Professional indemnity (PI) insurance, often referred to as professional liability insurance or PI insurance, covers legal costs and expenses incurred, as well as damages or costs that may be awarded, if you are alleged to have provided inadequate advice or services that cause your clients to lose money.

This could be anything from losing a leaseholder’s flat sale because works had not been completed or accounts were not up to date, getting the specification for a contractor’s job wrong, or a stressed staff member slandering a customer or contractor

Being sued or having a protracted dispute carries the risk of huge reputational damage, not to mention potential costs. Being in a position where you can afford to manage the situation smoothly can contain the damage.

Our PI policy is tailored specifically to cover the work carried out by managing agents, so you only pay for the cover you need.  For example, one of the biggest risks is that a survey misses a critical defect and PI premiums must reflect that.

However, many managing agents do not carry out surveys themselves, and contract to surveyor who have their own PI. So, at Deacon the survey cover is optional.

As standard, our PI policy covers the key risks of your professional liability plus it also includes ombudsman costs, court attendance fees, loss of documents and health and safety legislation.

Many of the managing agents we work for introduce, arrange and/or administer insurance – so we will also ensure you have cover for the insurance mediation you undertake.

We believe Professional Indemnity insurance is a must to consider for those engaged in property management, and trade bodies such as RICSARMA and AHRM insist that members have it in place. Naturally, we ensure that all the PI policies we arrange meet their requirements.

Check our cover here. Alternatively, if you would like us to give your current PI policy a health check, please call us on 08000 92 93 94 and a member of dedicated agent team will be happy to help you.


The sole purpose of this article is to provide guidance on the issues covered. This article is not intended to give legal advice, and, accordingly, it should not be relied upon. It should not be regarded as a comprehensive statement of the law and/or market practice in this area. We make no claims as to the completeness or accuracy of the information contained herein or in the links which were live at the date of publication. You should not act upon (or should refrain from acting upon) information in this publication without first seeking specific legal and/or specialist advice. Arthur J. Gallagher Insurance Brokers Limited trading as Deacon accepts no liability for any inaccuracy, omission or mistake in this publication, nor will we be responsible for any loss which may be suffered as a result of any person relying on the information contained herein.