Estate and Letting Agents Combined PI and Office Insurance

Friday, January 10th, 2014

If you are a registered Estate and/or Letting Agent you are required to hold Professional Indemnity Insurance. As the vast majority of agents have high street premises you are also obliged to hold various insurances in connection with your premises. The most commonly known insurance available is labelled as ‘Office Insurance’.

Both products have traditionally been sold separately but we now have access to schemes which will allow a combined Office and Professional Indemnity policy. Whilst this may not win any innovation awards it does offer many benefits to the policy holder which would not be there if they held separate policies.

Key Benefits

  • A single insurer will be hugely beneficial when dealing with a claim.
    Claims can be complex and in many instances a single incident could involve more than one insurer. With one insurer dealing with a claim you would only need to report the incident once. You would have one point of contact, and you would have fluidity when crossing over to different areas of the claim. This benefit should not be overlooked as those who have been unfortunate enough to have previously dealt with a claim will appreciate this most as they will understand the delays and repetitiveness in dealing with more than one insurer.
  • A more competitive premium.
    Insurers are keen to sell multiple policies as this is cost effective to them, so this reduction is passed onto the client when combining policies. If one client buys multiple policies it cuts downs on the administration time and costs and advertising costs to sell that extra policy.
  • One point of contact.
    Many people appreciate the convenience of having one point of contact. Building relationships can assist greatly when negotiating premiums or dealing with claims, and building trust is a big element when deciding where to place your business.
  • One renewal date.
    Again convenience is mentioned here as having one renewal date cuts down on the client’s administration and keeps policies easier to manage knowing that they fall due together.

These policies can also cover multiple locations so if you have a number of offices you can insure them all under the policy. This includes standalone Professional Indemnity Insurance and Office insurance or as a combined policy.

Premiums are competitive and flexible so with our panel of insurers we are very confident of providing the right product at the right price.