Insurance - Property management company

[John Volpe]

I'm currently interviewing property management companies for a 16 unit apartment building that I'm purchasing.  What types of insurance/limits should I be looking for them to have?

[Jason Bott]

@John Volpe here are the 5 insurance coverage's that that protect your interests when using a PM.

1. Professional Liability – protects you from tenant claims of discrimination and wrongful eviction brought on by your property manager’s actions
2. Errors & Omissions – protects you from property manager making a wrong decision that costs you money (enables you to file a claim to recoup your costs)
3. Workers Compensation – protects you against personal injury claims from the property manager’s employees and subcontractors when they work on your property
4. General Liability – protects you against property damage or bodily injuries caused by your property manager’s employees and subcontractors
5. Fiduciary/Crime – protects you against the mishandling or theft of your money that’s in the care, custody and control of your property manager