At Gallagher, we offer exclusive professional indemnity insurance solutions designed specifically for Propertymark protected companies, included as part of Propertymark’s Company Advantage scheme. Our team of real estate and property specialists leverage their experience to help estate and letting agents protect themselves against financial repercussions of claims alleging negligence, errors, or omissions in professional services. Given the complexity and high stakes involved in property transactions, our tailored insurance solutions help agents protect themselves from potential legal actions from clients who may feel they received incorrect advice or inadequate service.
Professional indemnity insurance requirements for Propertymark members
Maintaining membership as a Propertymark protected company requires annual proof of adequate professional indemnity insurance, with the minimum indemnity limit based on fee income and activities, alongside mandatory fidelity cover. As the market evolves, obtaining fidelity cover has become increasingly challenging, with insurers often reducing limits or excluding certain elements.
Propertymark's audits and reviews have revealed that many protected companies struggle to identify suitable coverage, resulting in inadequate limits, types of cover, and fidelity cover. This is where our team at Gallagher comes in.
For businesses managing client money on a daily basis, fidelity cover can be crucial. To address these risks, Gallagher has developed specialised professional indemnity insurance tailored for property agents, offering a valuable advantage as part of the Propertymark Company Advantage package.
Essential features of the Propertymark Company Advantage package
The Propertymark Company Advantage package offers professional indemnity insurance solution designed to meet the unique needs of property agents. With a focus on offering robust protection and compliance with Propertymark membership requirements, this package helps members through tailored coverage options. Key features and benefits that make this insurance solution an asset for your business include:
- Indemnity cover of up to £1,000,000
- Fidelity cover included as standard of up to £250,000
- ‘Any one claim’ basis (no restriction as to the number of claims in a year)
- Complies with the requirements of Propertymark to maintain membership
- Breach of duty and statutory obligations cover
- A simple process to top-up cover levels and include additional insurance products, as per individual requirements
- Concise and clear documents that are easy to understand
- Support from a dedicated account management team
Propertymark professional indemnity insurance onboarding
Propertymark members must complete an application form during onboarding, providing accurate details about their business and insurance needs. Eligibility for the professional indemnity insurance scheme depends on meeting the following criteria.
Key criteria:
- Be an estate or letting agent under the Company Advantage package
- Turnover ≤ £1,500,000; indemnity limit ≤ £1,000,000
- No high-risk activities (e.g., large Block Management, non-standard valuations)
- No bankruptcy, insolvency, or significant Rent-to-Rent activities
- No known potential claims
Eligible firms are automatically enrolled, with coverage starting when current insurance expires. Do not cancel existing insurance to avoid coverage gaps. View the full terms and conditions here.
Additional insurance offerings for estate and letting agents
We recognise the unique challenges faced by estate and letting agents, and offer a wide range of insurance products and services designed specifically for your industry. In addition to professional indemnity insurance, our dedicated team provides support and works with you to help you build an insurance package that meets your specific business needs, whether you're navigating complex property transactions or managing client relationships. Our additional offerings can be tailored to help estate and letting agencies mitigate the unique risks associated with the industry. Our coverage options include:
| Public liability insurance | Cover for legal costs and compensation if a third party is injured or their property is damaged due to the business's activities |
| Employers liability insurance | Required by law if the business has employees, this covers claims from employees who are injured or become ill as a result of their work |
| Buildings and content insurance | Cover for damage to the business's property, such as office premises and contents, due to events like fire, theft, or vandalism |
| Business interruption insurance | Cover for loss of income if the business is unable to operate due to an insured event, such as a fire or flood |
| Legal expenses insurance | Cover for legal costs for various issues, such as contract disputes or employment tribunals |
| Cyber liability insurance | Helps safeguard against risks related to data breaches and cyber-attacks, which can be particularly relevant given the sensitive client information handled by estate and letting agents |
These are brief product descriptions only. Please refer to the policy documentation paying particular attention to the terms and conditions, exclusions, warranties, subjectivities, excesses and any endorsements.
Why choose Gallagher
Gallagher brings years of experience and actionable insight into the property industry through our longstanding partnership with Propertymark, making us the ideal choice for estate and letting agents seeking insurance solutions. Our policies are designed to adhere to Propertymark's standards, ensuring compliance and robust protection for your business. We focus on simplifying the insurance process, making it efficient for Propertymark protected companies to secure an appropriate level of cover. As the risk landscape evolves, Gallagher remains dedicated to adapting our products and services to meet the specific needs of our clients, providing confidence with tailored coverage and specialist support.
Get in touch to find out more
If you are a Propertymark protected company and would like to know more about the benefits included as a part of Company Advantage or are wanting to sign up, please contact Propertymark directly on 0800 288 4921.
Alternatively, if you have signed up to Company Advantage and have a question about the professional indemnity insurance benefit, please reach out to our dedicated team on 0800 138 7587.
