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Business Insurance for Property Managers
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Property Managers
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A rental disagreement or damaged tenant property could have serious financial consequences. Gain protection against legal costs and other expenses with business insurance for property managers.
One application, multiple quotes
Insureon helps property managers compare insurance quotes from top U.S. carriers online. Get several quotes with one application.
What types of business insurance do property managers need?
These policies provide coverage for common property management risks.
General liability insurance
This policy covers basic property management risks, such as tenant property damage and injuries. Bundle with commercial property insurance for savings in a business owner’s policy.
BEST FOR
- Slip-and-fall accidents
- Damaged tenant property
- Libel or slander lawsuits
Errors and omissions insurance
E&O is also called professional liability insurance. It can cover legal expenses related to a property manager's business decisions, including errors and oversights.
BEST FOR
- Failure to provide promised services
- Accusations of negligence
- Errors and oversights
Workers’ compensation insurance
Most states require workers' comp for property management businesses that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
BEST FOR
- Employee medical expenses
- Missed wages
- Legal costs
Business owner’s policy
A BOP bundles property insurance and general liability insurance under one plan. It's one of the most cost-effective commercial insurance policies for a property manager.
BEST FOR
- Tenant injuries
- Damaged tenant property
- Damaged business property
Commercial auto insurance
This policy covers vehicles owned by a property management company. It helps pay expenses related to accidents, vehicle theft, weather damage, and vandalism.
BEST FOR
- Car accidents
- Vandalism and theft
- Weather damage
Cyber liability insurance
This policy helps property managers survive data breaches and cyberattacks. It can cover data recovery costs, client notification expenses, and more.
BEST FOR
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
Looking for different coverage? See more policies.
Why do property managers need insurance?
Property managers face a wide range of risks. A simple mistake could lead to a lawsuit from a contractor, tenant, or visitor. Property management insurance can help your business survive expenses related to wrongful eviction claims, injuries, fires, and more.
How much does property management business insurance cost?
Several factors will have an impact on insurance costs, including:
- Property management services offered
- Business equipment and property
- Revenue
- Location
- Number of employees
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