Property Management Insurance Brokers | UK
If you manage commercial or residential property on behalf of others, you will need to consider insurance protection
Insurance for property management
Property management insurance includes a variety of covers designed specifically for businesses that work within the property and facilities sector
About property management insurance
Below we investigate what property management insurance is available and what your company needs to consider when selecting the most appropriate cover.
What is property management insurance?
The main covers typically considered include:
Public liability or professional indemnity?
Public liability insurance provides cover for personal injury or property damage to third persons. However, cover is typically excluded if the injury or damage has been caused in the course of providing a professional service.
For example, if you received a complaint concerning excessive wear and tear to the stair carpet and a resident subsequently falls down the stairs and attributes blame to your failure to repair or replace.
Insurance for property management guide
Please see below guide that identifies scenarios your property management company may face and the business insurance available to offer protection:
| What would happen if… | Property Management | What the coverage does: |
|---|---|---|
| A resident seeks damages after a fall at one of your properties which causes a serious injury. |
Protects the company against legal costs incurred in defending the allegation; and damages from any award or settlement. |
|
|
A resident seeks damages after you failed to make a repair and a subsequent bodily injury occurs. |
Protects the company against legal costs incurred in defending the allegation; and damages from any award or settlement. | |
|
A visitor to a property that you own and manage steals the fixtures and causes significant damage. |
Protect your company's contents against loss or damage from a range of insured perils. | |
|
An employee is seriously injured whilst at work and seeks financial compensation. |
Protects the company against legal costs incurred in defending the allegation; and damages from any award or settlement. | |
| The directors are investigated by the Health and Safety Executive and subsequently prosecuted. | Protects the directors against legal costs incurred in defending the allegation; and damages from any award or settlement. | |
| There is an allegation of a breach of copyright in a commercial property campaign. | Protects the company against legal costs incurred in defending the allegation. | |
| A longstanding employee claims workplace harassment and unfair dismissal. | Protects the company against legal costs incurred in defending the allegation; and damages from any award or settlement. | |
| An employee has fraudulently been skimming money passing through the business. | Protects the company against financial loss from the theft of property, money or securities by an employee. | |
|
A fraudster pretending to be a client advises their bank details have changed and payment is sent to the wrong account. |
Protects the company against financial loss from the theft of property, money or securities as a result of social engineering. | |
|
Your premises were destroyed as a result of an insurable event? (i.e. fire) |
Protects your company’s buildings and contents against loss or damage from a range of insured perils. | |
| Your business is unable to operate as a result of an insured peril. | Protects against the loss of income from being unable to trade as a result of the insured peril (i.e. property damage from a fire or flood). | |
| An accident occurs on the way to a property viewing with one of your employees at fault. | Protects from an accident causing damage or injury. Comprehensive cover will provide for damage to your fleet of vehicles. | |
|
A cyber criminal breaches your company’s electronic security and steals personal information. |
> Cyber Insurance | Protects the company against financial loss arising from security and privacy breaches. Can include first and third-party losses. |
Further insurance covers are available that can meet more specialised requirements.
Activities of property management companies:
Property management business insurance
Property management companies are faced with a myriad of risks often dependent upon the nature of the services provided.
If you are unsure which covers would best suit your business, please contact us and we can discuss your requirements.
Compare property management insurance cost
At get indemnity our customers can achieve cost savings on their property management insurance renewal by comparing their existing cover against quotes from the wholesale market.
This guide is for information purposes and based on sources which we believe are reliable, the general risk management and insurance information is not intended to be taken as advice with respect to any individual circumstance and cannot be relied upon as such.