Professional Indemnity Insurance
Professional Indemnity Insurance
Professionals work to a high standard, that's what the word professional implies. However, we are all human, we all make mistakes from time- to time, and these are all the more likely in a modern office environment where people work at a fast-pace under a lot of pressure.
In this fast-paced litigious world of ours the general public are increasingly unforgiving of shoddy work and human error: some will not accept excuses where a financial cost is the result, and will be on to their solicitor before you can say sorry.
So Professional Indemnity Insurance is absolutely essential to protect an agent's business and is a requirement of membership of all of the professional bodies in the lettings and property management industry.
Typical Professional Indemnity Insurance covers liability to clients arising from liabilities for negligence in connection with an agent's business:
- Breach of confidentiality.
- Loss of documents.
- Failure to serve important notices.
- Libel and slander.
- Being sued for negligence by a landlord or a tenant.
- The cost of putting right a mistake in order to avoid any claim.
- Financial losses incurred as a result of dishonest employees, partners or co-directors.
- Infringement of intellectual property rights such as copyright.
- Costs involved in defending legal action, Ombudsman and Dispute Resolution Awards.
Never rely totally on this information which relates primarily to England & Wales. Before taking action or not, seek expert advice with the full facts of your case and all documents to hand.
