Contact us today
Call: (800) 300-1180
Please note: coverage cannot be bound or altered online. A service representative will need to contact you to finalize your request.
What You Need to Know About Property Manager Insurance
Frequently Asked Questions
What kind of insurance does my property management company need?
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:
- Professional Liability/Errors & Omissions
- Cyber Liability
- Commercial Liability
- Business Auto
- Hired & Non-Owned Auto
- Workers Compensation
What is covered by errors and omissions insurance?
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
Should property managers be additionally insured?
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.
How much does property management insurance cost?
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
What is property manager insurance?
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.