One of the most dynamic industries in the country is real estate. A lot of homes are now foreclosed or up for sale, hundreds of apartments and condominiums are on the rise, and hotel retailers and other investors are not taking a break. A property management business therefore is a lucrative business.
But even the most promising contracting business doesn’t prosper if you don’t exercise caution. Since a lot of things can damage all your marketing plans and reputation, it’s best to protect your business with these property management insurance options.
General Liability Insurance
As a property management company, you’re responsible not only for the properties themselves but also for anyone who uses them. So if somebody falls off the stairs, gets mugged in the parking lot, or worse experiences home invasion, you can also be liable. Now a lot of lawyers today are ready to milk any business.
With general liability insurance, however, you can soften the blow—at least of the lawsuit and claim for damages. They can simply file against your existing coverage, which can be worth a million dollars. If this doesn’t prove enough, you can opt for umbrella insurance. In the end, you get to shield all your assets.
It’s not just the homeowners, the tenants, or the rest of the public that can run after you. Even your own employees can get you in trouble. They can sue in court for a variety of things, such as illegal termination, harassment, and discrimination. Whether the accusations are true or not, that’s up to you to answer. The EPLI is there to cover all your potential expenses from lawyers’ fees to payments for indemnities.
Some of the property owners are ultra rich and certified businesspeople they don’t have the time to manage their owned buildings. So they hire you. Nevertheless, they want to make sure you’re going to do the job correctly; thus, many request for a contractor’s bond. The performance bond means you’re going to complete the contract as agreed. If you have real estate brokers, the license bond proves they’re working under the tenets of the law.
Commercial Building Insurance
Some property management teams are also getting commercial building insurance to close deals. This means that you offer protection to the building as well, especially from disasters such as earthquakes, floods, and storms. If it is damaged, you can use the insurance policy for repairs, among others.
But Where to Shop?
Where else but here at Contractors Connection. We are experts in insuring small businesses, especially those run by contractors. Some of our services and products include workers compensation, general liability, professional liability, commercial auto, commercial umbrella, commercial building, tools and equipment, and payroll and leasing.
Waiting time is almost non-existent. We respond to all concerns and queries within 24 hours, and our agents are there 24/7. Most of all, we take in clients from everywhere!
So fill out the Quote form and let’s get to business of insuring your investments.