Types of Insurance Needed by Property Managers

There are more claims and lawsuits being filed against property managers daily. It’s becoming more difficult to avoid litigation. Nevertheless, lawsuits don’t simply cost money; they harm your credibility, and your reputation as a property manager is your most valuable asset. As a result, it’s important to consider certain insurance.

Professional Liability Insurance

With expertise as an experienced property manager, you offer services to landlords and tenants. However, this implies that if you make a mistake or forget to do anything and it costs your customers money, they may decide to sue you. In fact, even if you didn’t do anything wrong, you may still get sued. Whether you are at fault or not, professional liability insurance can pay for your legal fees, an attorney, and any damages you are liable for. It also can include prior blunders you might’ve come across.

General Liability Insurance

You’ll need general liability insurance if you or your clients visit each other. It provides coverage for lawsuits brought against your company if you are held accountable for someone else’s injuries or property damage. All it takes to become the subject of a lawsuit is to accidentally spill coffee on a client’s brand-new laptop or for a potential tenant to trip over a cable in your workplace. What’s more, things like repairs and replacements, medical expenses, legal fees, and settlements are all covered by general liability insurance. It also helps to rebuild your reputation. 

Cyber Liability Insurance

The same coverage is known by the titles of cyber risk insurance, data breach insurance, and cyber liability insurance. You really ought to consider purchasing it because you electronically maintain private, confidential information about owners and renters as a property manager. You presumably have a website and use email and, as a result, become a target for online crooks. 

For property managers, cyber liability insurance can pay for the following: 

If you have a cyber-attack and don’t have cyber liability insurance, your company will be responsible for paying for these damages.  

 

At Listed Estate Agents, we are fully licenced and insured to protect you and your income. The same cannot be said for all the new entrants flooding the property industry. Trust us to take the pain out of property management for you. Contact us to get started today!

Published on 25 January 2024 by

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