Essential insurance for property managers
As a property management company you provide a number of services for your residential and commercial property owners - advertising, tenant screening, lease preparation, rent collection, credit control and property maintenance.
That is a lot of professional duties to fulfil and therefore a reasonable risk of legal claims against you for either making a professional mistake or causing a property damage or an injury.
It is therefore essential that you protect your business with two key liability products designed to safeguard your professional reputation and bank balance.
Professional indemnity insurance for property managers
Some of the most common legal issues that property managers face are tenant disputes over lease agreements, security deposits, or eviction proceedings. On the other hand property owners get into a spat with their property manager over loss of rent and mismanagement.
A number of property managers had to resolve these situations in the court of law. When it goes that far, stress and legal costs rocket, especially without the help of professional indemnity insurance for property managers.
Also known as professional liability or errors and omissions, this cover is an invaluable legal aid during these situations. It provides qualified advice, legal defence and may pay compensation if you’re found at fault.
Public liability insurance for property managers
Property managers are usually responsible for the maintenance and upkeep of the properties they manage.
It’s unlikely you’ll be delivering this service yourself but rather outsource to a trusted third party. However, the responsibility for the property is still yours. If something unfortunate happens during a maintenance session, such as fire, theft, or vandalism, the property owner will expect you to pay for any damages or losses.
Public liability insurance is designed to legally assist in situations during which you are accused of causing property damage or an injury. If one of your subcontractors is at fault, you might be still held liable.
Public liability insurance for property managers will offer you legal defence and pay compensation if you’re liable for any damages. It is a key cover for this profession.
