Liability Insurance requirement and costs

[Sam Zawatsky]

I am looking into getting liability insurance, as a property manager in Illinois that I am looking to work with requires it from owners. Is this usually a requirement that property managers require in certain area, or is it just this property manager? Also, what is the usual price range for liability insurance? Any recommendations?

[John Mocker]

Sam,

If you are acting as a property manager you should have 

1. General Liability

2. Professional Liability

3. Workers Comp

at minimum.  Depending on what you are doing you may also need Cyber Liability, Equipment coverage, Business Auto, etc.

Being required to have coverage normally will come from either:

1. State License requirement

2. Requirement from the Client