Our cover has been developed to protect you should your company be accused of providing wrong advice, or in the event that one of your employees makes a mistake.
Having professional indemnity cover in place is vital for those in the business of giving advice – including estate and letting agents, managing agents and surveyors.
Our Hamilton Fraser Professional Indemnity insurance will cover you in the event of:
Negligence or breach of duty of cover – we cover your business against giving bad advice or making a mistake such as underselling a property or arranging a tenancy agreement on the wrong basis
Breach of confidence – if confidential information is misused or commercially sensitive information shared without consent we will cover you, for example if inadvertently property details passed on to a burglar
Infringement of intellectual property rights – for example re-using content from a website or incorporating copyrighted stock images without permission
Defamation – making false or damaging claims about a person or organisation
Rectification – putting right lost or damaged non-electronically held documents of a professional nature
Court attendance – if you or an employee have to attend court in connection with a covered claim we will cover costs up to a specified limit for that court attendance
Computer virus – if a computer virus was specifically targeted at you and you negligently forwarded an email to your computer which contained the virus we would cover you to help put this right.
We can also provide you with:
Office Contents Insurance
You can extend your Professional Indemnity insurance to include cover for your business premises, equipment, laptops and other portable equipment, liabilities and business interruption.
Cyber Insurance protects your business if it experiences a data breach or is the subject of an attack by a malicious hacker that affects its computer systems. It will also cover unauthorised access to your website, intranet, computer system, network, telephone equipment or data you hold electronically.
Directors’ and Officers’ Insurance
Directors’ and officers’ liability insurance is insurance cover that offers financial protection to those who are the director, partner or officer of a company. It is designed to cover the cost of claims for compensation made against you. For example you can be confident that you are protected against the cost of defending or settling a health and safety, manslaughter or employment claim.
Employers’ Liability Insurance
If you employ staff you have an obligation to provide them with safe conditions to limit the possibility of injury. Employers’ liability insurance will cover the cost of defending or settling claims that arise from employee injury or illness in the workplace. This includes defence costs relating to criminal prosecution should accident or injury occur as a result of a break in regulation or the law.
Public Liability Insurance
Public liability Insurance covers the cost of claims should your business activities result in the injury of a client, contractor or member of the public. A public liability policy can also cover you and your employees against property damage when working in a client’s home, rental property, office or business property.
How does professional indemnity insurance work?
Here are some examples of how you might make a claim and what your insurance may cover.
Example 1: Wear and Tear
A letting agent returns a property to the landlord after tenants vacate the premises having lived there for six years. The landlord is unhappy with the condition of the property and makes a claim against the letting agent for the cost of restoring the property to its prior condition. The letting agent feels that significant amounts of damage are due to normal wear and tear. If they were insured with us, we would support their position and would have endeavoured to settle the claim for a significant reduction on the initial amounts claimed.
Example 2: Intellectual Property Rights
An employee of a letting agent uses one of their competitor’s tenancy agreement documents, changing only the branding, company name and minor details such as the correspondence address. The estate agent is unaware of their employee’s actions. In this scenario, where there is a clear breach of the competitor’s intellectual property rights we would act swiftly to minimise any reputational damage to the letting agent by adequately compensating the claimant for the damage they had suffered.
Example 3: Accident Liability
A letting agent manages various properties. A tenant, at one of the managed properties, falls downstairs and injures himself. He claims that the lights in the stairway do not work properly and that this has been previously reported. The tenant sues the landlord and the landlord seeks to recover his loss from the letting agent. If they were insured with us, we would investigate the terms of the insured’s contract in order to form a view on liability and proceed to assist the insured in negotiating a settlement.
Example 4: Defamation
A junior employee has informed third parties that an advisor acting for a wealthy client has been involved in fraudulent transactions involving multimillion pound properties, a comment that has no evidence behind it. If the advisor made a claim against the estate agent for defamation, we would assist the insured in their negotiations with the claimant, potentially drafting an apology for the insured to publish and providing the advice and financial backing for the insured to achieve a commercial settlement.