Essential elements of property manager insurance.

To protect against all the risks you face in property management, you’ll need an insurance policy with several key components. The most important coverage options for your property management business include:

The importance of general liability coverage.

General liability is the element that virtually all businesses need to consider. It covers 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.

Professional liability for your business and contractors.

Errors and omissions, also called 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.

Coverage related to your tenants.

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’re covered against such claims can be a major relief.

For insurance policies that cover these and other risks property management companies face, contact us today.