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Insurance for Estate Agents

Estate agents offer the service of listing, advertising, promoting or arranging for the sale of real property or land for the seller or locating properties for a buyer. Estate agents normally receive a commission for their part in the sales transaction—a percentage of the total sale or, in some cases, a flat fee.

At Business Insurance Service, we understand not just the insurance industry, but the commercial sector too. Our brokers have years of experience and expertise in finding professionals from across all disciplines the right kind of Liability and Professional Indemnity insurance cover for professionals, giving both sole traders, SMEs, and large companies the protection they need.

 

What Insurance does an Estate Agent need?

Minimum recommended cover can usually be arranged on a Professional Indemnity (PI) combined policy to include Buildings, Computer Equipment & General Contents, Increased Expenditure, Employee Dishonesty, Public Liability, Employers’ Liability

Other covers to consider are Cyber Liability, Employment Practices Liability, Commercial Vehicle, Employee Benefits, Directors and Officers Liability, Excess of Loss/Difference in Cover.

Property insurance

Property exposure is primarily an office exposure. There may be considerable storage of customers’ records, which significantly adds to a fire load. Storage should be in fireproof file cabinets, and fire suppression systems must not damage the papers.

Property liability

Premises liability is limited. Customers must be kept in customer waiting areas and designated conference areas. All areas must be well maintained with floor covering in good condition.

What about clients’ houses—are there exposures? Are there open days and who is responsible for damage? How are the keys kept? Are there lockboxes or other devices that permit easy entry? How is the entry information passed on to other agents—is there a record kept of agents who ask to visit a home and who have gained entry?

Crime Insurance

Crime exposure comes from Employee Dishonesty, including customers’ property. There must be methods and procedures in place to prevent employees from gaining access to customers’ property and taking it. Estate agents have access to customers’ financial information, which can be used by employees. Background screening is vital, along with monitoring procedures and securing of all records to keep access limited.

Employers’ Liability Insurance

Employers’ liability exposure is that of an office exposure. Due to the extensive use of computers, all workstations must be ergonomically designed to prevent repetitive motion injuries. Do employees work off site? What are the controls in place? What protections are there for agents who take clients to visit home?

Professional Indemnity Insurance

Professional liability exposure is extensive. What services does the applicant provide? What are their credentials? How many employees are professional? Are clericals allowed to carry out tasks that only the professionals should handle? Is there a regular monitoring of files to check for errors and process of employee evaluation? Are these documented? Are there thorough background checks to verify credentials and education?

What other risks does an Estate Agent face?

Other exposures are Book Debts, Computers and Deeds and Documents. Where are the deeds and documents stored? How are they documented? Where are the duplicates? Is there a computer record?

Why not discover more about Business Insurance Service? Or simply get in touch with our services today.

How can Business Insurance Service help Estate Agents?

Whether you’re a sole trader or a small to large company, your insurance portfolio has to be up to date and provide you and your business with the right level of protection. Rather than trying to find liability or professional indemnity insurance by hunting through countless websites, let us or our website do it for you.

We’re members of the British Insurance Brokers Association (BIBA) and work with some of the largest and best-known insurance providers in the UK, including Lloyds of London for larger, more complex and high-risk customers. We’re fully regulated and committed to delivering a premium quality, trustworthy and reliable service to all our customers, regardless of size.

As preferred brokers working with some of the largest insurance providers in the UK, we have immediate access to a huge range of policies for various businesses, including vets and surgeries. We provide our customers with a bespoke or package service, creating insurance portfolios that are specifically tailored to your individual needs, and your budget.

A fully accredited service delivered by professional brokers

To find out more about insurance for Estate Agents call us on 01273 789 979

Email us at hello@businessinsuranceservice.co.uk

Use our Get In Touch form to request a call-back.

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    We’re members of the British Insurance Brokers Association and work with some of the largest and best-known insurance providers in the UK, including Lloyds of London for larger, more complex and high-risk customers. We’re fully regulated and committed to delivering a premium quality, trustworthy and reliable service to all our customers, regardless of size.