Best Business Insurance for Property Management Services in 2024 (Top 10 Companies)
Travelers, Nationwide, and Liberty Mutual are the best business insurance for property management services with rates starting at just $55 per month. These companies offer comprehensive coverage tailored specifically to the unique needs and risks associated with property management services.
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Kristen Gryglik
Licensed Insurance Agent
Kristen is a licensed insurance agent working in the greater Boston area. She has over 20 years of experience counseling individuals and businesses on which insurance policies best fit their needs and budgets. She knows everyone has their own unique needs and circumstances, and she is passionate about counseling others on which policy is right for them. Licensed in Massachusetts, New Hampshire,...
Licensed Insurance Agent
UPDATED: Oct 22, 2024
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Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Oct 22, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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3,607 reviewsTravelers, Nationwide, and Liberty Mutual are the top picks for the best business insurance for property management services, renowned for their competitive rates and comprehensive coverage.
Whether safeguarding against liability claims or ensuring coverage for property damage, their policies provide the security needed to thrive in the complex world of property management.
Our Top 10 Company Picks: Best Business Insurance for Property Management Services
| Company | Rank | Business Policy Discount | Commercial Property Discount | Best For | Jump to Pros/Cons |
|---|---|---|---|---|---|
 | #1 | 15% | 10% | Specialized Coverage | Travelers |
 | #2 | 15% | 10% | BOP Coverage | Nationwide |
 | #3 | 15% | 10% | Customizable Coverage | Liberty Mutual |
 | #4 | 15% | 10% | Personalized Service | Farmers |
 | #5 | 15% | 10% | Localized Support | Auto-Owners |
 | #6 | 15% | 10% | Online Convenience | Safeco |
 | #7 | 15% | 10% | Online Tools | Progressive |
 | #8 | 15% | 10% | Local Agents | State Farm |
 | #9 | 15% | 10 | Industry-Specific Expertise | The Hartford |
 | #10 | 15% | 10% | Bundled Policies | Allstate |
It highlights the providers competitive rates, versatile coverage, discounts, and positive reviews, empowering property management professionals to navigate the complexities of their industry with confidence and security.
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#1 – Travelers: Top Overall Pick
Pros
- Property Guard Savings: Provides a cost-efficient coverage option with potential savings of up to 15%, as per Travelers insurance review & ratings.
- Multi-Property Discount: Up to 10% off for managing multiple properties, maximizing savings.
- Specialized Coverage: Tailored policies meet unique needs, ensuring comprehensive protection.
Cons
- Premium Costs: Initial rates may be higher compared to some competitors.
- Limited Local Presence: Some customers may prefer more localized support.
#2 – Nationwide: Best for Ensured Security
Pros
- Prop Manage Assure Discount: Up to 15% savings for property management professionals.
- Safety Compliance Discount: Promotes safety measures with an extra 10% discount as part of the Nationwide insurance review & ratings.
- BOP Coverage: Business Owners Policy offers a comprehensive and bundled solution.
Cons
- Costs: Premiums may be relatively higher compared to some competitors.
- Limited Online Tools: Nationwide’s online tools may not be as robust as other providers.
#3 – Liberty Mutual: Best for Tailored Protection
Pros
- Liberty Prop Shield Savings: Enjoy savings of up to 15% for affordable coverage through Liberty Mutual insurance review & ratings.
- Equipment Breakdown Discount: Offers additional savings for potential equipment issues.
- Customizable Coverage: Tailors policies to meet the specific needs of property managers.
Cons
- Higher Premiums: Initial costs might be comparatively higher.
- Limited Local Presence: Some customers may prefer more localized support.
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#4 – Farmers: Best for Personalized Service
Pros
- Farm Prop Cover Discount: Up to 15% savings on property management coverage.
- Multi-Policy Discount: Enjoy additional savings when bundling multiple policies.
- Personalized Service: Farmers insurance review & ratings highlight personalized customer assistance as a key focus.
Cons
- Premium Costs: Initial rates may be relatively higher than some competitors.
- Online Tools: Online tools and technology offerings may be less advanced.
#5 – Auto-Owners: Best for Savings and Assistance
Pros
- Local Manage Guard Savings: Up to 15% discount for property management coverage.
- Claims-Free Renewal Discount: Provides extra discounts for customers with a track record of renewals without any claims, as seen in Auto-Owners insurance review & ratings.
- Localized Support: Emphasizes in-person support for a more personal experience.
Cons
- Premium Costs: Initial rates may be higher compared to some competitors.
- Limited Online Tools: Online tools may not be as comprehensive as other providers.
#6 – Safeco: Best for Ensuring Security Online
Pros
- Safe Prop Shield Discount: Up to 15% savings on property management coverage.
- Online Policy Management Discount: Enhanced savings available through online policy management, as highlighted in Safeco insurance review & ratings.
- Online Convenience: Safeco provides user-friendly online tools and services.
Cons
- Premium Costs: Initial rates may be relatively higher than some competitors.
- Localized Support: Face-to-face interactions may be limited for certain customers.
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#7 – Progressive: Best for Online Resources
Pros
- Pro Manage Guard Savings: Up to 15% savings on property management coverage.
