Professional Liability Insurance for Property Managers
"With Brunswick Companies on our team as an insurance consultant, we gained confidence and valuable information in assessing our overall risk management strategy. They are true professionals and experts in the insurance industry.”
Jay Mooney, Risk Manager - Parkway Properties, Inc.
Property Management Errors & Omissions Insurance
Property Management Professional Liability Insurance (also known as Property Manager Errors & Omissions Insurance, or Property Management E&O) protects all types of property management professionals if a client alleges that you were professionally negligent, failed to perform professional duties, or in the case of the failure of your work to perform as promised in your contract.
Property Management Professional Liability Insurance Protects Your Business
The high cost of a legal defense could put your property management firm out of business. Your company's survival and your personal financial security depend upon protecting yourself against the impact of a lawsuit.
Almost any firm or individual that improperly performs services can cause a client to suffer an economic loss - and mounting a defense is expensive. The impact of even a baseless claim can be devastating. Would your company have the resources and expertise to defend against such a claim? Request A Quote
Why Do I Need Property Manager Professional Liability Insurance?
Mistakes Happen. Even the most skilled professionals are likely to make an error at some point. From catastrophic equipment failures to human oversights that result in personal injury, many incidents can result in a lawsuit.
You Can't Be All Places At Once. As your firm becomes more successful, you may not be able to personally handle every aspect of a property management job. Errors & Omissions coverage insures not only your mistakes, but also the mistakes of the employees and independent contractors you hire. Request A Quote
The exposures facing Property Management companies are changing rapidly. Recent changes in the professional liability exposures of property managers include:
- commercial property securitization and more sophisticated property investors
- ever-increasing technical knowledge demands needed to manage complex building systems
- expanding tenant needs and expectations
- increasing number of non-traditional property management duties
The changing property management climate has resulted in much closer scrutiny of industry practices and an expansion in the number of legal challenges. An Errors & Omissions insurance policy is an important tool to address the potentially catastrophic impact of litigation. Request A Quote
What Is Covered by Property Management Errors & Omissions Insurance?
Property Managers Professional Liability Insurance includes legal defense costs - no matter how baseless the allegations. It will pay for any resulting judgments against you, including court costs, up to the coverage limits on your policy.
Some of your clients may require that you and your subcontractors carry Property Manager Errors & Omissions insurance.
The right kind of E&O policy can protect both the property management firm and subcontractors from claims of a perceived error or omission, even if the problem occurs months after the initial consultation. Request A Quote
Doesn't My General Liability Insurance Provide the Same Protection?
Errors and Omissions insurance coverage is not provided by a Commercial General Liability
policy. Commercial General Liability does NOT provide coverage for errors, contract performance disputes or any other Professional Liability issues. Property management consultants and companies who have General Liability without Professional Liability (Errors & Omissions) coverage are taking a serious risk. It's like a doctor practicing medicine without Malpractice Insurance. Request A Quote
Customized Property Management Liability Insurance Coverage
Your Professional Liability Insurance policy can be customized to include:
- a business owners package that includes general liability insurance and property insurance
- options including coverage Personal Injury claims
- defense costs outside the limits of liability
- deductibles beginning at $0
Contact Brunswick Companies today to request a property management professional liability insurance quote