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.
Protect your business needs
Simply provide us with a few details and email your enquiry and current renewal date to email@example.com 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.