What is Professional Indemnity Insurance?

Meeting the demands of a fast-changing economic, political and legal landscape is essential for any business; we live in an increasingly litigious society, and any business could make a mistake that may cause financial harm to a client and result in the need for protection.

Our Professional Indemnity product helps protect your business from financial and reputation-damaging claims from dissatisfied clients. Not only does the Professional Indemnity policy protect letting agents in the event of a valid claim, but it also demonstrates a level of professionalism and commitment to both your own and your client’s assets.

What does Professional Indemnity Insurance cover?

  • What’s Included
  • Optional add-ons
  • Cover for Business Turnovers of up to £1m
  • Between £100k to £2m of PI, cover to suit your needs
  • Costs in Addition cover – Legal Costs in PI claims do not diminish the Sum Insured
  • Cover for any Civil Liability not specifically excluded, arising out of the ordinary course of your professional business
  • Optional increased excess to lower PI premiums
  • Option to include £1m, £2m, or £5m of Public Liability
  • Option to include £10m Employers Liability cover
  • Option to include up to £10m Management Liability cover including D&O, Corporate Liability and option to include Company Employment Practice Liability
  • Option to include up to £35,000 of contents cover including Business Interruption, Portable Equipment and Personal Accident Cover

When should I get Professional Indemnity Insurance?

Association of Regional Letting Agents (ARLA) agents are required to have Professional Indemnity Insurance in place when joining. 


Our Professional Indemnity Insurance cover is suitable for letting agents provide a professional service and handling client data - it covers legal costs and claim expenses from claims of breach of professional duty or employee dishonesty.

If a customer suffers financial loss due to advice from a letting agent, they may look to take legal action and recoup financial compensation for professional negligence. 

Professional Indemnity Insurance is a “claims made” policy which means there needs to be cover in place not only when the incident for which the claim is being made occurs but also at the point you become aware of the claim. For this reason, it is always best to ensure you have some form of cover on a continuous basis and for up to 6 years after you cease adding on a “run-off” basis. 


Is Professional Indemnity Insurance tax-deductible?

Yes - All business insurances (including Professional Indemnity Insurance) are classed as 'allowable expenses', meaning it is an essential cost which helps keep your business running.

This means that letting agents are able to deduct it when calculating taxable profit.

Most property insurances targeted at both tenants and landlords now have optional legal expenses insurance, so protecting your liability to your professional advice is more important than ever, at HomeLet we can offer a product that can provide solutions to many of your professional risks

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Jenni Wheatley - Head of Underwriting

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Simply provide us with a few details and email your enquiry and current renewal date to pienquiries@homelet.co.uk and we’ll be in touch to talk through your business needs and how we can help provide a package that covers the specific requirements for letting agents like you.

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