Property Management

Every business, including Property Management, faces liability risks and therefore needs to carry General Liability insurance. This insurance covers a wide range of negligence that may lead to things like third-party injury or property damage. This coverage protects you against losses, regardless of your case outcome.

If you have one or more employees, you need Workers’ Compensation insurance because it protects both you and your employees. In the event that an employee suffers a workplace injury or illness, this insurance protects you from litigation and will pay for related medical fees and lost wages.

Most property managers have one or more vehicles they or their staff use for work and because of this, they need Commercial Vehicle Insurance. This insurance protects vehicles of all sizes and should include coverage for accident-related incidents as well as collision and non-collision damages.

Commercial Property Insurance is essential for the Property Management industry. It provides coverage for many different types of physical losses including things like tools, equipment, computers, fences, signs, and more. This coverage prevents a total loss related to fire, wind, theft, flooding, falling objects, and other incidents.

Property managers may be at risk of devastating loss that exceeds their primary insurance policy limits and can therefore benefit from having Umbrella Insurance. This insurance protects you from having to pay out-of-pocket for any amount that exceeds your primary insurance maximum, up to policy limits.

Property managers may use or store chemicals and other substances that are considered to be hazardous such as chemical solvents, lawn care products such as weed killer, and more. If an accident causes a spill or leak of an environmentally hazardous substance that leads to someone’s injury or death, your coverage will pay for medical fees and damages. Additionally, coverage will pay for brownfield restoration and cleanup as necessary.

Most modern businesses, including property managers, use an online database or software to store client information, business lead information, and other sensitive information. If you experience a cyber-attack such as hacking, data destruction, extortion, or theft, this insurance protects you from paying litigation fees related to the attack.

Investors Investment Property Insurance is sometimes referred to as landlord insurance or rental property insurance and provides coverage against the various risk associated with owning a rental building. In the event that a claim of liability results in a non-rentable unit, your coverage will also provide lost income.

Employment Practices Liability Insurance, also known as EPLI Insurance, is essential protection for property managers with one or more employees. This insurance protects you in the event that you are accused of wrongful termination, discrimination, sexual harassment, or retaliation.