At Warren G. Bender Co. we understand the unique needs of property management companies. We proudly support the Multifamily and Commercial Property Industries by being involved members of RHA, IREM and BOMA. Allow us to put more than 75 years of industry experience and expertise to work for your company.
Insurance for Property Management Companies
Designed around the specifics of your business and portfolio, our tailored insurance programs address your exposures to position you for the future. Some of the most common policies purchased by property management companies include:
Professional Liability/Tenant Discrimination/Cyber Liability
As a property management company, you are open to accusations of tenant discrimination and/or wrongful eviction. Professional liability and Tenant Discrimination insurance can provide protection against these claims. Cyber liability is a newer coverage addressing a growing exposure. If you collect or store any private data on your tenants or employees you are required by law to have a data breach plan. Cyber Liability coverage is available to fund those breaches and to direct your senior team towards best-in-class public relations management.
As a property management company, you are open to accusations of tenant discrimination and/or wrongful eviction. Professional liability insurance can provide protection against these claims.
Workers’ Compensation and Employment Practices Liability
If your company employs even one person, workers’ compensation is required by law. Workers’ compensation insurance will offer protection against claims of worker injuries and illnesses. A coverage not required by law, but highly recommended by our agency is Employment Practices Liability (EPL). California employers are more likely to have an employment related claim than under any other coverage line. Even with stellar HR practices a firm may find themselves needing defense support against allegations of wrongful termination, sexual harassment, discrimination, etc.
Property and Crime Insurance
Although the property you manage may be insured by the owner, property insurance is still necessary for your company if you own your own buildings, equipment or inventory. As a fiduciary for your owners we recommend that you purchase crime insurance. Employee dishonesty, forgery and alteration, computer fraud and extortion are all insurable exposures that even the best “checks-and-balances” firm should review and consider insuring.
If residents or their guests sustain injuries on your property, you may be held responsible for damages. Purchasing general liability insurance will protect your company (and owners) from financial loss in these situations.
Commercial Auto Insurance
If you or your employees operate vehicles for business purposes, you need commercial auto insurance. Commercial auto insurance can protect your investment in company vehicles, and it provides protection from financial liability in the event of an accident.
In addition to helping with insurance coverage, Warren G. Bender Co. offers other useful services to property management clients, including:
- Claims Administration/Management
- Safety Meetings
- Vendor Agreement and Certificate Management Training
- Lease indemnity provision consulting
- HR Consulting
- Loss Control
- Employee Benefit Packages
If you are a business operating in the property management industry, contact our experts at the Warren G. Bender Co. today to discuss your needs.