Property Management Insurance for Property Manager
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What Insurance Do Property Manager Need?
Errors & Omission Insurance (E&O), is a type of professional liability insurance. It protects you from being legal claims that you made a mistake when offering your services. E&O covers your defence fees & settlement costs.
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Frequently Asked Questions
Why do Property Manager need insurance?
This organization is made up of companies that manage both residential and non-residential estates. Examples include condominium managers offices, commercial property managing, apartment managers offices, and real estate property managers offices.
As property managers, you're establishing yourself as a professional in your field. That's why it's important to have insurance as it not only provides your business with credibility but also protects yourself and the properties you manage for others.
What risks do Property Managers face?
Below are some of the common risks property managers can face:
- Your customer claims that you have wrongfully evicted them, and they sue your business for the damages.
- Your employee gets sick due to job-related causes.
How much does Property Management Insurance cost?
The cost of insurance for property manager varies depending on your budget, the number of employees you have, and the coverage required. To find out the cost of your insurance, simply apply online and we'll send your free quote in minutes.