Property management has different exposures, some of which are covered under an E&O policy and others under a general liability policy.
例如, injuries to people or damage to property would generally fall under general liability insurance. Because most property managers are responsible for property maintenance, 招聘供应商, 还有筛选犬, 除此之外, your need for general liability insurance is greater than a typical real estate brokerage. Property management claims can be grouped into two categories:
物业维修
物业维修 includes vendor selection. Are you considering multiple vendors? Are you finding out whether they are insured? And do they offer a prompt response and repair verification? 物业维修 claims will likely fall under general liability insurance.
租户筛选及处理
租户筛选及处理 includes proper screening practices, 收取租金及按金, 处理驱逐事宜. A property manager could be sued for renting to an unqualified renter, or when someone claims he was unfairly denied a rental property. 租户筛选及处理 claims will likely fall under E&保险啊.
How property managers can reduce their risk
- Require all renters to carry at least $300,000 in liability insurance on their renter’s policy.
- Require landlords to carry at least $500,000 in liability on their dwelling policy.
- Some renter’s policies will allow the property manager to be added as an interested party, which means you would receive notice if the policy cancels.
- Secure multiple bids from insured vendors for maintenance and repairs.
- Use a uniform tenant-selection form and process to avoid discrimination claims.