As a commercial or residential property owner, you know that you have certain exposures or risks that can be managed by purchasing the appropriate insurance products. Property insurance is a must-have as a defense against losses or damages to your buildings due to fire, certain weather events, theft and more. General liability is recommended for injuries to third parties while on the premises. These are straightforward coverages, but what else do you need to consider, especially if you’ve hired a property manager or firm to see to the daily administration and oversight of your real estate assets?
Property Management Concerns
Property management disputes can be a major source of risk for you. Lawsuits and claims may arise from the following issues:
- Unsafe building conditions
- Improper evictions
- Breaches of lease contract
- Unresolved maintenance problems
- Unethical rent collections
There are laws and regulations in place as well as a contract that dictate what landlords and property managers can and cannot do. Violations can be more than a nuisance. A lawsuit by a wronged tenant can cause irreparable harm to your business.
A Master Plan Just for You
Taking care of business isn’t just about collecting payments on time and making sure that what comes in is greater than what is spent. You also need to manage the risks to your business through securing the right insurance products. Cover your operations and your properties with a customized plan.