Property Managers

Property managers are professionals who manage the daily operations of real estate properties on behalf of the property owners. They play a crucial role with their clients and handle many tasks such as maintenance of buildings, tenant selection, property maintenance (hiring contractors, hiring design professionals), collecting rent, and compliance with laws/regulations. Their role is to maximize the value and profitability of the properties.

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Property managers may face various risks in their line of work, including but not limited to:

Premises Liability Claims

  • Injuries to tenants, guests, workers, contractors, trespassers

Property Damage Claims

  • Damage to tenant’s property
  • Damage to neighboring properties
  • Damage to contractor’s equipment

Errors and Omissions (Professional Liability) Claims

  • Negligence in maintenance
  • Improper tenant screening
  • Improper legal compliance

Discrimination Claims

  • Tenant discrimination claims
  • Employee discrimination claims
  • Violations of fair housing laws

Breach of Contract Claims

  • Failure to comply with management agreements
  • Failure to comply with lease agreements
  • Failure to comply with vendor agreements

Insurance programs for property managers can include the following insurance policies:

  • Business Owners Insurance (BOP)
  • Package Insurance
  • General Liability Insurance
  • Property Insurance
  • Professional Liability Insurance / Errors and Omissions Insurance (E&O)
  • Employment Practices Liability Insurance (EPLI)
  • Worker Compensation Insurance
  • Builders Risk Insurance
  • Commercial Auto Liability Insurance
  • Excess Liability Insurance / Umbrella Liability Insurance
  • Cyber Liability Insurance
  • Crime Insurance
  • Directors and Officers Insurance

To manage these risks, property managers need an insurance broker who understands their business and will help them create a customized insurance program to meet their individual needs.

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“Andrew has left messages, sent emails, and attempted to get his foot in the door for literally years now in an attempt to provide a proposal on our Professional Liability. As we were comfortable with the current broker, we opted not to receive other quotes. I cannot stress just how lucky we are that this year we did call him back and ask for assistance in reaching out for proposals. It was the best decision we could have made.
Andrew’s knowledge, professionalism, and ability to respond in a timely fashion are worth noting, as well as his perseverance. Sales is not an easy job by far, but he managed to continuously seek the opportunity to work with our firm without being overbearing. He answered each and every question I had without hesitation, clearly explaining jargon I still struggle with on insurance matters. He is clearly an asset.”

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