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.
To learn more about our insurance solutions for Property Managers or to get a free, no obligation insurance quote, please contact us today!
Daily risks facing property managers
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.