If your clients own property that is leased to others, whether one small office or an entire manufacturing complex, Lessors Risk Insurance is a must-have. Lessors RiskCoverage is necessary to protect your client’s investment from litigation as the result of an accident.
We thought it would be helpful to identify a few common claims made against property managers.
Common Property Managers Claims:
A property manager of a commercial building failed to maintain and update the building as required under the agreement. As a result, the owner was forced to lower rents, and the building owner sued the property manager for loss of income.
A property manager hired an office manager to help with accounting and other functions. The office manager was fired due to poor performance. The office manager sued for wrongful termination. The
Who Needs Property Management Insurance Coverage?
If you are involved in the following types of activities, you will need the right kind of insurance:
· Renting or leasing real estate to others.
· Managing real estate for others.
· Selling, buying, or renting real estate for others.
· Lawsuits in this area continue to climb. Don’t leave your business exposed by not having this type of protection in place.