for estate and letting agents to defend and protect you.
Operational problems
If your agency offices are damaged by fire, flooded or broken into, you’ll run into problems operating as you normally would. Without the ability to complete contracts and inventories, perform credit checks, list properties or schedule appointments, everything stops. Having estate and letting agency insurance in place means we’ll cover the costs of repairs or replacements so you can re-open your premises as quickly as possible.
If you’re not sure what you need, tell us a little more about your letting agency. We’ll help you to build your quote and explore any other insurance needs.
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Key types of insurance for estate and letting agents
Professional indemnity insurance
Professional indemnity insurance is often a requirement of client money protection and it’s there to cover your letting agency against claims for compensation. Those claims might arise when you or your agents make a mistake, or where a client feels they've suffered financial or reputational damage and that you’re to blame. With the most diligent processes in the world, if a contract falls through or you approve a less-than-perfect tenant, clients might point the finger at your business. If they do, we’ll cover you.
Cyber and data insurance
You handle and store sensitive client data belonging to renters and property owners and if it’s stolen or mislaid, or even targeted in a deliberate cyber attack, they may well decide to claim against you for any losses they incur. You could also be investigated and fined by the Information Commissioner’s Office. Cyber and data risk insurance from Hiscox covers the cost of defending these claims and putting things right as quickly as possible.
Office insurance
Even though you spend a good deal of your time out and about in the field, you still need access to your premises and your equipment, otherwise things can become difficult. Office insurance covers you in the event that your agency offices or their contents are damaged, lost or stolen. We’ll pay for repairs and replacements so you can reopen your premises as quickly as possible and keep your appointments.
These are just some of the types of business insurance for estate and letting agents that we can offer. We can provide other specific types of cover and build them into a policy that’s tailored to the exact needs of your business.
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