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Insurance for Property Managers

What every Property Manager needs to know when it comes to insuring their business. Check out our most frequently asked questions by Property Managers.

Q: Why is coverage so expensive?
A: We are experiencing rate increase due to the increase in losses. The insurance market in Florida is in a hard market and everyone from Homeowners to Commercial is experiencing rate increases.

Q: Do I need Auto or Hired Non-Owned Auto Insurance (HNOA)?
A: Yes, if you have automobiles in your company name then you need auto and a Hired/Non-owned auto policy. HNOA also protects you if an employee is using their personal vehicle for business tasks. For example, employee runs to post office or bank for you and gets into an accident.

Q: What type of limitations to my coverage should I look for?
A: Assault and battery is typically a coverage that is overlooked but very important to have. It is also good to check to see if legal expenses are in addition to or covered within the liability limits.

Q: Do I need Workers Compensation Insurance?
A: Yes, Florida workers’ comp law mandates that you carry this insurance if your business has more than four employees. However, construction businesses in Florida must carry this coverage for every employee.

Q: What are the top risks I am covered for?
A: Injuries at the properties you manage (Off Premise Liability), Slip and Fall, Assault & Battery (A&B), Auto Accident, Professional Loss, Property Damage Liability, and Employee Injury.

Q: What insurance do my contractors need?
A: The Subcontractors should carry a commercial general liability policy and at $1mil occurrence and name the property manager as an additional insured. The Property manager should collect the Certificates of Insurance (COIs) every year. You can also look into a key man insurance policy for other extremely essential employees of your business, like the CEO, to prevent maximum loss in the event of an accident or a medical emergency.

Q: Why do I need insurance if the home is already insured?
A: The policy will cover you for your operations at the home you manage (off premise liability).

Q: Do I need General Liability (GL) or Errors & Omissions (E&O) or both?
A: It depends on your business operations. Our Commercial Team would be happy to discuss further with you. Contact us today, 407-965-4253.

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