Whether you primarily manage commercial or residential properties, you have a broad range of responsibilities. Unfortunately, you are also legally exposed to certain maintenance and upkeep liabilities. No matter how careful you are, mistakes can happen. When they do, it’s best to be prepared with property management professional liability insurance. Although many employers provide broad liability coverage for their employees, it may not always be comprehensive enough to protect you in the event of a lawsuit. A dedicated property management professional liability insurance broker can help you augment your existing coverage.

What does property management professional liability insurance cover?

Property management professional liability insurance is a highly specialized policy, which can cover everything from wrongful eviction to tenant discrimination. As the property manager, you can be held responsible for errors in the leasing or eviction process and even claims of resident injury. Even if you had little personal involvement with the plaintiff, the cost of a skilled legal defense can jeopardize your financial security. In some cases, your existing assets, such as your home or car, can even be at risk. Professional liability insurance protects what’s most important to you while also offsetting the costs of your legal defense.

As a property manager employed by a larger company, you present a set of unique insurance risks. Although it can be tempting to forgo your own policy, ultimately it is the best way to protect your investment in your education and your career. Your employer’s insurance provider is obligated to look out for the company’s bottom line. Occasionally, this can mean their defense team may not have your best interests at heart if the case goes to trial. If you are forced to assume full personal liability, the cost of the judgment may exceed the coverage amounts your employer maintains for employees. In this case, you can be faced with high out of pocket expenses. With an individual property management professional liability insurance policy, you are the highest priority for your insurance provider.

Why do I need a property management professional liability insurance broker?

Working with a property management professional liability insurance broker will help you ensure that you’ve selected the best coverage for your unique needs and risks. At Frankel & Associates, we evaluate possible policies based on a variety of factors such as premium costs, individual liabilities, business size and the providers previous claims response history. As a result, you’re able to save time and money by considering only plans that meet your requirements!

Selecting property management professional liability policy as an individual can be extremely time consuming and confusing. Obtaining accurate quotes requires speaking with providers directly, as well as providing dozens of personal, identifying details about your professional history, only to receive a confusing term sheets and frequent follow-ups. When you work with a business owner’s policy broker, we evaluate your needs first. Every property manager is different, and the brokers at Frankel & Associates get to know you before presenting you with policy options. Our focus is obtaining the best coverage for the right price, not upselling an expensive package. With our exceptional customer service, finding a business owner’s policy has never been easier!