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!