The proper insurance means properly covering your risk
Covering your assets is an important element for property management companies. Property management is exposed to various risks by the very nature of the service it provides.
At the property level, the property manager is imperiled to the liability of anyone who suffers a personal injury or whose property is damaged. Property manager also contractually obligated to Client for a level of service it provides to be accountable for the monies collected and disbursed on the Client’s behalf.
It is important for a company to implement a program by which risk of accidental loss is dealt with to protect the assets and earnings of its company.
We live in a society that puts great emphasis on legal requirements and rights. Risks must be controlled.
Here’s a best practice: review all insurance coverages from your Tenant’s, Vendors/Service Providers, and your own management company. This way, you can be sure you are covered to limit your risk.
If you have questions about insuring your assets or you need assistance in obtaining the proper protections for your property, please give us a call. We can help.
