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Property Management Insurance

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Property manager insurance

Property management commercial insurance NZ

Property management insurance caters to the unique needs and risks associated with managing and overseeing properties. This insurance protects property managers from potential financial losses resulting from accidents, damages, legal claims, and other unforeseen circumstances related to the properties they manage.

Why is property management insurance important? 

In the unpredictable world of property management, a myriad of things can go wrong, from accidental damages to legal disputes. Property management insurance acts as a safety net, shielding property managers from significant financial burdens and legal complications that might arise during their day-to-day operations.

In New Zealand, the average cost of property managers insurance typically ranges between $100 – $200 per month. 

Property Management Insurance Gerrards

It’s crucial to have property management coverage if your business:

  • Manages multiple properties
  • Deals with tenant interactions
  • Oversees property maintenance
  • Faces potential legal disputes

What insurance covers are typically included in property management insurance? 

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Property Management Professional Indemnity

Property management indemnity coverage protects property management businesses from financial losses if they make mistakes or are accused of negligence while doing their job. 

Best For
  • Negligence claims 
  • Errors & Omissions 
  • Professional mistakes 
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Public Liability

This policy covers common property management business risks including bodily injuries, customer property damage, and advertising injuries. It’s required for most commercial leases.

Best For
  • Business Accident Coverage
  • Third-party Damages
  • Legal Cost Protection
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Statutory Liability

This cover is a type of protection that helps property managers cover costs if they accidentally break certain laws or regulations.

Best For
  • Unintentional breaches protection
  • Legal costs
  • Fines and penalties
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Property Manager Car Insurance

Protects cars used for property management activities. It covers accidents, damages, and injuries related to the vehicle while it’s being used for business and personal activities.

Best For
  • Repair costs
  • Third party damages
  • Injuries 
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Building Insurance

Building insurance in NZ is a type of coverage that helps pay for repairs or rebuilding if your building or commercial property gets damaged. 

Best For
  • Accidents 
  • Natural disasters
  • Fires
Business Contents Insurance Gerrards

Business Contents Insurance

Business contents insurance in NZ is for protecting all the important stuff inside a property management business. If there’s a problem or accident, the insurance can help with the expenses.

Best For
  • Accidents 
  • Floods
  • Fires

How much does property management insurance cost?

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Property management insurance premiums are calculated on several different factors including:

  • Types of cover
  • Turnover
  • Location 
  • Claims History 

Property management insurance in NZ typically costs between $100 to $200 per month.

Who needs property managers insurance?

Any individual or company involved in the management and maintenance of properties should consider property management insurance. This includes independent property managers, property management companies, real estate agents who oversee rentals, and sometimes even landlords who take a hands-on approach to managing their properties.

Absolutely! You can tailor your policy to fit the unique requirements of your business, ensuring that you’re protected against the specific risks you face.

Often, property management insurance does include coverage for legal fees related to covered events, such as disputes with tenants or vendors. Always check your policy’s details.

How do I get a property management insurance quote? 

We understand the unique needs of property managers in New Zealand. Leveraging our extensive industry knowledge and partnerships, we provide comprehensive property management insurance quotes from the top insurers in the country and globally. Entrust us with your requirements, and we’ll ensure you receive the most competitive and tailored coverage options available.

To obtain a property management insurance quote we may require you to provide some fundamental details about your business, such as:

  • The name of your business
  • The total number of employees
  • Predicted annual income
  • Years of experience in the industry

How do I get proof of property management insurance?

You can usually get proof of property management insurance same day when you purchase insurance through Gerrards.

Acquiring a property managers insurance certificate from traditional insurance brokers may require a few weeks, a delay that could create problems for policyholders who need instant insurance proof for an imminent contract or project.

To obtain insurance coverage promptly, contact one of our property management insurance brokers. 

What does property managers insurance not cover?

Normal Business Operations Wear and Tear

Just like properties have natural wear and tear, business operations have routine degradation of tools and equipment. This isn’t typically covered. For example, if your office chair breaks due to usage over the years, it’s not something covered by your business insurance. Regular replacements and maintenance are the business owner’s responsibility.

Losses from Uninsured Perils

Say your policy doesn’t cover cyber-attacks, and your business falls victim to one. Any losses from that attack wouldn’t be covered unless you’ve added specific cyber liability coverage.

Contractual Liabilities

Let’s say you’ve agreed to certain terms with a landlord, and due to some oversight, you can’t meet those terms, resulting in a financial setback. Unless these liabilities are specified in your policy, they won’t be covered.

Other common questions about property management insurance

Most property management business insurance policies cover office equipment against perils like theft, fire, or vandalism. Make sure to list valuable items to ensure full coverage.

Many business insurance policies will cover legal fees and defense costs related to covered claims against your property management business.

Regularly review your policy, consult with an insurance broker like Gerrards, and compare offers to ensure you’re getting comprehensive coverage at a competitive rate.

Professional indemnity coverage, often part of business insurance, can protect against claims of negligence, errors, or omissions in your professional services.

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