Property Management Insurance Coverage
Protect Your Rental Properties Against Claims of Negligence, Errors, and Third-Party Injuries.
Western is a nationally recognized, award-winning insurance brokerage dedicated to protecting your rental properties with tailored commercial insurance
solutions.
We partner with Canada’s top insurers to secure the best quote and coverage options for your property management needs. Let us simplify the process and save you time so you can focus on
growing your business.
What is property management insurance?
Property management insurance is designed to protect property management companies and property managers against specific on-the-job risks. You can face:
- Tenants getting injured or their property getting damaged
- Accusations of failure to deliver services as promised
- Wrongful evictions
- Errors in lease agreements
- Problems collecting rents
- Rental discrimination accusations
- Building maintenance issues
Property management insurance specifically addresses the needs of real estate management companies.
How does property management insurance protect you?
A tenant slips on an icy sidewalk leading into an apartment building that you manage. She breaks her ankle and sprains her back. Commercial general liability (CGL) insurance, also known as slip and fall insurance, can help cover the costs of a lawsuit and her medical expenses.
A monthly cleaning service was part of the lease in a condo rental agreement but a group of tenants say the service has not been regularly provided and any cleaning was poorly done. They have sued you. Errors and omissions insurance, also known as professional liability insurance, can help cover your legal defense and any settlement award.
Business liability insurance is the cornerstone of commercial insurance for your rental property management company. Here’s what you need to protect it from lawsuits.
A tenant slips on an icy sidewalk leading into an apartment building that you manage. She breaks her ankle and sprains her back. Commercial general liability (CGL) insurance, also known as slip and fall insurance, can help cover the costs of a lawsuit and her medical expenses.
A monthly cleaning service was part of the lease in a condo rental agreement but a group of tenants say the service has not been regularly provided and any cleaning was poorly done. They have sued you. Errors and omissions insurance, also known as professional liability insurance, can help cover your legal defense and any settlement award.
Commercial general liability (CGL) insurance helps protect your property management company if you are found legally liable for bodily injuries or property damage involving a tenant at one of your buildings.
Professional liability insurance helps protect you against claims of negligence or failure to deliver services as promised. It’s also called errors and omissions insurance.
Cyber liability insurance will help protect you financially should there be a cyber-attack and help restore your computer system.
Commercial umbrella insurance addresses gaps in your business liability coverage. It’s used when the primary liability coverage, for example on your commercial general liability insurance or your errors and omissions insurance, has reached its coverage limit.
You’ll also need:
Commercial property insurance provides financial support to replace or cover repairs to your rental property if it’s damaged by a flood, fire, vandalism, or severe weather.
Business interruption insurance supports your property management company when it can’t operate due to a covered loss, such as damage to your equipment from fire or vandalism or a disruption in your supply chain.
Commercial auto insurance If you are using your own car for your job in property management, it won’t be covered by your personal car insurance policy. You will need commercial coverage as part of your insurance package.
Who needs property management insurance?
- Apartment buildings
- Condominiums
- Rental homes
- Office buildings
- Shopping centres
- Retail complexes
- Industrial buildings
Property management involves finding and screening new tenants, drafting lease agreements, arranging rent payments, handling complaints, ensuring maintenance is done, overseeing any evictions, among other duties.
A property manager needs to maintain buildings and provide a safe environment for all tenants. Responsibilities include tenant management, collecting rents on time, property maintenance and repairs, legal compliance with city, provincial, and federal laws.
Professional liability insurance helps protect you against claims of negligence or failure to deliver services as promised.
Property management credentials in Canada include real estate licenses and certifications from the Institute of Real Estate Management (IREM).
An effective property manager needs to be a good communicator with strong customer service skills. They need to be able to explain lease agreements, respond to tenant complaints, and keep a cool head in any emergency. It’s a job for a person with people skills.
Property rental companies/landlords can ask for information such as a tenant's rental history, employment history, income, and references from past landlords or employers. A Canadian landlord can perform a credit check on a potential tenant but must have written consent first.
Make sure applicants understand what types of buildings they are managing and what duties they are expected to perform. Take the time to fully explain the job and how important communication is to be successful in the position. The property manager is the public face of your property management company when dealing with tenants and service providers.
Why choose Western?
We’ll get you insurance quotes and help you save. We’ve been serving Canadians for over 100 years.
Western Financial Group, the best insurance coverage for your small business.
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