Property Management Insurance
At LG Insurance Agency, you can trust that we know your unique Property Management Insurance needs and will help guide you with selecting the coverage options that make the most sense.
The insurance needs of a property management company are similar to the needs of any other small business: General Liability, Building Insurance and Business Interruption Insurance are all important coverages.
Professional Liability Insurance for Property Managers
As a property manager in the state of New Jersey, you’re required to have Property Management Professional Liability Insurance as well as real estate professional liability insurance and small business insurance.
In fact, if you rent real estate to others, manage real estate or sell, buy or rent real estate to others, it’s important for you to explore property management insurance to ensure proper coverage.
Below are different types of protection you should consider for the management of your property that may impact you as a property manager:
Errors and Omissions (E&O) Protection
An errors and omissions policy protects all types of property management professionals from allegations of professional negligence, failure to perform professional duties, or in the case of the failure of your work to perform as promised in your contract.
Tenant Discrimination Insurance
As a property manager, Tenant Discrimination is a big concern because protection in this area is not covered by general liability policies. Adding tenant discrimination insurance can cover property managers when the current, prospective or former tenants allege wrongful discrimination.
Builders Risk Insurance
Builders risk exposure is another key consideration. Many property managers make the mistake of having contractors purchase builders risk insurance on their behalf. However, it is recommended that property managers buy coverage themselves. This is because as the owner of the policy, you have control over any claim settlement and receive claims checks directly from the insurance company.
If you’re not working with the appropriate sources, coverage for habitational properties can be expensive and hard to secure. We work with our property management clients to help them obtain this important coverage, making sure coverage limits are adequate and the policy is appropriate for the needs.
Insuring commercial properties requires loss prevention and risk management expertise appropriate for the business renting your property. For example, if you rent to a restaurant the type of insurance coverage will be different than for a retail store. We work with our clients to alert them to issues associated with different classes of tenants.
Different types of properties have different kinds of liabilities and risks and ensuring proper coverage can be challenging. If you need property management insurance, LG Insurance can help customize a cost-effective insurance coverage plan for your specific to your business needs.
Contact LG Insurance Agency in Long Branch, NJ for a Property Management business insurance quote. We are your local New Jersey insurance agent, providing personalized service and protection to meet your needs and your budget.
The Local Insurance Experts
Working with us gives you a local team of experts that know the intricacies of insurance in Monmouth and Ocean counties and beyond. We understand that insurance is an important part of running your properties and it is our goal to help you eliminate risks to your assets.