It appears these days, that property managers of both residential and commercial buildings are becoming more and more susceptible to lawsuits and a number of other types of claims. And as a manager, your job is to care for the business’ property. Unfortunately, when things go wrong, you can – and will – be held responsible. That’s why having the right insurance is more important now than ever.
Fortunately, our independent insurance agents are here to eliminate the hassle of searching on your own by walking you through a hand-picked selection of top insurance policies to cover both your business and your employees. But first, let’s talk more about the protection you need and why you need it.
Property managers are ultimately responsible for finding and keeping tenants on someone else's property. To be successful, they must do the following:
And each one of these endeavors comes with its own set of risks. And that’s why there’s property and liability insurance designed to protect your investments.
The biggest risks to be concerned about in your line of work are related to property maintenance and contract negligence. There are often questions about who – the manager or the property owner – has the insurable interest on a building. But in most cases, property managers need to carry commercial property insurance and a few other forms of business liability insurance.
Property managers may want to consider a business owners policy, or BOP, which is a bundled small business insurance policy that includes property coverage, liability coverage, and business income insurance. The size of your business and a number of other factors will help you determine whether you qualify for, or should purchase, a business owners policy.
One of the most important types of insurance a property manager should have in their insurance portfolio, is professional liability insurance, or errors and omissions coverage. When it comes to property management, there are a number of unique exposures that can be protected by professional liability insurance, like:
Professional liability insurance covers your legal defense costs, settlements, or judgments you are required to pay, court costs, and attorney fees. Commercial general liability insurance may not provide coverage for any expenses related to professional liability claims or lawsuits, which makes the addition of this coverage so important.
However, E&O policies have specific coverage exclusions, depending on your profession. Typical exclusions could include:
To properly protect yourself, you’ll need a combination of multiple coverages, all depending on your situation and risk exposures. When everything’s all combined together, your insurance portfolio will be able to serve its purpose. However, to get there, you may want to consider the following additional coverages:
Our agents will review your needs and help you evaluate which property management insurance coverages makes the most sense. They'll also compare policies and quotes from multiple insurance companies to make sure you have the best protection out there. They'll hook you up — in a comprehensive and affordable way.
Independent insurance agents excel at matching the most appropriate policy to the business in need. Shopping around for insurance policies can be tricky, confusing, and time-consuming, and an independent insurance agent's role is to simplify the process.
They’re also there to help make sure you get the absolute best deal, and the one that meets your unique needs. They shop and compare insurance quotes for you, and they'll break down all the jargon so that you understand exactly what you're getting.