In London’s property, advisory and service-sectors, providing professional advice, reports or consultancy carries inherent risk. Whether you’re a letting agent, surveyor, property manager, architect or developer, a single claim for error or omission can result in significant cost, reputational damage or legal action.
That’s why professional liability insurance — commonly known in the UK as professional indemnity (PI) or internationally as errors & omissions (E&O) insurance — is an essential element of risk-management. At Fraser Bond, we help clients navigate what this cover means for their business, how it supports property-linked operations, and how to choose the right policy.
Professional liability insurance (PI) protects businesses against claims arising from mistakes, negligent advice, omissions or failure to deliver services — risks that are not covered by standard public liability or general business insurance.
In the UK context:
“Errors & Omissions (E&O) Insurance” is a term more often used internationally; in the UK the equivalent is professional indemnity.
Many policies are offered on a claims-made basis (covering claims made during the policy period for incidents after a defined retroactive date).
Cover typically includes defence costs, settlements or judgments for third-party losses caused by your professional service or advice.
For professionals in the London property market, the exposures are significant:
A surveyor gives a flawed valuation or misses a defect, causing a buyer loss.
A letting agent fails to properly advise a landlord on regulations, leading to a compliance breach or tenant claim.
A project manager overlooks contractual obligations in a refurbishment, cost-overruns or delay impact client or investor.
Advisors provide flawed forecasting or investment advice tied to London assets, and a client suffers financial loss.
Without the right professional liability cover, your business — and in some cases your personal assets — may be at risk. Given the size and value of London transactions, the financial stakes are high.
Claims for wrongful acts, errors, omissions, misstatements, or negligent advice.
Defence costs (legal fees, investigation) where a claim is made.
Settlements and damages awarded to third parties.
Often extensions for loss of documents, intellectual property infringement, defamation, breach of confidentiality.
Intentional wrongdoing, fraud, or criminal acts.
Claims arising from events before the policy’s retroactive date or outside the covered period (unless run-off cover exists).
Pure bodily injury or property damage claims (that is usually covered under public liability, not PI/E&O).
When securing cover, Fraser Bond recommends you consider:
Your business activities – Provide advice? Produce reports? Manage property? Each activity carries different risk.
Cover limit & excess – Higher value contracts (common in London) require higher indemnity limits.
Retroactive date and run-off cover – Ensure past work is covered and that if you cease trading or change structure you have protections.
Policy wording and inclusions – Verify extended endorsements relevant to your sector (loss of documents, IP infringement, vicarious liability).
Contractual requirements – Some clients (especially large landlords, developers or public bodies) will require professional liability cover before engagement.
Integration with other covers – Don’t rely solely on PI/E&O; ensure you also have public liability, employer’s liability, property insurance etc.
Broker and insurer expertise – Choose insurers/brokers who understand property-linked professionals in London (surveying, agency, management, development).
Fraser Bond is a leading London property consultancy with expertise in sales, lettings, compliance, investment advisory — and a deep understanding of professional risk in property-service businesses. We assist clients by:
Advising on how professional liability risk ties into your property/business model.
Reviewing quotes, policy wordings and insurer strength for property-linked professionals.
Guiding you on how insurance supports compliance, contract readiness and client confidence.
Helping align insurance strategy with your wider business/asset goals in London.
Protect your professional services, advice and property-related business with tailored professional liability insurance.
Visit FraserBond.com or contact our London advisory team for expert guidance on PI/E&O cover and compliance solutions.
