Insurance for Property Management Firms

General Liability Insurance Includes:

• Premises Liability – Premises liability is the section of your general liability policy that protects your customers. If a customer comes to physical harm while they’re on your business premises, your premises liability coverage will pay for any medical bills or rehabilitation services they might require. This coverage also protects you from having to pay if a customer’s property comes to harm while on your business premises. If a customer’s property is damaged or destroyed at your business location, your premises coverage will pay for the repairs or replacement.
• Products Liability – If your property management firm sells products to clients, you can be held liable if those products bring harm to your customers. Likewise, if your company creates an advertisement that brings harm in some way, such as being libelous or using material without the proper authorization, your company be held legally responsible. Products and advertising liability coverage pay customer damages and suffering. It also helps pay for your legal defense expenses and any settlements and judgments that arise.
• Completed Operations – This part of your general liability business insurance package pays for damages that are the result of services you have rendered in the past. If, for example, one of your property owner customers tasks you with taking care of an electrical problem in their home and it is later found that the steps you took caused a house fire, that customer may sue your company for damages. Your completed operations coverage can pay for the damages and resulting related expenses.