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Why Managing Agents Need Professional Indemnity Insurance

As a managing agent, you provide an invaluable service to your clients - but mistakes can happen. Without adequate protection, a single error could put your entire business at risk. This is why professional indemnity insurance is so important.

Professional indemnity protects you when claims are made against you for financial losses caused by your professional negligence, errors, or omissions. It covers the legal costs of defending claims and any compensation payouts.

You Don't Need to Belong to an Association

While trade associations often require professional indemnity insurance, any business offering professional services should consider it. You don't need to belong to an organisation to benefit. Whether you're a sole trader or a limited company, having cover provides peace of mind that you're protected if something goes wrong.

The Right Cover for Your Work

Professional indemnity policies are tailored to your business activities. As a managing agent, common coverages include:

  • Claims relating to property management services

  • Negligent valuation or advice

  • Breach of contract

  • Defamation

  • Loss of documents

You'll pay a premium based on your level of risk - but being able to show clients you're properly insured can provide a competitive advantage.

Past Employees and Run-Off Cover

Many policies include run-off cover in case claims arise relating to past work - even if the responsible employee has left. This can protect you from expensive legacy issues.

Combining With Public Liability

Managing agents often take out both professional indemnity and public liability insurance. While there is some overlap, the two covers are complementary:

  • Professional indemnity covers claims for financial loss by clients

  • Public liability covers claims for injury or property damage by the public

Getting covered gives you comprehensive protection.

Protect Your Reputation and Finances

As a busy managing agent, the last thing you need is an unexpected claim derailing your business. Professional indemnity insurance provides a safety net - helping defend your reputation while shielding you from potentially significant costs.

The right policy provides peace of mind that you're protected, so you can keep delivering an exceptional service to your clients.


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