Manage your property. We’ll handle the insurance.
New Hampshire Property manager insurance to protect your assets and your future.
If you manage residential or commercial properties, you face a diverse set of risks and potential losses. From liability issues to damage protection, we’ll help you navigate the world of property manager insurance in New Hampshire and design coverage that’s a perfect fit.
Essential elements of property manager insurance.
To protect against all the risks you face in property management, you’ll need an insurance policy with several key components. The most important coverage options for your property management business include:
- Errors and Omissions
- Commercial Property
- Commercial Auto
- Tenant Discrimination
- General Liability
- Cyber Liability
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Property management firms have many exposures that can lead to a lawsuit. Dealing with boards of directors, owners, residents, employees, vendors, and regulatory authorities can and often does lead to lawsuits.
Errors and omissions liability insurance protects property management firms if a client alleges that you were professionally negligent or failed to perform professional duties.
Property management firms may face serious financial consequences from property loss by fire, wind or other causes.
A business owners policy (BOP) or package policy providing commercial property insurance will provide coverage for damage to a building you own, along with coverage for personal property and income lost due to a covered cause of loss.
Property management firms can be sued for injuries or property damage at their office and sometimes at the properties they manage.
General liability insurance is an absolute necessity for any property management firm. It provides coverage for legal fees and judgments when the firm is named in a covered lawsuit for bodily injury, property damage, associated medical costs, and more.
As a property management firm, you have access to your clients’ money. Illegal activity such as forgery or theft can occur.
Crime and fidelity coverage is designed to provide coverage for theft of not only money and personal property owned by the firm, but money that the firm has in their custody for their clients.
Property management firms have exposures including the need for protection of privacy, data and financial information for their clients. Breach of data can result in costly fees and lawsuits for the association if held liable.
Cyber liability coverage covers fees and lawsuits resulting from the breach of personal data in the event your firm is liable.
Property managers must drive to the sites they manage regularly. Accidents can and do happen. If an employee were to get into an auto accident while working, the management firm could be named in a suit by the injured party.
If any automobiles are owned by the property management firm, a commercial auto insurance policy should be obtained. In addition, hired and non-owned auto liability should be maintained in any case to provide coverage in the event an employee gets into an accident while using their own car.
The importance of general liability coverage.
General liability is the element that virtually all businesses need to consider. It covers you against the costs of injuries and property damage that other people suffer on your property and for which you are held liable. Look for policies that cover your legal costs as well as damages.
Professional liability for your business and contractors.
Errors and omissions, also called professional liability, is not so much about the property itself, but rather the decisions and actions you take as property managers. Some examples include disputes over whether you followed eviction procedures correctly and cases where you mistakenly hire contractors who aren’t adequately licensed.
Coverage related to your tenants.
Tenant discrimination covers you against claims that you acted unlawfully in deciding to whom to rent property, how much you charge, and what conditions you specified. This can be a legal minefield, so knowing you’re covered against such claims can be a major relief.
For insurance policies that cover these and other risks of property managers, contact us today.
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