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
At get indemnity™ property management insurance starts from £286 annually or £23.83 monthly. Below we identify how property management insurance can protect your business and explain what you should take into consideration when buying.
Get indemnity™ property management insurance
At get indemnity™ we work with our clients to investigate what property management insurance is required to meet their needs. Each business is different so its important to appreciate where potential liabilities can attach.
What is property management insurance?
The main covers typically considered include:
Public liability or professional indemnity?
Therefore, you may need to rely on your professional indemnity insurance to obtain the protection you require. 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 coverage available to offer protection:
What would happen if.. |
Property Management |
What the cover does: |
|---|---|---|
| A resident seeks damages after a fall at one of your properties which causes a serious injury. |
> Public Liability |
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. |
> Professional Indemnity |
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. |
> Property Owners |
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. |
> Employers Liability |
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. |
> Directors and Officers > Management Liability |
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. |
> Corporate Legal > Management Liability |
Protects the company against legal costs incurred in defending the allegation. |
| A longstanding employee claims workplace harassment and unfair dismissal. |
> Employment Practices > Management Liability |
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. |
> Crime Insurance > Management Liability |
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. |
> Social Engineering > Crime Insurance |
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) |
> Property Damage |
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. |
> Business Interruption |
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. |
> Fleet Insurance |
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.
What property management business insurance do we need?
Specific consideration should be made to professional indemnity insurance sometimes overlooked if there is not a contractual requirement to purchase. Property management responsibilities will vary depending on their industry and area of expertise, although most perform a similar function.
How to 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.