Writing insurance for property managers has always been a big part of our business at Ramey King Insurance. We welcome the opportunity to visit with managers of all types of properties from apartments, to single family and commercial. Many managers rely on the insurance provided by their property owners to insure their management company. There is some overlap and some coverage provided, but it may not be enough coverage in all situations. We suggest that all managers arrange their own insurance or at least look at the specific options for their company.
Enclosed is a list of exposures and coverage that a property manager needs to consider along with some options of how to arrange these.
Property Insurance
This is the coverage for the building, office contents or equipment owned by the management company. It can also include laptops and computer hardware.
Employee Dishonesty
This protects the property manager from theft by their own employees including cash, checks or money orders.
Business Auto Coverage
This can include the vehicles owned by the Management Company as well as insure the management company for employees using their own vehicles in the course of employment.
Workers Compensation
This exposure can vary, some managers employee all the personnel when some managers put the local personnel under the direct employment of the property owner. Texas is one of the only states where workers compensation is optional. At the very least, it’s important to know who could provide this specialty coverage.
General Liability
Most generally liability coverage for a property will provide coverage for the property manager as well, but it also makes sense for the management company to have general liability coverage in their name to avoid any gaps. Why depend on another company to insure your risk?
Errors & Omissions
This is professional liability that will include coverage for discrimination.
Master Insurance Policy
Some managers will put together a master policy to include all of the insurance coverage for their clients. The are some definite pros and cons to doing this, so please reach out to us to learn more about it.
While this is certainly not a complete list, we hope it provides a high-level overview that highlights the various gaps and risk your business might be exposed to.
We encourage a person to take the time to sit down with their insurance professional and evaluate their insurance needs.
For more details on this subject please contact Ramey King Insurance at 800-453-9691 or visit our office at 320 Eagle Dr., Ste 210, Denton, TX or visit our website at www.rameyking.com
