Business insurance is a major selling point for any insurance company, but property management insurance is almost as important. With different types of insurance dealing with the property itself as well as the management, this type of insurance covers everything from industrial and commercial offices to apartments, retail centers and residential facilities. Those who manage commercial properties purchase these property management insurance policies, insuring them against everything from crime and liability to damage to the property itself.
When dealing with this type of insurance, it’s important to work with an insurance broker to assess the cost of the insurance plan versus the cost of not protecting your assets. You need to find a delicate balance between the two, which is definitely hard to do without someone knowledgeable in the world of insurance.
As you start to determine which plan you will choose, remember that you have plenty of options. There is, of course, basic property insurance to protect the property you own from the damage that may come. There is also coverage for general liability, tenant liability, excess liability and property manager liability. More specific liability insurances deal with commercial autos and employment practices at your property.
Other types of property insurance are available as well. You may want to purchase workers compensation insurance, equipment breakdown insurance or loss of income insurance. In addition, you may purchase earthquake and flood insurance to protect from natural disasters, or inland marine errors & omissions insurance. Each of these things has its own place within a management business so you’ll need to decide which are important for you to have, and which you can do without.
Schedule a consultation with Peter Green Insurance to learn more about property management insurance and all of its components. Call (714) 258-2800 or get a free quote on the website today to ask any questions you have or find out when you can discuss the best insurance plan for your company. As a long time professional in the insurance business, Peter Green is top notch at determining whether or not this type of insurance is ideal for you.