Real Estate
Expert advice, individual insurance
UK Housing Market Issues
The UK’s housing sector is a daily focus of interest for different types of people. Our experience with private landlords is many and varied but there are commonalities in the conversations we have with customers before we even discuss the need for insurance protection. Many would talk openly about issues and challenges such as:
- Property maintenance and ever rising costs of repairs.
- Tax regulations
- Reduction of mortgage interest relief
- Tenants, rent collection, and dealing with disputes.
- Unpaid rent, property damage, and eviction proceedings
Can We Help You?
Anthony Jones deals with a wide of landlords and private property owners from those with a single buy to let property to those with multiple properties. We help all types of customers with commercial, residential (including associations), retail and other industrial properties.
There are not that many people who own property that would not look to protect their assets from insurable damage never mind the need to protect injury or property damage to tenants, or the public. So, that leads us to the need for property owners’ insurance.
Property Owners Insurance
We can arrange Landlords content insurance to protect household goods and equipment within your property that you provide for tenants and discuss with you the options around scale and scope of cover.
Loss of Rent cover extends the protection you have when you are unable to rent out a property if you suffer an insured loss.
If you have commercial properties, we can protect both the building and fixtures and fittings against a wide range of insurable events.
Legal expenses insurance is an increasingly important cover. This will cover legal representation and legal costs predominantly around your property, employment, or contract disputes.
You may need to consider Public Liability for injury or property damage to members of the public
If you have employees, you must by law purchase Employers Liability to protect your legal liability against injury, illness or disease for the people you employ.
There are others covers available potentially around machinery breakdown cover and statutory engineering insurance for certain pieces of equipment.
Need more
information?
Please call Mark Stevenson on 0208 290 9080 to talk through your real estate insurance needs or email him at info@anthonyjones.com
“Following a serious fire at one of our contract sites which caused damage in excess of £400,000, the claims service and commercial advice provided by Anthony Jones was exceptional.
From numerous site visits, liaison with loss adjusters and the principal, Anthony Jones arranged for interim payments as we rebuilt the property which was completed ahead of schedule. Anthony Jones were on hand to take us step by step through the claims process which ultimately ended up with a very satisfied landlord, and a rebuilt property ahead of schedule.”
Mr Tomasz Stozek
Director
S.T. Building Ltd
FAQ’s
Some of our most asked questions, answered below:
I am a start-up business, what insurance do I need?
There is a balance between adequate and appropriate protection of the business whilst keeping initial costs to a minimum. Evaluate your business risks and the need for insurance under these 4 headings:
- Assets (both physical and intellectual);
- Revenue streams;
- Liabilities to Third Parties (including contractual obligations);
- People (your staff including their importance to the business).
Usually, a package type policy covering your physical property, annual revenues, Employer’s liability and Public/Product’s liability is required. The only insurances required by law are Employer’s Liability, Motor Liability (if you have cars/vans etc) and Engineering Inspection of lifting and pressure plant if you have them.
What is business insurance?
Business insurance is a type of insurance that provides cover for businesses against financial losses due to unexpected disruption to business such as property damage, liability claims, a cybercrime issue, an issue with a director's duties, a professional indemnity or a motor accident – amongst others!
Do I need business insurance?
If you own a business, it is highly recommended that you have business insurance to protect your assets. The only insurances required by law are Employer’s Liability, Motor Liability (if you have cars/vans etc) and Engineering Inspection of lifting and pressure plant if you have them. Increasingly, suppliers or customers will ask for evidence of insurance.
How much does business insurance cost?
The cost of business insurance varies depending on the type of cover you need, the size of your business, and the level of risk associated with your industry. Insurance brokers help with this presentation to insurers in seeking the most appropriate market and price.
How much Professional Indemnity insurance do I need?
If you work in one of the professions for whom Professional Indemnity insurance is a legal requirement, the amount of cover you need may be mandated by your regulatory body. You should check on their website to find out.
Your clients may also specify within their contract the amount of PI cover they require you to have in place to protect the work you do for them.
If the amount of cover you need is not pre-determined, you can work it out by thinking about the size of projects you work on and your potential exposure to risk. We can help you calculate what this might be. Our recommendation would be to buy as much cover as you can afford.
Do I need Professional Indemnity insurance?
If your business provides advice, professional services or creates designs, it makes sense to have Professional Indemnity insurance to protect you in case anything goes wrong.
For some professions it’s a legal requirement to have Professional Indemnity insurance in place. Professions for whom it is mandatory include:
- Solicitors and barristers
- Financial advisers
- Architects
- Accountants
- Some healthcare professionals, such as doctors, vets, dentists and surgeons
- Chartered surveyors
What is Professional Indemnity insurance?
PI insurance protects your business if a client claims the advice, service or designs you provided were faulty in some way. It will cover the cost of any claim for compensation.
What is Directors & Officers insurance?
Also called D&O insurance, this covers the cost of any compensation claims your business needs to pay if a director or key manager is alleged to have done something wrong during the course of their work. This might include negligence, breach of trust, making a mistake or failing to do a task.
Do the Government tax premiums?
Yes, they do. The current rate is 12% and is a charge collected by insurers on behalf of the Government. This tax has nothing to do with insurance brokers or insurers.
How do you earn your money?
Insurance brokers earn money in the form of commissions when business is placed with insurers. You have every right to ask a broker what commission they are earning from insurers. An alternative to commission is to quote premiums “net” and brokers agree a fee with customers for services.
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