If you manage residential or commercial properties, you face a diverse set of risks and potential losses. From liability issues to damage protection, property manager insurance offers protection for your business and investment.
To help protect against the many risks you face in property management, you’ll need to consider an insurance policy with several key components. The most important coverage options for your property management business include:
General liability is the element that virtually all businesses need to consider. It helps cover you against the costs of injuries and property damage that other people suffer on your property and for which you are held liable. Look for policies that cover your legal costs as well as damages.
Errors and omissions liability insurance, also known as professional liability, is not so much about the property itself, but rather the decisions and actions you take as property managers. Some examples include disputes over whether you followed eviction procedures correctly and cases where you mistakenly hire contractors who aren’t adequately licensed. This coverage may help protect your business from these types of liability issues.
Tenant discrimination covers you against claims that you acted unlawfully in deciding to whom to rent property, how much you charge, and what conditions you specified. This can be a legal minefield, so knowing you have coverage in place to help protect you against such claims can be a major relief.
Are you looking for property manager insurance to safeguard your assets, investments, and your livelihood? Contact us to discuss the specifics of the properties you own and your coverage options.