Who needs property manager insurance?
If you are a property manager who oversees residential or commercial buildings for other building owners, you face specific risks in your job that business insurance can shield you from. Whether you are entrusted with managing condos, apartments, office buildings, or main street properties, Hiscox has a property manager insurance plan to suit your business and protect it from potential risks.
Property managers have many high-risk responsibilities, such as screening tenants, establishing rental rates, and collecting rent. Meanwhile, the processes of handling leases, arranging for maintenance, scheduling repairs, and dealing with evictions come with their own unique risks for professionals in this line of work. You could even be sued for bodily injury and property damage claims that have nothing to do with your professional services — types of claims that, without a proper plan in place, put small businesses at risk. This is why we offer specialized insurance for property managers to address professional liability and general liability claims before they ever occur.
Since property managers often wear many hats in the real estate business, you may also be interested to learn more about these related types of insurance products that Hiscox offers:
Example professions we also insure
Property manager insurance policies available
Professional Liability Insurance for property managers
As a working professional in the field of property management, you could face claims from business owners, current tenants, and even potential tenants. This is why we recommend that property managers learn more about professional liability insurance to help them plan for the unexpected. Professional liability insurance, sometimes called errors and omissions insurance (E&O insurance), is coverage for claims against businesses that provide professional and personal services — for property management businesses such as yours.
Property manager liability insurance not only protects your business in the event of a lawsuit, but it can also help you make the best decisions for your own financial future. When is it important to have professional liability insurance as a property manager? Examples include the following hypothetical scenarios that commonly occur in the property management business.
- Wrongful eviction: A tenant at a building that you manage is angry after receiving an eviction notice and sues you for wrongful eviction.
Since property managers are responsible for evictions, the potential for professional liability claims increases greatly. Despite following proper eviction procedures, you are not immune from claims — claims that could put your business at financial risk. But with Hiscox by your side, a professional liability insurance plan could protect you, even if you haven’t made a mistake. Our property manager insurance policies can keep you in business by covering the costs of a suit, including defense and business interruption costs and any settlement or judgment.
- Tenant discrimination: A potential tenant claims that you did not rent a property to her based on her race, religion, or gender.
This type of discrimination claim can be brought against you even if you’ve done nothing of the sort. Claims of discrimination are a common risk that property managers face, but you don’t have to face them alone. Hiscox can help. Having the right professional liability insurance may cover you when current or potential tenants claim that you wrongfully discriminated against them.
Please take a moment to browse our website to learn more about professional liability insurance and reach out to us with any questions you might have about property manager coverage.
General Liability Insurance for property managers
The second type of insurance that we typically recommend for property managers on both the commercial and residential sides of real estate is general liability insurance. General liability insurance, sometimes called commercial general liability (CGL), could protect your business from another person or business’s claims of bodily injury, associated medical costs, and damage to property. This is the insurance coverage that proves useful if a repairman is injured while working at a property you manage, if a potential tenant breaks something inside a property you’re showing, or if an accident occurs on a piece of vacant property you’ve been entrusted to look after.
Here are a few more real-world examples to better understand the benefits of this type of property manager liability insurance.
- Resident injury: A resident who lives in an apartment that you manage falls and injures herself on the stairs.
Whether you were on-site at the time of the fall or not, a resident could sue you for her injuries and mounting medical bills. General liability insurance could protect you from third-party claims of bodily injury and associated medical costs. Be prepared for anything with a Hiscox property managers insurance policy.
- Third-party property damage: You have to enter the apartment of a vacationing tenant because the tenant next door detected an odor. As you attempt to find the light switch, you knock over a table that held several expensive collectibles.
Even pure accidents are not immune to lawsuits, so it’s proactive to arm yourself with an insurance plan you can rely on when you need it most. General liability insurance could protect you against third-party claims of property damage. Contact us to learn more.
- Bodily injury: During a snowstorm, a shopper goes to a mall for which you are the property manager and slips and falls on the sidewalk on her way out. The shopper is injured and requires a trip to the emergency room. The shopper sues you for failing to properly clear the sidewalks of snow and ice. General liability insurance could protect you from this type of third-party claim of bodily injury, the shopper’s associated medical costs, and any property damage.
With Hiscox, you’ll feel more confident in your daily work and ability to tackle challenges in the future.
Learn more about general liability insurance costs.
Why do property managers choose Hiscox?
Because of the varied and liability-prone nature of property management work, having professional and general property manager insurance is essential. As America’s #1 online small business insurer, we’re equipped to handle the types of claims you might face as a property manager and help you rise above them better and stronger. We’re in the business of empowering small businesses such as yours to think big and plan ahead.
Here are the top five reasons why property managers like you trust us with their small business insurance needs and work with us to take the next steps in growing their businesses.
- Flexible payment options: We offer you the option of making monthly payments (with no additional fees) to help you manage your cash flow.
- Tailored insurance: We specialize in businesses like yours and tailor coverage to the risks in your field.
- Claims responsiveness: When a covered claim is reported, Hiscox will immediately assign a dedicated claims representative to assist you.
- Coverage for contracts: Our architects insurance coverage satisfies most standard contract insurance requirements.
- Worldwide coverage: A business insured through Hiscox is covered for work done anywhere in the world, as long as the claim is filed in the U.S., a U.S. Territory or Canada.
- Passion for service: Agents knowledgeable about your business concerns will provide you with excellent service—4.7/5 people surveyed recommended us.
Get a fast, free quote now and get that Hiscox confidence behind your property management business. If you prefer, you can call us at 1-866-283-7545 and speak with a Hiscox licensed agent, Monday – Friday, 7am – 10pm ET.
Hiscox Customer Reviews
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“Good Policy In My Hands Quickly”
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This information is provided to assist you in understanding the coverage we offer and does not modify the terms and conditions of any insurance policy, nor does it imply that any claim is covered. Coverages are subject to underwriting and may not be available in all states.