Commercial and residential property managers can protect their rental business, assets, and themselves with property manager insurance. Contact us today to get started.
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Please note: coverage cannot be bound or altered online. A service representative will need to contact you to finalize your request.
Property manager insurance is a grouping of coverages tailored for property managers. It comes in all shapes and sizes too. You can purchase property managers insurance on an individual basis, or you can buy it for an entire property management company. It’s available for commercial and residential property managers, as well as long and short-term rental managers.
Since there isn’t a single property management insurance policy, you can tailor coverage to fit all your needs. However, it is vital to know this coverage is specifically for property managers and is not the same as landlord insurance.
Your property management company is like no other, which means the coverage you need is also like no other. Ultimately, your policy will vary depending on the services you provide and whether you’re purchasing insurance for yourself or your business. Potential coverages you should consider may include:
Some risks where your professional liability insurance can cover any legal or associated costs include:
In recent years, errors and omissions claims have been increasing as lawsuits against property managers grow more and more common. Ultimately, it’s in the eye of the beholder — or law in this case — whether a true violation has occurred. However, reaching a final legal decision is still costly. So, with professional liability claims rising in frequency and cost, many property managers have opted for extra errors and omissions insurance.
It is important you aren’t over-insured either. Too much insurance is expensive and ultimately goes to waste. This is why many property managers choose to work with independent insurance brokers who can help them analyze their risks and select coverage that fits just right.
On average, smaller property management companies pay $395 a year for basic insurance coverage. This estimate increases when you add in property managers liability insurance. Other factors that affect the cost of property management insurance are:
As professionals in property managers insurance, we make it our business to know you and your concerns. We spend time listening and learning to better serve you, our clients.
You’ve worked incredibly hard to build your property management business. The next step is to protect it. We’ll assess your risks and help tailor an insurance policy for your property management business.
Some risks where your professional liability insurance can cover any legal or associated costs include: Wrongful or negligent eviction Discrimination claim Faulty maintenance done by you Break of contract Failure to protect property Subcontractor errors
In recent years, errors and omissions claims have been increasing as lawsuits against property managers grow more and more common. Ultimately, it's in the eye of the beholder or law in this case whether a true violation has occurred. However, reaching a final legal decision is still costly. So, with professional liability claims rising in frequency and cost, many property managers have opted for extra errors and omissions insurance. It is important you aren't over-insured either. Too much insurance is expensive and ultimately goes to waste. This is why many property managers choose to work with independent insurance brokers who can help them analyze their risks and select coverage that fits just right.
On average, smaller property management companies pay $395 a year for basic insurance coverage. This estimate increases when you add in property managers liability insurance. Other factors that affect the cost of property management insurance are: The amount of coverage you have Business size Business location Claims history Number of employees
Property manager insurance is a grouping of coverages tailored for property managers. It comes in all shapes and sizes too. You can purchase property managers insurance on an individual basis, or you can buy it for an entire property management company. It's available for commercial and residential property managers, as well as long and short-term rental managers. Since there isn't a single property management insurance policy, you can tailor coverage to fit all your needs. However, it is vital to know this coverage is specifically for property managers and is not the same as landlord insurance.
