Insurance for Real Estate Agents and Property Managers
Insurance to protect your Real Estate Agency and Property Management Business
Insurance for Real Estate Agents and Property Managers
Insurance to protect your Real Estate Agency and Property Management Business
Professional Indemnity Insurance for Real Estate Agents and Property Managers
Professional Indemnity insurance is a complex, crucial insurance policy that real estate agents must insure for to protect their clients and their business. It will cover the legal fees to defend you against claims brought against you for advice, recommendations or breach of professional duty that you provide to your clients that results in a financial loss.
What exposures does a Real Estate Agent and Property Manager have?
Professional Indemnity Insurance can offer general protection which may include cover against:
What is typically not covered?
Personal Injury claims that result from the advice you’ve given
Intentional Acts including defamation, slander, libel;
Claims made if you don’t have an active policy in place
Circumstances known prior
Industry specific exclusions that the insurer have applied
Contractual Liability
Work done before your retroactive date
Activities done outside of your insured jurisdiction
How Much Does Professional Indemnity Cost?
The cost of a Professional Indemnity insurance Policy is highly dependent on a few factors:
– your annual turnover/fees
– how many employees you have
– whether you sell residential or commercial properties
– what percentage of “off the plan” sales you make
– if you manage properties/how many
– if you provide valuations
– if you’ve made any prior claims
How Morgan Insurance Brokers can help you
As your Insurance Broker, we take the hard work out of the equation. We get to know your business, so we can negotiate on your behalf with the insurers to ensure you’re receiving the most competitive and comprehensive cover available for your business.
Professional indemnity insurance can protect a property management business against claims of negligence or wrongdoing. An example of a professional indemnity claim for a property manager could be when a landlord alleges that a proerty manager has failed to manage their property which resulted in a financial loss to the landlord.
You should look for a broker who has experience working with property managers and know the risks they face and the right insurance policies to protect them against claims.
