Property Management Insurance
Real Estate vs. Property Management Insurance
Relator insurance is slightly different from property management insurance. While there are many overlaps, these two occupations aren’t the same: the main difference being selling real estate versus managing it. This means different risks and therefore, different insurance.
What is Real Estate/Realtor Insurance?
What kind of insurance does a real estate agent need?
Real estate or realtor insurance is coverage tailored for real estate agents. It should include protection for your office and its contents as well as liability coverage to help cover your legal expenses if you’re sued.
A real estate agent may need these types of insurance coverage:
- Commercial Property
- Commercial General Liability
- Professional Liability
- Cyber Liability
- Crime Coverage
- Consumer Deposit and Commission Protection Insurance
We’ll discuss these in more detail later on.
What is Property Management Insurance?
What type of insurance should a property manager have?
Property management insurance is specialized coverage for property managers or management companies. The type of coverage you need will depend on if you own the properties you manage or not.
Here are some types of insurance a property manager should have:
- Commercial Property
- Commercial General Liability
- Professional Liability
- Cyber Liability
- Director’s & Officers Liability
- Crime Coverage
- Equipment Breakdown
If you own a condo or apartment building and manage it, you may need specialized commercial policy known as a master condominium policy.
Property Management Coverage
At no additional cost to you, we can work on your behalf to compare your current coverage with a wide range of insurance companies to see who has the best possible deal on your insurance.
General Liability Insurance
This policy covers basic real estate business risks, such as customer property damage and injuries. Bundle with property insurance for savings in a business owner’s policy.
- Slip-and-fall accidents
- Damaged customer property
- Libel or slander lawsuits
Errors and omissions Insurance
This policy, also called professional liability insurance, can cover legal fees of lawsuits related to your business decisions, including errors and oversights.
- Property listing disputes
- Disclosure negligence accusations
- Inspection and documentation discrepancies
Workers’ compensation insurance
Workers’ compensation insurance is required in almost every state for real estate businesses that have employees. It can cover medical costs for work-related injuries.
- Employee medical expenses
- Partial missed wages
- Lawsuits over employee injuries
Business owner's policy
A BOP bundles property insurance and general liability insurance under one plan. It's often one of the most cost-effective commercial insurance policies for real estate professionals.
- Customer injuries
- Damaged customer property
- Damaged business property
Commercial auto insurance
Commercial auto insurance covers vehicles owned by a real estate business. It can help pay for property damage and medical bills in an accident, vehicle theft, and more.
- Car accidents
- Vandalism and theft
- Weather damage
Cyber liability insurance
This policy helps real estate professionals survive data breaches and cyberattacks. It can cover data recovery costs, customer notification expenses, and more.
- Data breach lawsuits
- Customer notification expenses
- Fraud monitoring costs