Property Management Insurance

Affordable Protection for Property Management Services

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Simply Business is pleased to provide tailored insurance options from:

Property Management Insurance That’s Made Just for You

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.

What Insurance Do Property Managers Need?

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.

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General Liability Insurance for Property Managers

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:

  • Bodily injury
  • Third-party property damage
  • Personal and advertising injury
  • Medical expenses
  • And more

General liability insurance usually does not cover:

  • Damage to your own property
  • Professional services
  • Workers compensation or injury to your employees
  • Damage to your work
  • Expected or intentional injury or damage
  • And more

Learn more about General Liability Insurance.

Professional Liability Insurance for Property Managers

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:

  • Negligence or alleged negligence
  • Legal defense costs
  • Claims involving libel and/or slander
  • Copyright infringement
  • Claims and damages
  • And more

Professional liability insurance usually does not cover:

  • Intentional negligence
  • Bodily injury
  • Property damage
  • False advertising
  • Employment matters
  • Patents and trade secrets
  • And more

Learn more about Professional Liability Insurance.

Workers Compensation Insurance for Property Managers

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.

Coverages include:

  • Medical Payments
  • Lost Wages
  • Rehabilitation Expenses
  • Death Benefits

Workers compensation also provides much-needed security, as having this coverage prevents an employee from suing your business for a workplace injury.

How Much Does Insurance for Property Managers Cost?

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:

  • Your revenue
  • Your payroll
  • Your business location
  • The type of services you provide
  • And more

Want to find out how much your property management business insurance may cost?

Click here to answer a few questions so we can help you learn how much you can expect to pay for your property management insurance coverage.