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What insurance do we recommend for property managers?

  • There are many different forms a property manager can take, but no matter what you do, it is very likely you will be needing some sort of insurance. It is also true, that the amount of insurance you need largely depends on your size. After all, a recently founded property management company still working to land its first property is not the same as a property management company that handles 30+ locations.
  • At a high level the most common insurance types among property managers, are General Liability + Commercial Property, Errors and Omissions, Commercial Vehicle Insurance and Workers' Compensation.
  • Some businesses buy a BOP (Business Owners’ Policy) that packages together elements from General Liability and Commercial Property. If you have a BOP it may cover the General Liability and Commercial Property requirements established in service/supplier/vendor contracts.

General Liability &

Commercial Property

  • What does it cover? General Liability provides protection against bodily injury and property damage claims for which a business becomes legally liable. Commercial Property protects your property within your office. This policy can also cover the loss of use of the premises in the event of a covered loss such as a fire. These types of insurance are usually packaged into Business Owners Property (BOP).
  • When do you have to have it? Recommended when you start a business and usually required when office space is leased or others contracts are signed.
  • Approximate Cost $500-$2,500+.
  • What does it cover? Professional Liability protects you against the financial loss of a third party arising from a failure of the insured’s product or service to perform as intended or expected. It also protects financial loss of a third party arising from an act, error, or omission committed in the course of the policyholder’s performance of services for another.
  • When do you have to have it? Once you launch a product or when a client requests it.
  • Approximate Cost $1,500- 3,000+; Usually depends on the type of start-up and revenues.

Professional Liability &

Errors & Omissions

Commercial Vehicle Insurance

  • What does it cover? Covers anything involving auto liability during an accident on through comprehensive and collision damage (cargo coverage can also possibly be included).
  • When do you have to have it? When you register a vehicle for business use.
  • Approximate Cost $700 - $6,000+; cost depends largely on amount of vehicles, how they are being used, drivers age and license history.

Workers' Compensation

  • What does it cover? Workers' Compensation provides wage replacement and medical benefits to employees injured in the course of employment. The injury must have its origin at work to be considered a Workers’ Compensation claim.
  • When do you have to have it? Once the first employee is hired. Founders do not have to acquire Workers Compensation insurance for themselves.
  • Approximate Cost It depends on payroll and State legislation. It usually costs 1.5%-3% of payroll, so around $1,000-$2,000 for a few office employees.

Employment Practices Liability

  • What does it cover? EPL protects your company against claims by workers when their legal rights, as employees of the company, have been violated (e.g., sexual harassment, discrimination, wrongful termination, etc.).
  • When do you have to have it? Usually, when you have hired multiple employees.
  • Approximate Cost $1,000-$3,000+.

Directors & Officers Insurance

  • What does it cover? D&O provides coverage for a loss as a result of a legal action brought for alleged wrongful acts committed in their capacity as directors and officers of the company.
  • When do you have to have it? Usually when you take on outside investors and/or create a Board of Directors.
  • Approximate Cost $1,500-$3,500+.

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