- Safety Training Discount: Provides a supplementary 10% markdown for policies focused on safety through Progressive insurance review & ratings.
- Online Tools: Progressive provides advanced online tools for easy policy management.
Cons
- Premium Costs: Initial rates may be relatively higher compared to some competitors.
- Local Support: Face-to-face interactions may be limited for certain customers.
#8 – State Farm: Best for Securing Coverage
Pros
- Secure Prop Coverage Discount: Up to 15% savings on property management coverage.
- Good Neighbor Discount: Offers an additional 10% off, promoting community ties.
- Local Agents: State Farm insurance review & ratings highlights the importance of tailored assistance from local agents in their insurance services.
Cons
- Premium Costs: Initial rates may be relatively higher than some competitors.
- Limited Online Tools: Online tools may not be as comprehensive as other providers.
#9 – The Hartford: Best for Professional Knowledge
Pros
- Hartford Prop Assure Savings: Up to 15% savings on property management coverage.
- Risk Management Discount: The Hartford insurance review & ratings showcase an extra 10% discount to policyholders who prioritize risk management.
- Industry-Specific Expertise: The Hartford specializes in insurance for property management.
Cons
- Premium Costs: Initial rates may be relatively higher compared to some competitors.
- Limited Local Presence: Some customers may prefer more localized support.
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#10 – Allstate: Best for Combined Policies
Pros
- All Prop Shield Discount: Up to 15% savings on property management coverage.
- Business Bundle Discount: Additional 10% off when bundling multiple policies.
- Bundled Policies: Allstate insurance review & ratings highlight their convenient bundled policies, providing extensive coverage options.
Cons
- Premium Costs: Initial rates may be relatively higher compared to some competitors.
- Discount Eligibility: Meeting criteria for discounts may be challenging for some.
Determining the Need: Entities Engaged in Property Management Services
Property management insurance is essential for all commercial property managers, including those in residential, commercial, condominium association, and homeowners association management. Whether you oversee rental properties or manage community spaces, having insurance coverage is crucial. It protects your business from potential risks, liabilities, and legal issues. Explore our comprehensive resource titled “Liability Insurance: A Complete Guide” to gain further insights.
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By investing in property management insurance, you can safeguard your business, mitigate financial losses, and focus on delivering exceptional services to your clients. Don’t underestimate the importance of insurance in the property management industry – it’s a wise choice for long-term success.
Understanding Property Management Insurance: Essential Coverage for Property Management Services
Property management insurance safeguards property management professionals from client allegations and claims, covering various issues like contract breaches and negligence. It includes legal fee coverage for lawsuits. Types of insurance for property managers include:
- General Liability Insurance: Protects property managers from claims related to bodily injury, personal harm, property damage, and legal fees. Covers repairs, replacements, medical bills, and court fees.
- Errors and Omissions Insurance: Also known as professional liability insurance. Protects property managers from lawsuits regarding mistakes made in professional services, such as errors in contracts or false information provided. Covers legal fees and potential financial risks.
- Tenant Discrimination Insurance: Provides protection against allegations of wrongful discrimination by tenants or prospective tenants. Covers claims related to various forms of discrimination, ensuring property managers are safeguarded against potential lawsuits.
- Workers’ Compensation Insurance: Workers’ compensation is essential for property management companies with employees. Covers medical expenses and lost wages if employees are injured on the job. Requirements for this insurance vary by state.
As property management professionals, ensuring the protection of assets and mitigating potential risks is paramount. With a thorough understanding of property management insurance and its essential coverage, you can confidently navigate the intricacies of the industry while safeguarding your interests and assets.
Business Insurance for Property Management Services: Monthly Rates by Coverage Level & Provider
| Insurance Company | Minimum Coverage | Full Coverage |
|---|---|---|
| Allstate | $60 | $150 |
| Auto-Owners | $65 | $160 |
| Farmers | $70 | $170 |
| Liberty Mutual | $62 | $174 |
| Nationwide | $58 | $100 |
| Progressive | $55 | $140 |
| Safeco | $63 | $158 |
| State Farm | $59 | $148 |
| The Hartford | $61 | $152 |
| Travelers | $57 | $99 |
Monthly rates for property management services vary by coverage level and provider. Travelers offers the lowest full coverage at $99, while Nationwide provides the most affordable minimum coverage at $58. Liberty Mutual starts at $62 for minimum coverage and $174 for full coverage, while State Farm offers rates from $59 to $148. Compare carefully for the best coverage at competitive prices.
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Key Considerations: Choosing Business Insurance for Property Management
When selecting property management insurance, it’s essential to approach the process methodically to ensure comprehensive coverage that adequately protects your business interests. The following steps can guide you through this crucial decision-making process:
- Assess your needs. Identify the specific insurance coverage your business requires. Consider the size and type of your company, potential risks, and any legal requirements.
- Look for specialized experience. Seek out insurance providers that specialize in property management insurance. Ask questions about their experience and the services they offer. Online reviews can provide valuable insights into their reputation and reliability.
- Consider the price. Analyze the cost of insurance in relation to the coverage it provides. Compare prices from different providers, taking into account factors such as company size, revenue, number of clients, and property types managed.
