With the rising cost of living, many property managers are finding themselves in a difficult spot. The costs of managing properties have risen while their revenue has remained stagnant. One way to combat this issue is by purchasing insurance for your business so that you can continue to run your business smoothly even when the unexpected occurs. In this blog post, we will discuss what types of insurance you should be looking for as a property manager and how much they’ll cost you.
What Types of Insurance do Property Managers Need?
1) Property Insurance – This type of insurance will protect your investment in the property that you manage. If a fire or flood were to happen, this would help keep you afloat financially as well as take care of repairs for any damages done to the space your business occupies.
Property managers who own multiple properties should consider getting umbrella coverage, which protects all their personal and professional assets from lawsuits filed by tenants. The average annual premium for property manager insurance is approximately $600-$700.
2) Commercial Auto Insurance – This insurance will protect you financially if a tenant or someone else is injured in your vehicle. It also protects you from any damages that may occur to the car while it’s being used for business purposes, such as vandalism or an accident.
Commercial auto insurance generally costs between $400 and $500 per year.
Conclusion: There are many types of property manager insurance available but these two coverages should be near the top of your list when shopping around. If you only purchase one type of coverage at first, make sure it’s commercial auto because this can help keep you afloat during times where tenants aren’t paying rent on time.
Also, remember that with all policies there are certain exclusions (or no-coverage) areas and special requirements (like anti-theft devices) that you should be aware of before purchasing a policy. If you have any questions, feel free to contact us at [email protected] for assistance in finding the right coverage or updating your current policies.
3) Personal Liability Insurance – This insurance will protect you if someone is injured on your property and decides to sue. It also protects you from any damages that may occur while using the space, such as slipping or tripping over an obstacle on the floor.
Personal liability policies generally cost between $100-$300 per year.
Conclusion: Personal liability coverage can protect some of the most common issues facing landlords today but it’s important to understand what isn’t covered by this policy before purchasing one. If possible try to purchase multiple types of coverages so that all future risks are protected. For example, with our umbrella quote form, there are no limits to how much we’ll ensure a customer for in case they incur significant losses due to a lawsuit.
4) Business Owner’s Policy – This type of insurance works by combining multiple coverages into one single policy, which is often much cheaper than each coverage purchased separately. For example, a business owner can purchase property and liability together as well as commercial auto all through the same carrier to save money on fees.
Business owners’ policies generally cost between $500-$700 per year.
Conclusion: A Business Owner’s Policy isn’t right for every company but it does provide significant savings over purchasing separate policies from different carriers (which would lead to higher premiums overall). If you’re looking for ways to cut costs without sacrificing quality this should be your first stop in getting insured properly.
Best Insurances offers affordable commercial auto insurance and property manager insurance to help protect all types of businesses from unforeseen circumstances. As an independent agent, we compare multiple carriers so our customers can rest assured they are getting the best possible price on their premiums.