Avoiding Risk as a Colorado Property Manager or Owner
Property managers and property owners need to have commercial insurance to avoid risk.
Equity growth and passive income make owning rental properties seem like a dream. But what happens to the owner in the event of burglary, fire, water damage, or any other loss that affects the tenant? What is the role of the property manager in this situation?
Property managers often play the intermediary between the tenant and the owner. They don’t have the same financial stake in the property; however, they take on just as much risk as the owner. Commercial insurance guarantees owners and property managers protection from liability.
Top 6 Insurance Recommendations for Property Managers & Owners
Be sure to follow these insurance recommendations as a property manager or owner.
- Tenant Discrimination Insurance: Discrimination claims are not always covered under general policies, so be sure you are protected.
- Renters Insurance: Always encourage your tenants to hold a renters policy to help cover the cost of replacing damaged or stolen possessions.
- Business Interruption Insurance: A business interruption policy will help replace lost income or rent in the event of a fire, water damage, or other loss.
- Errors & Omissions Insurance: This general policy, used in most service industries, will protect the landlord from financial losses due to any mistakes made.
- Commercial Auto Insurance: Ensure a property manager’s vehicle is covered under a liability policy when used for work purposes.
- Builders Risk Insurance: This policy protects against loss of rental income when property damage causes a delay in the construction of a building.
For over 20 years, we have focused on reducing insurance costs and helping Colorado landlords and property managers avoid risk.
Contact Steve Longenecker (303-808-9351, x2) at Mountain Insurance: Longmont to review your commercial insurance coverage in Longmont, CO, or our neighboring communities.
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