The job of the property manager involves a lot of responsibility and stress. By acquiring the right kind of professional liability insurance, you can be sure that you are protected from the risks associated with your profession.
Below are some of the examples when one can file a claim or lawsuit:
1) A real estate developer hires someone as a property manager for a new build apartment complex. Unfortunately, unlike in the past month, many units are still unsettled. Despite heavy construction going on, there are a lot of vacancies. The owner blames the manager for the situation and files a lawsuit against him, stating that he did not do the required job tasks and cause a loss of revenue. In this case, the commercial liability insurance coverage will protect the manager against all the claims.
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2) Two different management companies striving to win a contract from a major company. In the process of commercial negotiations, the first company alleged that its competitors have black business management records. Upon hearing this news, a large company awarded the contract to the first company. The second company filed a lawsuit for slander against the first company as a result.
3) After a Hispanic family bought and moved into a condominium in an association, they were told that they were not allowed to park in more than one room. When they did use two parking spaces, they are issued a parking violation. They called the meeting among other ethnic backgrounds and determine that there are practices that are unfairly put in place. A discrimination lawsuit was filed as a result.
Professional liability insurance can protect you from all these claims.