Professional indemnity insurance

Professional indemnity insurance, often referred to as PI insurance, covers your company for legal costs and expenses in claims resulting from negligence or breach of professional duty. It also covers you for any damages or costs that may be awarded as a result; therefore, providing an extra level of protection to your business and your clients.  

You will need to make a declaration upon joining (and annually thereafter) about the activities and fee income of your company so we can ensure you have the correct level of cover. You do not need to provide evidence of your professional indemnity insurance if your company is regulated by RICS or the Law Society of Scotland.

Your insurance policy must include:

  • cover on a civil liability basis
  • limit of cover on an ‘any one claim’ basis
  • indemnity for any claims arising out of all work undertaken since the inception of the business
  • cover for liability arising out of all aspects of your firm’s activities

Minimum limits of indemnity

The level of cover required depends on your annual fee income (from all sources) and whether your company provides residential letting or property management services.

My company does not undertake work in any element of residential letting or property management.

Minimum limit of indemnity: £100,000


My company undertakes work in residential letting and/or property management.
My annual fee income is up to and including £150,000.

Minimum limit of indemnity: £150,000


My company undertakes work in residential letting and/or property management.
My annual fee income is over £150,000.

Minimum limit of indemnity: £500,000


My company operates as a Client Accounting Service Provider (CASP). CASPs must have no exclusion or limitation in respect of fraud or dishonesty, fidelity cover relating to the CASP's own money may be limited or excluded.

Minimum limit of indemnity: £2,000,000 in respect of any one claim.


Get a discount with Gallagher

Cover can be arranged through any insurance broker; however, we recommend arranging cover with Gallagher—Propertymark's official insurance broking partner. They offer competitive quotes with up to a 20% discount for members.

Evidence of insurance cover

Members must provide evidence of their professional indemnity insurance cover upon joining and annually thereafter. Typically, this would be a copy of page one of the insurance schedule outlining who’s insured, level of cover, duration of the policy and the insurer (an invitation to renew or an invoice will not be accepted).

Sending us your insurance cover upon renewal
Please send us evidence of renewal within ten working days of your insurance’s annual renewal date. Email evidence to [email protected] or post a copy to us at Membership Documents, Propertymark, Arbon House, 6 Tournament Court, Edgehill Drive, Warwick CV34 6LG.

Continuous policies
Insurers do not always automatically provide an annual schedule for continuous policies but normally will do so upon request. Alternatively, if we already have a copy of your original policy’s schedule policy then a letter/email from your insurer confirming continued cover would be fine.