There’s more to insurance than the price.

Explore this interactive graphic and learn about your unique risks and the related insurance solutions.
Property Manager
Errors and Omissions Insurance (E&O)
Risk Factor

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.

Solution

Errors and omissions liability insurance protects property management firms if a client alleges that you were professionally negligent or failed to perform professional duties.

Commercial Property Insurance
Risk Factor

Property management firms may face serious financial consequences from property loss by fire, wind or other causes.

Solution

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.

General Liability
Risk Factor

Property management firms can be sued for injuries or property damage at their office and sometimes at the properties they manage.

Solution

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.

Crime and Fidelity Coverage
Risk Factor

As a property management firm, you have access to your clients’ money. Illegal activity such as forgery or theft can occur.

Solution

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.

Cyber Liability Insurance
Risk Factor

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.

Solution

Cyber liability coverage covers fees and lawsuits resulting from the breach of personal data in the event your firm is liable.

Hired and Non-Owned Auto Liability Insurance
Risk Factor

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.

Solution

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.

Claim Examples

Crime:
A former treasurer was paying her personal bills with the building’s money.  
Cyber:
A board member has a list of social security numbers of unit owners, and their computer is hacked with all of the information stolen.  
Errors & Omissions:
Management declined coverages- a claim occurred, and the building didn’t have the proper limits/coverage.
Hired/Non-Owned Auto:
An employee using a personal vehicle to run business errands, such as going to the bank, gets into an accident. This would cover the damage to the other car and any injuries to its occupants, but not to the employee’s vehicle or injuries to its occupants. The employee’s personal car insurance policy would cover that.