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Simply Business is pleased to provide tailored insurance coverage from:
Property managers have many responsibilities, including screening tenants, collecting rent, maintaining facilities, and managing budgets. As always, it’s important to do your best work, but errors can occur. When things go wrong, a small business insurance policy can help to protect you.
Insurance offers more than protection — it provides peace of mind. The licensed agents at Simply Business are here to help you find a property management insurance policy that’s as unique as your business.
Depending on what you’re hired to do as a property manager, you may be interacting directly with clients and visiting properties. These factors alone lead to the potential risk for accidents and property damage. Also, if an employee gets hurt on the job, your business could be exposed to costly lawsuits and medical claims.Get Your Quote
Let’s say a landlord delivers lease papers to your office and, while doing so, he trips on a rug and sprains his ankle. General liability insurance — also known as commercial general liability (CGL) insurance — would cover some of the costs of his medical bills.
General liability usually covers:
General liability insurance usually does not cover:
Learn more about General Liability Insurance.
As a property manager, you could be tasked with drawing up a lease for tenants. If you make a typo on the monthly rent cost by placing the decimal in the wrong place, you could be sued for negligence. Whether you’re facing a claim or lawsuit for a mistake or negligence, professional liability insurance protects your business.
Professional liability insurance usually covers:
Professional liability insurance usually does not cover:
Learn more about Professional Liability Insurance.
Most states legally require businesses to carry workers compensation insurance (also known as employers liability insurance) if they have any employees. In the event an employee gets injured or sick on the job, this insurance can cover some medical costs and lost wages. As soon as you begin the hiring process, look into workers compensation insurance.
Workers compensation also provides much-needed security, as having this coverage prevents an employee from suing your business for a workplace injury.
While there’s no single answer for the cost of insurance for property managers, you can get an estimate for what you might pay based on:
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