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Surveyors Insurance
Our Financial Professions team can arrange a suitable Surveyors Insurance programme to include Surveyors Professional Indemnity Insurance to cover your professional activities, including Cyber Insurance, Directors and officers and/or Management Liability, Office Insurance and Business Travel for your business risks.
Surveyors Insurance for large and small practices.
Professional Indemnity insurance is perhaps the most critical component of any surveyor insurance programme for surveyors who produce reports, assessments, recommendations, or valuations, along with helping clients with funding applications.
Whether you’re a building surveyor who provides expert construction advice for historic buildings or you help manage the costs and development of new properties as a quantity surveyor, it’s only right that you ensure your business is suitably protected.
Your Professional indemnity (PI) Insurance will protect your business if a client alleges negligent acts, errors/omissions/actual negligent acts or offered poor advice whilst performing your services or ‘Duty of Care’.
We work with our Surveyors to understand their business, the type and mix of instructions, their professional qualifications, partners and Directors, claims history and the regulatory bodies and membership organisations they belong to – all of which create a risk profile of your practice, which simultaneously informing us of any minimum terms of conditions placed upon you by your regulatory body.
For example, if you are a RICS chartered surveyor, you must hold a minimum level of cover as a condition of your chartered status.
So we can provide you with the most appropriate insurance solutions available.
Need Surveyors Insurance?
For comprehensive Surveyors Insurance
What does Surveyors Insurance cover?
We can arrange for insurance for surveyors to include:
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Need Surveyors Insurance?
For comprehensive Surveyors Insurance
Surveyors Insurance
This is one of the more complex areas of cover, so to help you get the protection you need, here are our surveyors insurance frequently asked questions. We hope they will help, but if you’d like some independent advice, please call us on 01903 444 951 and we’ll be only too happy to help.
What does surveyors insurance cover?
Surveyors Insurance can include cover for claims made against you by a client or third party that alleges negligence, a breach of trust or confidentiality, or defamation from the professional risks that your practice faces.
Adding in additional insurance coverage, for example, cyber insurance can cover the risks to your business that fall outside of your professional activities.
What other insurance does a surveyor need?
The other insurance you need will be based on your circumstances.
Looking to close your business, then you may need Run Off Cover.
If the Limit of indemnity needs to increase, then you need Excess Layer Insurance.
Do you need to cover past works, then we can work with you to put a Retroactive Date on your PI Cover?
If you have employees, you will need Employers Liability Insurance.
Do you have equipment that needs protecting? Then an Office Insurance policy can provide cover for your furniture, IT equipment, technical surveying equipment.
If you don’t want to be personally liable as a Director, a Directors’ and Officers’ insurance policy covers your defence costs and any compensation you must pay.
Do I need professional indemnity insurance after I've ceased to practice?
Yes – it is essential that you secure ‘run-off’ cover for your previous practice after you cease to practise. This is to cover you for claims for work done while in practice but arising after the practice ceased. This requirement is in your own interests whether you think you might have a claim in future or not.
Can we arrange cover for survey and valuation work?
We can, yes. Some survey and valuation work is deemed a bit riskier than other types of surveying work, so we will need a chat through your work and who you do it for. It may also mean your premium is a bit higher.
Since the 2008 financial crash, many properties have been sold at a loss. Mortgage providers looked to recoup their losses and looked to inaccurate valuation and, therefore, surveyors.
That’s why insurers like to look at all the facts before offering cover for valuation work, even if you no longer do it. And that’s why we’ll ask you for more details about your work first.
Who needs surveyors insurance?
Surveying insurance is suitable for:
- Building surveyors
- Quantity surveyors
- Land surveyors
- Environmental surveyors
- Rural Practice surveyors
- Party wall surveyors
- Planning and development surveyors
- Valuation surveyors
- Commercial surveyors
- General surveyors
- Independent surveyors
- Surveying companies
Depending on the type of valuations being done or the lenders you work for, some surveying practices can be seen to have a lower risk profile.
