07 Feb Insurance For Property Managers
Business Insurance for Property Managers
If you are involved with Property Management, it is essential to protect your company with the correct Business Insurance. As a Property Manager, it is important you understand the Business Insurance you are purchasing and why you need it. We are here you help you in your search for being properly Insured.
Business Insurance for Property Managers – Workers Comp
We work with many Property Management Companies and many of their questions pertain to Workers Compensation. First off, it is crucial to recognize that any employees that work for the property must be covered under Workers Comp. This does include employees that are compensated via lodging/rent reduction rather than hourly/salary compensation. In addition, when you are purchasing Workers Comp, it is very important to classify your employees correctly as it can cost you thousands of dollars if you classify them incorrectly with the carrier. For example, hiring an employee that lives on-site can vary in price dramatically compared to an employee that does not live on-site.
Business Insurance for Property Managers – Errors & Omissions
Errors & Omissions, also referred to as Professional Liability, is an valuable coverage to consider when purchasing Business Insurance. One example as to why this is an valuable coverage is wrongful evictions. As a property manager, you are responsible for evictions on your property. The eviction process often involves several steps that occasionally can be overlooked. In a situation where a claim is brought against you due to wrongful eviction, professional liability is the policy that can protect you against the associated cost with a wrongful eviction suit.
Business Insurance for Property Managers – BOP
A Business Owners Policy, also referred to as a BOP, is a policy that includes General Liability and Property Insurance in one affordable package. General Liability is a necessary coverage because there are many situations where someone can get injured on the property. For example, if a resident or guest falls and injures themselves, the General Liability can protect you from claims for bodily injury and the medical costs associated with the injury. With a BOP you can include building coverage (if you own the property), business personal property (computers, valuable paperwork, tools, etc.), loss of business income, and several other coverages. If you have employees that drive their own vehicles you can also add hired and non-owned auto liability coverage for a very nominal cost.
Stone Creek Insurance Agency assists many property management companies with their Business Insurance needs. If you would like to discuss your Business Insurance please giveus a call. You can reach our Business Insurance specialists at 925-297-4829.