As property management professionals, securing the right insurance coverage is paramount for safeguarding against potential risks and liabilities inherent in the industry.
By carefully considering the key factors outlined in this guide, you can confidently select the appropriate business insurance to protect your assets and ensure the long-term success of your property management services. Explore our list of leading providers titled “Best Health Insurance For Property Managers” for more options.
Case Studies: Real-Life Examples of Business Insurance for Property Management Services
Delve into the real-world scenarios of property management professionals and how the right business insurance played a pivotal role in protecting their assets and mitigating risks.
- Case Study #1 – Residential Property Management Company: A residential property management company secures insurance covering bodily injury and property damage claims, alongside errors and omissions protection. They also ensure coverage against discrimination allegations during the application process. Check out our ranking of the top providers: Best Business Insurance for Residential Builders
- Case Study #2 – Commercial Property Management Firm: A property management firm specializes in commercial properties, with tailored insurance covering general liability for bodily injury or property damage, errors and omissions for professional mistakes, and workers’ compensation for employee injuries.
- Case Study #3 – Condominium Association Management Company: A property management company specializing in condominium associations holds general liability insurance for common area incidents, tenant discrimination insurance, and errors and omissions insurance to protect against professional errors and allegations of discrimination.
These case studies offer valuable lessons and practical insights into the importance of selecting the right business for property management services.
Melanie Musson Published Insurance Expert
By examining real-life examples, property management professionals can better understand the significance of comprehensive insurance coverage in safeguarding their businesses against unforeseen challenges.
In Summary: Safeguard Your Property Management Business With Comprehensive Insurance Coverage
In property management, safeguarding your business with insurance is essential for success, covering legal claims and property damage. This article emphasizes the importance of various types of insurance, including general liability and professional liability, for comprehensive protection.
By assessing your needs, finding specialized providers, and weighing cost-effectiveness, you can make informed choices to secure your property management business. Act now to ensure ongoing prosperity for your venture.
Protect your business today by entering your ZIP code below into our comparison tool for free commercial insurance quotes.
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Frequently Asked Questions
What is the relationship between insurance and business?
By providing both individuals and businesses with a variety of insurance products, the insurance industry offers financial protection against potential risks and losses. Insurance companies evaluate risks, gather premiums, and draft policies that specify the details of coverage.
How can insurance help small businesses?
By getting insurance for your small business, you’re purchasing protection. This protection will be there for you if something bad happens to the business. For some people, it can be hard to see the value of buying something like insurance because it’s intangible and is something that you don’t always use.
Enter your ZIP code into our quote comparison tool below to secure cheaper insurance rates for your business.
What are the three most common kinds of property insurance?
There are three types of property insurance coverage: replacement cost, actual cash value, and extended replacement costs.
To enhance your understanding, explore our comprehensive resource on car insurance titled “Can cash value ever exceed face value?”
What is insurance business management?
Insurance management is utilized as a risk management tool to mitigate operational risk. Specific attributes include risk identification and analysis, risk control, and risk treatment (retaining or transferring the risk).
What is an example of a property risk?
Property risks involve property damaged due to uncontrollable forces such as fire, lightning, hurricanes, tornados, or hail. Liability risks may involve litigation due to real or perceived injustice.
Which of the following insurance policies are typical for the property management business?
The most common type of insurance for property managers is general liability insurance. This kind of insurance is essential for any professional who has any contact with clients. This insurance protects the property manager from claims against the business regarding someone getting hurt or any property damage.
For a thorough understanding, refer to our detailed analysis titled “Commercial Insurance: A Complete Guide.”
Is property insurance mandatory?
When it comes to home loans, you must have heard that purchasing home insurance is also needed. Well, as per the Reserve Bank of India, IRDAI, home insurance against home loans is not mandatory. It is completely under your discretion, and a financial institution cannot force you to invest in property insurance.
What is the property owner’s policy?
The Property Owners’ Liability Insurance protects landlords and property owners in respect of claims made against them in respect of their legal liability for personal injury or property damage suffered by third parties and arising from the policyholder’s ownership of the property.
What does general insurance cover?
What is general insurance? General insurance covers non-life assets, such as your home, vehicle, health, and travel. You get compensation for damages or losses incurred due to flood, fire, theft, accidents, or any man-made disasters.
For more in-depth understanding, refer to our detailed handbook titled “Commercial General Liability (CGL) Insurance: A Complete Guide.”
Is property risk insurable?
Insurance companies typically cover pure risks. Pure risks are risks that have no possibility of a positive outcome of something bad will happen or nothing at all will occur. The most common examples are key property damage risks, such as floods, fires, earthquakes, and hurricanes.
To find cheap business insurance, enter your ZIP code into our free quote comparison tool below and get covered today.
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Kristen Gryglik
Licensed Insurance Agent
Kristen is a licensed insurance agent working in the greater Boston area. She has over 20 years of experience counseling individuals and businesses on which insurance policies best fit their needs and budgets. She knows everyone has their own unique needs and circumstances, and she is passionate about counseling others on which policy is right for them. Licensed in Massachusetts, New Hampshire,...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.