Estate agencies and other property businesses handle large volumes of client money, making them a prime target for criminals inside and outside the company – and meaning that employee errors or negligence can also carry a heavy cost for you and your clients.
Estate and rental agents often rely on their Fidelity Fund Certificate (FFC) to cover them when disaster strikes, but this can be dangerously insufficient. The Property Practitioners Regulatory Authority can only consider certain claims, and must hold an inquiry every time a claim is lodged. Assuming the claim succeeds, the maximum payout is just R2 million per cause of action.
A better solution – comprehensive business cover
Rental agents deserve the peace of mind given by comprehensive insurance. That’s why PayProp has collaborated with insurance providers I AM SURE, King Price and iToo to bring a bespoke product to market for the property industry.
Agent Sure combines Fidelity Guarantee and Professional Indemnity Insurance (PI) into one protective package. The PI component indemnifies your business against damages and legal costs caused by your employees’ negligence, error or omission. The property business, its principal and all permanent employees with valid FFCs are covered.
Meanwhile, the fidelity guarantee element covers damages and legal costs caused by an employee’s dishonest actions, such as theft.
Negligence and dishonesty are reputational risks as well as financial ones, which is why Agent Sure also includes a reputation management service, with professionals standing by to manage any fallout on social media. Once your business’s good name is lost, it can be almost impossible to get back.
If you would like to know more about how Agent Sure protects your business, PayProp is hosting a webinar on Thursday 20 July. Sign up at the link below to get more details – and discover how PayProp users can claim an exclusive discount.