Insurance for Property Management Companies
Insurance for Property Management Companies If you are a property manager or part of a company that oversees rentals, either residential or commercial, having appropriate
If you are a property manager or part of a company that oversees rentals, either residential or commercial, having appropriate insurance is important. Being in the property management industry, you face a variety of risks, such as overseeing screening tenants, establishing and collecting rent, scheduling maintenance to properties, and much more. Having appropriate insurance can help mitigate those risks.
Property management companies have various factors that they should take into consideration when deciding what insurance coverages they may want to elect. There are a few basic coverages every business should consider, but it can be helpful to speak with a licensed insurance producer to discuss these options. Some types of insurance you may want to consider include, but are not limited to, the following.
Commonly referred to as Errors and Omissions (E&O Insurance), Professional Liability can help protect you and your company if a tenant or client believes a mistake you made caused them financial loss and decides to sue you.
Commercial property insurance is a coverage that every business should consider, especially if you are a property management company as it can help protect your company against certain types of physical damage to your building(s) and the contents within. The following are some of the assets commercial property can help insure:
General liability insurance can help to provide your company with a wide variety of protection for certain third-party liability claims related to your business operations. This could include, for example, a customer or employee who is injured as a result of a slip and fall accident at one of your properties, or potentially a situation in which you or one of your employees accidentally caused physical damage to a tenant’s property. General liability can also include coverage for certain types of personal and advertising injuries, such as claims for defamation or copyright infringement.
Cyber liability insurance helps to provide you and your business with protection from data recovery costs, reputational damage, and income loss if your tenant’s data and records are exposed due to a covered event. As companies are more reliant on technology and digital transactions are increasing, cyber insurance is a worthwhile coverage to consider.
Workers’ Compensation may be legally required if your business has employees. Workers’ comp can help cover medical bills for employees who are injured or become ill because of work related incidents. It can also help cover a portion of lost wages while they are unable to work due to their injury or illness.
If your property management company has vehicles that operate in connection with your business, then commercial auto is a coverage that ought to be considered. Cross works alongside a variety of carriers to provide coverage for many types of vehicles used for commercial purposes.
When it comes to choosing insurance coverages as a property management company, it’s good to have choices and compare coverages. At Cross Insurance, we work with the nation’s leading carriers as well as regional insurers. Contact us to request a quote today.
What a property management company may pay per year for their insurance depends on a variety of factors. Some of these include:
Reach out to your local office to request a quote for your business.
Some common coverages for property management companies include professional liability, commercial property, general liability, cyber liability, commercial property, workers’ compensation, and commercial auto. You should connect with a local insurance agent to discuss unique features of your office to see if you should consider additional coverages.
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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.
Insurance for Property Management Companies If you are a property manager or part of a company that oversees rentals, either residential or commercial, having appropriate
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