Property managers are tasked with overseeing the maintenance of a rental property and finding tenants to stay on that property, whether for days, weeks, or months at a time. The job requires many risky tasks, from contract negotiation and rent collection to clean-up, repairs, and routine maintenance. Not to mention, property managers are also responsible for assuring guest and tenant safety. Unfortunately, things do not always go as planned. Just one mistake could lead to exorbitant financial losses and potentially even a lawsuit. At Vanyo Insurance Group, we help property management businesses mitigate their risks with industry-specific commercial insurance solutions.
We serve many different types of property management businesses. Examples include individuals and companies that:
- Oversee commercial property upkeep and lease contracts
- Manage vacation home rentals for absentee landlords
- Lease and maintain residential houses, duplexes, condos, and apartment units
- Manage recreational properties
- Engage in real estate transactions and services that require third-party property oversight
- Offer asset management services, including real estate assets
- And more
Types of Property Management Service Coverages
We typically recommend coverage types and amounts depending on a wide range of factors, such as the size of your business, the value of the properties you manage, who works for you, and how many properties you manage. Your property management service insurance will likely include several different types of coverage, some of which may include:
Workers Compensation
Unless you are the sole owner and operator of your business, you probably have at least one employee working for you. Workers compensation insurance is necessary to provide compensation of lost wages and medical bills when an employee is injured while working – even if your business showed no negligence nor was in any way liable for the injury.
Owned Property Insurance
Your business probably has physical assets. If you own the office building you work out of, your business needs insurance that protects you against loss and damages caused by fire, wind, vandalism, and other covered events. If you lease your space, you may still need property insurance to protect your signage, furnishings, computers, office supplies, and more.
General Liability Insurance
If a potential client slips on a wet floor in your restroom or trips over a loose computer cord in your office, you could be sued. General liability insurance can help cover your legal fees, as well as the victim’s medical bills and other judgments against your business. Whenever possible, choose high limits for your general liability insurance, as your business may be responsible for any excess damages exceeding the limits of your policy.
Business Income Insurance
If a covered event forces your business to close temporarily, you could lose your source of income and your ability to pay for ongoing business expenses, such as your payroll. Business income insurance can help cover these costs and replace some of your lost cashflow until you can reopen for business yet again.
BOP (Business Owners Policy)
Some property management services opt for BOP insurance, which bundles general risks coverages like property, general liability, and business income insurance into a single policy. Not only does this offer greater convenience for your business, but it could also prove to be more affordable.
Managed Property Insurance
If you need to purchase property insurance for the properties you manage, we can help with that, too. We offer coverage for a wide range of managed property types. Talk to us about coverage options for the shopping centers, recreational facilities, warehouses, apartments, and other commercial/non-commercial buildings you manage professionally.
Commercial Vehicle Insurance
If your business owns one or more vehicles, protect your investment against damages and your business against liability with commercial vehicle insurance. From cars to vans, we can insure nearly any vehicle against collision and non-collision damages and liabilities. We can also help you find hired and non-owned auto liability insurance if you utilize private vehicles or driving services to transport your customers or clients.
Professional Liability/ E&O
As a property management servicer, you offer professional services to your clients. If you fail to perform your job well, you could cost your clients a lot of money, which could lead to a lawsuit. When you purchase professional liability or errors and omissions insurance, you can protect yourself against lawsuits and financial responsibilities if you are sued for a professional error.
Cyber Liability Insurance
Data hackers target small businesses all the time. Often, these attacks go unnoticed for extended periods of time, allowing criminals to steal sensitive information stored in your databases. If your property management services business is the target of a cyber-attack, make sure you can rely on cyber liability insurance to help pay for legal defense, data and website restoration, temporary loss of income due to an inability to conduct business, and more.
Commercial Umbrella Insurance
If one of your employees backs over a client’s pet, the damages could be extensive, not only for veterinary bills, but also for the client’s pain and suffering. If liability damages and legal fees exceed the limits of your general liability coverage, umbrella insurance can provide supplemental protection for the remaining damages up to the limits of the policy.
Property Management Services Insurance Quote
If you manage one or more properties in the greater Scottsdale area, we want to help you achieve greater financial security with customized insurance solutions designed to fit your needs. Contact our office today to find out more about property management services insurance or to request your free quotes. We look forward to serving you soon.
