As a property manager, you are responsible for ensuring the safety and well-being of your properties and tenants.
However, even with the best intentions and practices, accidents can happen, and claims can be made against you or your business. That's why it's essential to have property manager insurance that can protect you from unexpected losses.
Coverage Options
Property damage
This coverage protects you from claims of damage to properties under your management, such as fire or water damage.
General liability
This coverage protects you from claims of bodily injury or property damage that arise from your business operations, such as slip and fall accidents.
Professional liability
This coverage protects you from claims of negligence or errors that result in financial losses for your clients.
Employment practices liability
This coverage protects you from claims of discrimination, wrongful termination, or harassment made by your employees.
Benefits of Property Manager Insurance
Protection for your business Property manager insurance can provide financial protection in case of a lawsuit or other unexpected losses.
Protection for your clients Having property manager insurance shows your clients that you are committed to their safety and well-being, which can help build trust and confidence.
Legal defense Property manager insurance can cover the cost of legal defense in the event of a lawsuit, which can be a significant expense for any business.
Click And Learn
Error & Omissions
Commercial property
Non-owned auto liability
Professional liability
Workers’ Compensation
Error & Omissions coverage
Risk Factors
Like any service industry that provides a specialized service, property managers should carry professional liability insurance, often referred to as Errors and Omissions (E&O) Insurance.
Solution
This insurance is designed to protect you from claims against the invasion of privacy, wrongful eviction, hiring unlicensed contractors, and other similar actions related to the industry. Essentially, this insurance protects the tenant and landlord from a financial loss directly related to a mistake made by the property manager.
Commercial property coverage
Risk Factors
Property managers are generally responsible for keeping insurance coverage on the buildings they manage, but this depends on their responsibilities as outlined in the contract with the property owner.
Solution
This protects a property manager’s assets after a physical loss due to smoke, fire, wind, hailstorm, vandalism, and other covered events.
Non-owned auto liability coverage
Risk Factors
If an employee drives a rented vehicle for the day–to–day work and meets an accident while on work, the third party can file a case against you.
Solution
This should be purchased if you or your employees drive personal vehicles for business use. It can be added to a business auto insurance or general liability policy.
Professional liability coverage
Risk Factors
Similar to D&O coverage, professional liability coverage (also sometimes called “errors and omissions” or “malpractice” insurance) protect against liabilities resulting from mismanagement of the organization, as well as workplace-related claims such as discrimination or sexual harassment.
Solution
It can help cover not only directors and officers but also staff, volunteers, and the nonprofit organization itself.
Workers’ Compensation insurance coverage
Risk Factors
General liability will not provide coverage for injuries to employees. These coverages are important because they address injuries to your human assets – your employees and your volunteer workforce.
Solution
Workers’ compensation pays medical expenses, disability, and death benefits for injured workers. Volunteer accident insurance pays for minor injuries to volunteers who are donating their time and expertise to your cause.
At our Insurance Agency, we understand property managers' unique risks and challenges. That's why we offer personalized support and guidance to help you choose the right insurance policies for your business and your budget.
Our team of experienced insurance professionals can help you assess your risks, compare coverage options, and find the right policies for you. We also offer ongoing support and assistance with claims and other insurance-related issues, so you can focus on providing your clients with the best possible service and care.
Contact us today to learn more about our property manager insurance policies and how we can help you protect your business and clients.
