Professional Indemnity Insurance

Provided by Gallagher, underwritten by Tokio Marine HCC

Professional Indemnity Insurance offers financial protection against claims made by clients or third-parties for losses incurred due to alleged negligent acts, errors, or omissions in the services they provide.

This insurance can be crucial for letting and estate agents because it covers legal costs and the compensation awarded if a client claims that the agent's professional advice or services caused them financial loss.

Eligibility and standard acceptance criteria

When you apply for Company Advantage, you’ll be asked to complete a form about your business and insurance needs. Your eligibility for Professional Indemnity Insurance is assessed against the standard acceptance criteria.

If your firm meets the standard acceptance criteria, you will automatically be enrolled in the Professional Indemnity Insurance scheme. If you don’t meet the criteria, Gallagher will request a more detailed proposal so underwriters can assess your risk and set suitable terms.

What is the standard acceptance criteria?

The standard acceptance criteria that must be met to ensure you are able to qualify for Propertymark's Company Advantage Professional Indemnity Insurance includes:

You must be a property agent subscribed to Propertymark’s Company Advantage scheme

You do not require more than £1,000,000 indemnity cover limit

Your business total fees/turnover does not exceed £1,500,000

You do not undertake any Block Management activities on buildings over five storeys and/or more than 20 units and/or you are not directly/indirectly responsible for the fire safety measures

You do not undertake any valuations, other than market valuations and/or fire reinstatement valuations and/or probate valuations

You have not declared bankruptcy, insolvency, or gone into liquidation or have outstanding CCJs

You do not undertake more than 20% of Rent-to-Rent activities in relation to your total fee income

You are not aware of any circumstance or occurrence which may give rise to a claim against you

What happens if my firm doesn't meet the criteria?

Return the proposal form
If your firm doesn’t meet the standard requirements, Gallagher will request a proposal form for more details about your business and insurance needs. The proposal form allows underwriters to fully understand your business, claims history, and risk profile. This ensures they can fairly assess your application and offer terms that reflect your specific circumstances.

Completing the form accurately and honestly is essential, as it helps the insurer provide the most suitable cover. Unreturned forms will result in your firm not being included under the Professional Indemnity Insurance scheme.

Timescales and additional premiums
Once submitted, Gallagher will liaise with the underwriters on your behalf. Most referrals are reviewed within 3–5 working days, although more complex cases may take longer. Gallagher will then contact you to confirm the insurer’s decision and the terms offered.

If extra cover is required, you will need to pay an additional premium directly to Gallagher. Additional premiums are calculated based on your specific business activities and risk factors that fall outside of the standard acceptance criteria.

Once the additional premium is paid, Gallagher will issue your policy documents ahead of your existing Professional Indemnity Insurance renewal date. Please note, should any additional premium remain unpaid, you accept responsibility that your firm will not be included under the Professional Indemnity Insurance scheme.

Declined cover
In rare cases, if the insurer decides your risk falls too far outside their scope, Gallagher will then work with you to source alternative quotes from the wider insurance market, though these would fall outside of Propertymark's Company Advantage scheme and be charged separately.

Duration of cover

Once signed up to Company Advantage, your Professional Indemnity Insurance begins when your existing policy expires. The switch happens automatically, and Gallagher will send your new policy documents before your existing policy's renewal date.

Do not cancel your current insurance until the new scheme begins. This ensures continuous cover and protects your retroactive date for claims. Your new 12-month policy will start automatically when your existing one ends.

Even if you choose not to renew Company Advantage the following year, your Professional Indemnity Insurance will still run for the full 12 months from the date it began. After this period, the cover lapses unless renewed directly with Gallagher.

What is insured?

You are covered for:

Civil liability claims

Breach of professional duty

Dishonesty of employees

Fidelity (£250,000 aggregate sub-limit)

Court attendance fees

Reputation management

Libel and slander

Unintentional breach of confidentiality

Unintentional infringement of intellectual property rights

Loss of or damage to documents

The Property Ombudsman/The Property Redress Scheme awards

Breach of statutory obligation defence costs

Data protection cover

Fidelity Cover explained
Fidelity Insurance Cover (also known as Fidelity Guarantee Insurance) is typically a separate insurance cover from Professional Indemnity Insurance.

It has been included as standard under Company Advantage to help protect businesses against financial damages caused by illegal activity committed by workers, vendors, customers, or other third parties, for which, the company is held liable.

More information

Additional insurance requirements?

The Gallagher team will be able to support you by accessing the market to obtain quotes for an additional range of policies, such as Office Insurance, Public Liability Insurance, Employers’ Liability Insurance, Directors’ and Officers’ Liability Insurance, and Cyber Insurance.

Find out more

Frequently asked questions

Have a question about the Company Advantage Professional Indemnity Insurance policy? Gallagher have provided the answers to the most asked questions.

Download

Company Advantage overview →

The content featured on the Propertymark website is not a substitute for policy wording. Always refer to your policy documentation for full terms and conditions. Propertymark Ltd is an Appointed Representative of Arthur J. Gallagher Insurance Brokers Limited which is authorised and regulated by the Financial Conduct Authority (Reference number: 311786) and which is permitted to arrange general insurance contracts. Registered address: Arthur J. Gallagher Insurance Brokers Limited, Spectrum Building, 55 Blythswood Street, Glasgow G2 7AT.

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