We're delighted to have you on board as a real estate agent with PropertyLoop! As you embark on this exciting journey, it's vital to protect yourself and your business with Professional Indemnity (PI) insurance. Here's what you need to know to secure the right coverage:
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Understanding Professional Indemnity Insurance: PI insurance protects you and your company against claims arising from professional negligence, errors, or omissions in your work. It's designed to cover legal costs and compensation claims made by dissatisfied clients.
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Coverage Requirements: For your limited company, the PI insurance coverage must include:
- £5 million Public & Product Liability
- £1 Million Professional Indemnity Cover
- £10 Million Employer's Liability
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Insurance Providers: Research reputable insurance providers that specialise in PI insurance for real estate agents. Some common providers include Gallagher, Hiscox, and Simple Business.
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Property Sales and Lettings: When obtaining a policy, ensure you inform the insurance provider that your work involves property sales and lettings. This ensures your activities are adequately covered.
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Certificates and Documentation: Once you've selected a suitable policy, obtain a Professional Indemnity Insurance Certificate in the name of your limited company.
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Submission to PropertyLoop: Please provide a copy of the insurance certificate to our HR team at HR@propertyloop.co.uk for verification.
We understand the importance of having the right insurance protection for your real estate business. If you have any questions or need further assistance in obtaining PI insurance, please feel free to contact our support team.