As an inventory clerk your role involves reducing any potential disagreements between landlords and tenants at the end of a tenancy by:
- Inspecting a property
- Collecting and documenting any necessary evidence
- Writing a report on the contents and condition of the property before the next tenants move in
Landlords want to avoid having to pay to repair any damage of their properties caused by their tenants and tenants want to avoid losing any of their deposit when they move out of a property. A property inventory provides evidence of the condition of a property at the beginning of a tenancy, to cover both the tenant and the landlord.
Although it may seem that inspecting a property and recording its condition and contents might not have any risk attached, it is often a minefield for litigation. Therefore, the responsibilities in your job demand that you must be able to produce inventory clerk’s insurance on request.
What does inventory clerk’s insurance include?
As standard, an insurance package for an inventory clerk should include:
1. Professional indemnity insurance
Professional indemnity insurance is a crucial part of your inventory clerk’s insurance package, as if you were to make a mistake in your inventory report which led to a financial loss for your client, they could claim against you to recover these losses. Your policy would cover these legal costs.
A professional indemnity policy might include cover for:
- Loss of documents
- Loss of client data
- Breach of confidentiality
- Employee dishonesty
- You may be expected to be able to show a professional indemnity certificate on request to show you are covered.
2. Employer’s liability insurance
Employer’s liability is a legal requirement. If you employ others – even a single employee – in your inventory clerk business, this type of insurance provides cover if an employee sues you for damages due to injury or illness as a result of their work. As your staff will be visiting many different properties in the course of their day- some of which could be in poor condition – this is a very real risk in your industry.
3. Public liability insurance
Public liability insurance covers you if a member of the public or a client accuses you of damaging their property. The costs could quickly escalate for compensation and legal fees. As part of your job you will be visiting other people’s property on a daily basis and you could be responsible for their keys and locking up and securing the property afterwards. You could easily be accused of damage to the property at any time, whether it was your fault or not.
4. Office insurance
Office insurance covers your office essentials including furniture, fixtures and fittings from damage caused by fire or flood, plus loss from theft. You could be forced to temporarily close your business if you do not have the equipment you need to operate, so it is important to make sure you are covered.
Due to the nature of your business you will spend a lot of time visiting properties so make sure you insure your laptop and mobile phone too.
5. Business contents insurance
Business contents insurance cover is a key addition to your inventory clerk’s insurance package as you may have valuable equipment to insure within your business premises. Business contents cover will pay to replace your equipment if it is lost, damaged or stolen.