Property Managers oversee residential (condos, apartments, houses) and commercial (office and retail buildings) properties. Property Managers face unique risks due to your industry, such as; wrongful termination, tenant discrimination, unsatisfactory record keeping, below standard maintenance keeping resulting in an injury, etc. You must interview prospective tenants, collect rent, and sometimes evict tenants all in the same day. Sometimes it may seem that no one is happy with anything that you do! Tenants are right there at your door when anything breaks, but can’t be found when the rent is late. If anyone falls or hurts themselves, it seems that it is somehow your fault, and a lawsuit ensues. A tenant can even trip over their own things in their own apartment, and then sue you for it! If a prospective tenant doesn't like the questions you asked in an interview they can sue you, even if you decided to rent to them. A domestic violence tenant may want to sue you for a security breach of their private information. It doesn't seem fair, right or legal, but you can be brought up in a lawsuit these days for almost anything, or even nothing. Frivolous lawsuits are becoming more commonplace in today litigious society. Ever increasing tenant needs and expectations make you a prime and easy target for a lawsuit.
Sometimes the lawsuit doesn't come from the tenant, but the property owner. They may feel that you haven’t maintained their property or records to their own contrived standards. The property owner may blame vacancies and lost rent to your property mismanagement of any kind. They may even hold you accountable to repairs done by a third party sub-contractors that they hired! They expect you to ensure that their property revenues continue to increase, while tenant complaints decrease, or are non-existent. They may blame you for fluctuations in the real estate industry and their property’s value. They expect you to effectively manage the rolls of; accountant, maintenance and repair, landlord, inspector, rental agent, collection agent, police officer, and rules enforcement all at the same time.
So what can you do to protect yourself? All residential and commercial Property Managers need to purchase a Property Managers Errors and Omissions Insurance Policy (aka Property Management Professional Liability Insurance, or Property Management E&O Insurance) to properly protect themselves and their property owners. This E&O Policy will protect you if your tenant tries to sue for any number of occurrences. They may feel you haven’t kept up the property properly, failed to uphold any provision in the rental agreement, failed to refund their deposit after they trashed the place when you had to evict them for sub-letting, or even that you failed to remind them that their rent was due!
Purchasing an E&O Policy from ACE Financial couldn't be easier or more affordable! All you need to do to get started is to click on the link below to get your Errors and Omissions Quote. You’re only a few online questions away from accessing the lowest rate in the industry, guaranteed! Then a simple online application can be completed in 10-15 minutes. Once we have received your premium, you will have your Certificate of Coverage the very next business day. It’s that quick, easy, and affordable! Our friendly and knowledgeable Customer Service representatives are standing by to answer your questions, or assist you with any part of the process. Please do not hesitate to give them a call. They’d love to talk to you!
Errors and Omissions Insurance Policies are also riddled with many limitations, exclusions, riders, rate-ups and limits, written in a legalize boilerplate format in order to shield the insurance company from ever paying out in a claim. As the business owner, you need to be very savvy against their manipulation by considering an alternative to their insurance policy games.
Therefore, ACE Financial does not offer an insurance product, but a very effective alternative to insurance by using a risk-sharing group of like-minded industry professionals. We protect our own family by grouping together these low-risk professionals in a policy that is designed and customized to protect them in an honest, practical, cost saving manner. This allows ACE Financial to offer one of the lowest rates in the industry. This risk-sharing method has legally and effectively been used for hundreds of years successfully with farmers, churches, many other professions and governmental agencies.
At ACE Financial, we offer errors and omissions coverage tailored to your specific needs and budget. We understand the unique risks and challenges that you face as a professional in your occupation. We can help you find the best policy that suits your personal and professional needs. We can also provide you with a certificate of liability coverage that you can use to prove your coverage to your clients or partners.
Don't let an unexpected claim or lawsuit ruin your business. Contact us today to get a free quote and learn more about our errors and omissions coverage options. We are here to help you protect your business with confidence and peace of mind.
For personalized advice, to explore the best coverage options for your business, and to get a low rate quote, reach out to our expert customer service advisors today.
For specific insurance details, terms, and conditions, please consult with a licensed insurance professional. The information provided here is for informational purposes only and does not constitute legal or financial advice.