Property managers have many responsibilities not only to the owners of the property, but also to the people who rent the property and to comply with local, state, and federal regulations related to housing. This leaves a lot of room for innocent mistakes and more that can prove extremely costly without the right type of liability insurance for property managers.
What is Liability Insurance?
Liability insurance is essential for property managers in today’s litigious society. Even if you are completely innocent and have made no mistakes, defending yourself against a lawsuit can be extremely costly. Liability insurance does not only help to cover the costs of damages if they are awarded against you. It also helps to cover the legal expenses of defending yourself against claims made against you.
However, there are many different types of liability insurance options for property managers and you have to have the right kind of liability coverage to fit specific situations.
What Types of Liability Insurance do Property Managers Need?
The problem many property managers face is understanding what their needs are for liability insurance. General liability protection is critical, but it doesn’t provide protection for all situations. Learn more about your options below.
- General Liability Insurance for Property Managers. This coverage offers essential protection if someone is injured one of the properties you manage or in your office and sues you for their injuries. It can help pay your legal fees and awards made against you up to the policy limits.
- Professional Liability Insurance for Property Managers. Sometimes referred to as errors and omissions coverage, this is essential for protecting you against mistakes or omissions that cost your clients money.
- Employment Practices Liability Coverage. This type of protection is essential if you hire people to work for you. There are laws related to hiring practices that you must adhere to and people who are not hired or who get fired, sometimes file costly lawsuits in retaliation. Whether the lawsuit has merit or not, the costs of defending yourself and your reputation can be high. This type of protection helps with both.
- Cyber Liability Insurance. Because more and more business transactions, communications, and even rent payments are conducted online; you have an increased responsibility to protect the private and financial information of tenants and property owners. This insurance protection helps you recover should cyber attacks, data breaches, and similar hacking situations occur.
There are other types of business liability insurance for property managers you may need as well. At WA Group, we work with you to determine your unique and specific liability insurance needs to make sure you have the right kinds of coverage for your role as a property manager and the right amount of coverage to ensure you are adequately covered. Contact us today to learn more about the services we offer and how we can help you.
With WA, It’s All About You!
At the WA Group, we have a long heritage of helping people. We help you:
PLAN SMART. It all begins with a conversation. A conversation centered on you, your family and your business
LIVE BIG. To Live Big means knowing that you are covered. It means knowing that the things that matter most to you will be protected.