Property Management Insurance.
Managing properties can be a hectic but rewarding profession to be in. Protect your property management business against claims of negligence, errors, and third-party injuries.
What is Property Management Insurance?
Property Management Insurance is a comprehensive policy package designed to protect property managers like yourself against specific risks you may encounter during day-to-day business operations, such as negligence, errors and omissions, tenant disputes, third-party property damage, and bodily injuries.
As a property manager, you have a lot on your plate, from screening applicants, collecting rent, to maintenance and upkeep of the property on a daily basis.
Property Management Insurance is an essential part of any effective property management strategy. It helps ensure that you are properly protected from legal actions and other potential risks, so you can focus on managing your properties without the worry of unexpected costs or liabilities. With the right policy in place, you can rest assured that you have the protection you need to keep your business running smoothly.
Why choose Summit?
We help Canadian Business Owners craft the perfect insurance policy for their business.
Our team takes pride in our relentless responsiveness. When you need us, we're here.
We compare rates and coverages across leading insurance companies to ensure you get the best value on your premium.
We craft the perfect insurance policy for your business so you can rest easy knowing you're covered.
Your dedicated account manager is there for you as your business grows ensuring your insurance policy grows with you
Property Management Insurance FAQs
Business Insurance can be complicated. We're here to help.
Property management insurance is a type of insurance that is specifically designed to protect property managers and the properties they manage. Property management involves the oversight and maintenance of rental properties on behalf of the owner. Property managers may be responsible for tasks such as collecting rent, maintaining the property, and handling tenant issues.
Property management insurance is a package policy that includes coverage for a variety of potential risks and liabilities that may arise in the course of managing properties. It is designed to protect property managers from financial loss due to claims made against them for injuries or damages that occur on the property, as well as loss of rental income due to events that disrupt the normal operation of the property.
As a general rule of thumb, every property manager should carry insurance. If you are in the business of renting or leasing other peoples properties, or contracting services for properties, you need insurance.
Property management insurance is a package policy that includes coverage for a variety of potential risks and liabilities that may arise in the course of managing properties. It is designed to protect property managers from financial loss due to claims made against them for injuries or damages that occur on the property, as well as loss of rental income due to events that disrupt the normal operation of the property.
Property management insurance is important for property managers to have in order to protect their business and the properties they manage.
Property management insurance is a type of professional liability coverage that protects property managers from financial losses caused by their own negligence or errors in judgment, while landlord liability insurance provides protection against bodily injury or property damage claims brought by a tenant, visitor or third party. Landlord liability insurance does not cover legal expenses related to disputes over leases and other landlord-tenant issues.
If you want to work with a commercial insurance brokerage that puts people first and values transparency, sustainability, ownership, and impact, then Summit is the right choice for your business insurance needs.
At Summit, we craft innovative insurance solutions that are custom tailored to your business, giving you the confidence you need to succeed. Our team is dedicated to building trust and creating value through open and honest communication. We are in it for the long haul and strive to make a positive impact in everything we do.
So if you want a business insurance partner that shares your values and is committed to helping you succeed, consider working with Summit.
Property management insurance is a type of Error's and Omissions insurance that is specifically designed to protect property managers and the properties they manage. It is typically sold as part of a package policy that includes coverage for a variety of potential risks and liabilities that may arise in the course of managing properties, such as:
General Liability Insurance: This covers property managers for claims made against them for injuries or damages that occur on the property they manage.
Errors & Omissions Insurance: E&O insurance covers you for lawsuits related to mistakes you or a team member may make during your normal business practices. Such claims may come from business owners, tenants and even prospective tenants.
Commercial Property Insurance: This covers the physical property itself, including buildings and structures, against loss or damage due to events such as fire, theft, or natural disasters.
Business Interruption: This covers property managers for loss of rental income due to events that disrupt the normal operation of the property, such as a fire that damages the building and renders it uninhabitable.
Cyber Insurance: This covers property managers for losses resulting from a cyber attack or data breach.
Property Management Insurance should never be sold solely on price. You are protecting your most important asset. Our mission is to find you the perfect coverage but also find the best priced policy with that coverage.
The cost of property management insurance will depend on a variety of factors, including the type and value of the property being managed, the location of the property, and the specific coverage needs of the property management company.
The property management industry in Canada is a significant contributor to the economy and plays a vital role in the housing market. Property management companies in Canada are responsible for the management and maintenance of rental properties, including apartments, condominiums, and single-family homes. These companies provide a range of services to property owners, including collecting rent, maintaining the property, and handling tenant issues.
The property management industry in Canada is regulated by provincial and territorial governments, and property managers are required to hold a license to operate in the industry. In addition to providing services to property owners, property management companies may also work with real estate developers to manage new construction projects. The property management industry in Canada is highly competitive, with a mix of large, national firms and smaller, local companies. Many property management companies in Canada are members of professional associations which provides training and resources to property managers and sets industry standards.