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As the demand for real estate increases, the property management business in the United States has grown rapidly to fit meet that demand.
However, as financially advantageous as property management can be, there are recognizable risks involved in working within this industry. Much of the income potential for rentals and leasing companies relies heavily on trusting tenants to pay their rent.
In order to help cover the risks involved with property management, managers should consider various insurance types. Obtaining the right insurance is a key method making sure your company sticks avoids any unexpected stumbling blocks.
Keep reading to learn more about the best insurance for your business.
Anyone who owns property that they lease or rent should obtain insurance, including those who personally manage or hire someone to manage their owned commercial or residential properties.
The rentals and leasing or management company must deal directly with these companies or residents, and must be in charge of deciding when to lease the property, and when to evict businesses or individuals.
The type of insurance rentals and leasing companies will need to purchase depends on the type of property they own, as well as how many individuals they employ. Read on to get a better understanding of what you might need to become risk-free.
This policy will cover property damage and personal injuries that occur on your business property, even before a lease or rental agreement has been signed. Although this will not cover renters or lessees, you will be not be liable for any personal injuries or property damage that occurs on properties that are under a rental agreement.
A BOP will typically combine the features of two, very important policies: General Liability Insurance and Commercial Property Insurance, covering of these policies will cover issues that involve personal injury, claims against your business related to false advertising and damage to your property. These policies will become particularly important once you first lease a property.
Also known as Professional Liability Insurance, E&O Insurance is designed to protect a business when a lawsuit arises from a claim relating to a decision you or a surrogate made while providing services, for example, evicting a lessee, or not renting or leasing a property to someone. In any case, your business may be on the hook for a legal complaint.
It is a requirement in the U.S., except in Texas, once a company has employed a minimum number of employees (as few as 2 or 3). Alternatively, you will need this if your employees are responsible for the general upkeep of your properties (including maintenance and cleaning crews).
Even if you are not required to purchase this policy, it is a must in case of employee injuries.
If a vehicle you own is either registered to your business or is primarily used for business, you need Commercial Auto Insurance (including maintenance trucks and cars for your cleaning staff).
Reasons to consider this policy over a Personal Auto Insurance Policy:
Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.
This insurance policy is important for two, essential reason:
Cyber attacks are on the rise. Even if your business is small, a cyber attack could result in stolen personal data from your customers. This can include bank account information, credit card information, or other personal information. Your business would be directly responsible, even if you had safeguards in place. This does not include the potential problems you may have with compliance laws.
Insurance costs for rentals and leasing companies can vary. The size of the properties and the number of properties will have a direct impact on how much insurance you will need to purchase. To insure you purchase the right amount of insurance, it is important to obtain a professionally-crafted quote. This will help you get the right amount of insurance for your specific needs.
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