What are the risks for Estate Agents?
An Estate Agent will typically undertake a multitude of contracts during their career and it is highly likely that during this time a mistake may occur. When accusations of professional wrongdoing are made, deliberate or not it can get messy, especially when solicitors become involved.
It is worth noting that as an Estate Agent you cannot be a member of the NAEA or ARLA without the adequate Professional Indemnity cover; in the interests of being a professional within your field that is enough reason itself.
As an estate agent if a claim was to arise unfortunately you’re not legally trained and if you ignore the claim it just won’t go away. Therefore you need Professional Indemnity insurance as you have a business to run, because you have limited funds and above all your reputation matters.