Who needs Property Managers Insurance?
You may manage a block of flats, multiple residential properties or oversee one or more commercial buildings. No matter whether you manage your own properties, of do so on behalf of third party property owners, we can find appropriate cover.
At BJP, we work with a wide variety of leading insurers. Our knowledgeable team of insurance advisors research the market for you and arrange a Property Managers policy that suits your needs exactly.
What is included on a Property Managers Insurance policy?
If you are in the business of managing property, there are a number of risks that the business faces on a day to day basis. To protect you from claims from a range of sources and potential perils, there are a number of covers that you will either need by law, by virtue of contractual obligation, or in the best interests of adequately protecting your business in the event that something goes wrong.
Property Managers Liability Insurance
You will have a range of staff working under your control, from the maintenance man through to administrative staff. Where you have employees, you are required by law to have Employers Liability Insurance in place. You will almost certainly require public and products liability insurance to be in place, too, with regards to claims made by third parties for injury or property damage.
Property Managers Buildings and Contents insurance
Naturally the building itself will need insuring against damage caused, for example, by flooding or a fire. You may also wish to insure it in the event of malicious damage or vandalism. It’s likely that you have contents – from IT equipment through to maintenance tools and equipment stored on site. Ensuring that you have adequate protection in place is vital.
Property Managers Loss of Rent cover
What would happen if a property that you managed were to be damaged by flooding or a fire, to the extent that the tenants – be they commercial businesses or private residents – have to move out of the property temporarily? Your buildings policy would cover the cost of repairing the damaged property, but it would not cover you for the loss in rental income. That is where this specialist insurance cover comes in, ensuring that your business can still rely on income where tenants are not obliged to pay.