Do You Landlords Buy E&O Insurance??

[Edward Stephens]

Dear BP Family,

I'm going to inherit a tenant and become a landlord 1 month from today (if all goes well)! I am forming a property management company to manage not only that tenant's residence, but also other people's rental property. I want to make it a full-time gig. I'm considering buying professional liability insurance, also known as Errors & Omissions (E&O) insurance, for the business.

Questions for the forum:::

(1) What are the common types of insurance property managers carry?

(2) Do you carry some form of insurance as a property manager?

(3) Have you ever had a claim against you as a property manager?

(4) How did/didn't your insurance help you in the settlement of this claim?

Thanks in advance!