Insuring your property management business
From property law to environmental health and fluctuations in the rental market, you know your industry inside out. But even the most experienced property managers can struggle with difficult tenants. When it’s your client’s largest investment and their reputation is at stake, you need to know you’re protected in case you find yourself facing legal action. It’s also important to think about the data you keep, your own work premises and equipment. Hiscox can tailor your business insurance package to keep your business in safe hands.
Why you need business insurance in property management
Complications with tenants
Residential property management means you need to keep both your clients and their tenants happy. No matter how experienced you are, you could end up making a mistake – a family might claim they were wrongly evicted because of your advice, or claim they’ve been injured because of faulty electrics in a property you were managing. If you find yourself facing legal action, we’ll cover the cost and help you to get through it as quickly and smoothly as possible.
Damaged property
If your job involves visiting properties mid-tenancy to review their condition, you need to be covered for any damage that could occur. While you always respect others peoples’ property, there’s still a chance you or an employee might break something accidentally. Whether you spill a drink on a brand new carpet or a knock over an expensive sculpture, we’ll help to cover the cost.
Data breaches
Data breaches can come in many forms and they often have serious consequences. A cyber criminal could get into your work database and threaten to release sensitive information about your clients, or an employee might send an email to the wrong mailing list. If you find yourself dealing with a breach, we’ll be there to help with the costs and provide you with expert advice to help you through it
If you’re not sure what you need, tell us a little more about your property management business. We’ll help you to build your quote and explore any other insurance needs.
Build my cover
Key types of insurance for property managers
Public liability insurance
Public liability insurance is there to protect you if someone claims their property has been damaged, or that they’ve been injured or fallen ill because of you or one of your employees carrying out your job. As a property manager there’s a risk of causing damage to someone’s home, but equally, someone might be hurt on your premises. Either way, public liability insurance will help to cover the legal and compensation costs of dealing with a claim.
Office insurance
Office insurance protects your work premises and everything in them against damage, loss and theft, so if something happens, you can get your business back up and running without taking a serious financial blow. Whether your office is flooded, it suffers fire damage or someone breaks in and steals your equipment, it can be costly and time consuming to put right. We’ll be there to help you keep disruption to a minimum.
Cyber and data insurance
Cyber and data risk insurance protects your business against serious data breaches, whether it’s down to a mistake on the part of an employee, or you find you’ve been hacked by a cyber criminal and they’re threatening to compromise confidential banking information relating to your clients. Whatever kind of breach you’re dealing with, we’ll pay for any damaging costs to your business and provide you with expert advice to help protect your reputation as a property and stay safe in future.
These are just some of the types of business insurance for the property management industry that we can offer. We can provide other specific types of cover and build them into a policy that’s tailored to the exact needs of your business.
Get your quote