Property managers often wonder if they need to carry their own insurance. Even though many property owners have their property managers listed as an “also insured,” the answer still is a resounding “yes”!
We live in a litigious society, and professionals need to protect themselves with insurance that covers their property and protects them from general liability and professional exposure.
Tenant discrimination cases are on the rise, courts tend to hold property managers to a high standard of care, and employment-related claims are being brought against property managers in increasingly higher numbers. Property managers can not only be sued by their own employees, but by staff members employed by the property owner, like maintenance staff.
While the also insured designation protects property managers from exposures at the location they manage, they need to be covered for injury and property damage at their own office, where the property owner’s coverage won’t reach.
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