What insurance cover do surveyors need?
Whilst every business is different and can be catered for, there are typically three key insurance covers that a surveyor should look for:
Surveyors Professional Indemnity Insurance
Critically, a surveyor offers professional advice. If any advice is deemed or alleged to be faulty, you could face significant legal and compensation costs where your client has suffered a loss.
Surveyors professional indemnity insurance can protect you in such circumstances. It can be bought on its own, or as part of a combined policy, depending what suits your particular circumstances.
Cover value varies, again depending on your requirements. At BJP Insurance Brokers we can provide surveyor professional indemnity protection from £500,000 to £5m indemnity, higher limits are also available. You may find that your clients require certain levels of cover to be in place as a condition of you working for them.
Surveyors Public Liability Insurance
The second type of cover that you will be very likely to need as a surveyor is public liability. This protects you from claims made by third parties where they allege that your business has led to them being harmed, injured, or to suffer a loss.
As with surveyors PI cover, a public liability insurance policy protects you both from legal and compensation costs that may arise. Similarly, a policy can be tailored to offer an adequate amount of cover – typically ranging from £1m – £10m. Speak to one of our team who will take time to understand your particular circumstances and ensure you’re not paying for cover you don’t need.
Surveyors Employers Liability Insurance
You are required by law to have surveyors employers liability insurance if you employ anyone either directly, or as contractors, temporary staff or casual help.
Employers liability is there to protect you and your staff in the event that they suffer injury, illness or loss as a consequence of the work they carry out for you.