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As a property manager, your clients trust you to take good care of their estates, so that their real estate assets will appreciate well. However, if properties end up damaged under your care, and clients suffer losses, property managers can in turn face serious litigation issues. Make sure you have adequate liability coverage against such situations.
What insurance do Property Managers need?
Importance for property managers
Protects you from lawsuits related to property management work
Protects your business premises against property damage, e.g. fire, explosions, certain types of water damage, etc.
Critical if you have a commercial space
Protects you against liability to third-parties for property damage or injuries.
E.g. damaging someone else’s property, or causing someone else to slip and fall.
Protects your employees if they suffer work-related injuries/sickness.
Legally required for all manual workers (e.g. estate cleaners), or workers who earn <$2,600/month
Pays you for lost business income if you can’t run your property management business due to covered reasons, e.g. fire at your office.
Good to have
Protects you if you suffer a cyber attack. Covers IT restoration costs, data breach liability, PDPA liability, and more.
Good to have
How much coverage do I need for my property management business?
Professional Indemnity Insurance: You should have at least $500,000 to $1 million coverage.
Commercial Property Insurance: Ensure you have sufficient coverage to repair your office and its contents if its gets damaged. Do some rough estimations of the total cost of your computer equipment, renovations, fixtures and fittings, and other contents in your office. A bare minimum is $100,000 property cover.
Public Liability Insurance: Most property managers will have between $500,000 to $1 million cover.
Work Injury Compensation Insurance: According to MOM, you must insure all manual workers, and all workers who earn $2,600/month or less. Manual workers include estate managers, cleaners, maintenance workers, electricians, etc. Make sure to insure all your employees.
Foreign Worker Medical Insurance: You have to insure all foreigners on an S-Pass or Work Permit. If the foreigner is a manual worker, you’ll need to have both Work Injury Compensation Insurance and Foreign Worker Medical Insurance for them.
How much does Property Managers Insurance cost?
Coverage amount (example)
From $19/month, for a comprehensive Property Managers Insurance Package deal
$10 million common law annual limit
$45,000 medical expenses cover per worker
Why use Provide for Property Managers Insurance?
- Save up to 25% on your premiums
- Save time with our convenient online platform to get quotes, file claims, and manage policies
- Expert insurance team with 20+ years experience serving both SMEs and large multinational firms
- Available by phone 7 days/week