If you're engaged in any of the following activities in Illinois, it's crucial to have comprehensive insurance coverage:
In the property management industry, lawsuits are common. With proper insurance, your business can avoid significant risk. Clients also expect you to have appropriate insurance to protect their valuable assets. The right policy can compel clients to choose you as their property manager, showcasing your professionalism and dedication.
Typical Property Manager Insurance policies include:
Property Coverage: Protects the physical building and associated property.
General Commercial Liability: Covers legal claims of negligence leading to bodily injury or property damage.
Errors & Omissions Liability (Professional Liability): Protects against negligence claims or errors in your professional services.
Additional coverages often include:
Property Manager Insurance also shields you from negligence claims and damages through professional liability coverage. Commercial general liability insurance, typically on an occurrence basis, covers allegations of negligence causing injury or property damage. Errors & omissions coverage, usually provided on a claims-made basis, activates when a claim is made and reported within the policy period, typically one year, with annual premiums and deductibles per claim.
Wrongful Eviction: If you evict a tenant without following the correct process, you may face a lawsuit from the tenant.
Tenant Discrimination: A prospective tenant might claim discrimination if they believe they were denied a rental based on gender, race, or religion.
Resident Injury: If a tenant or visitor is injured on your property, you could be held liable.
Property managers in Illinois carry substantial risks on behalf of their clients. Ensure your business and clients are well-protected with a property management insurance policy. Even with the utmost professionalism, you can still face lawsuits for wrongful eviction or discrimination. Secure your business and client relationships—contact Hecht-Stout Insurance Agency today to learn more about our property management insurance solutions tailored for Illinois.
