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Property Managers Insurance
in Massachusetts

Property Managers Insurance in Massachusetts

Property Managers Insurance in Massachusetts
Insuring Every Square Foot
Commercial and Residential Real Estate

Property managers of both residential and commercial buildings are susceptible to lawsuits and a variety of other claims. As a manager, it’s your job to take care of the property. This means when things go wrong, you’re the one who is responsible. Finding the right property managers insurance is essential to avoid potential liability and lawsuit risks.

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Massachusetts Property Managers Insurance
Lopriore Insurance Agency

Whether you’re overseeing residential apartments, commercial spaces, or vast real estate portfolios, understanding the nuances of each policy is vital. Equip yourself with the knowledge to navigate the complex insurance landscape, ensuring your properties, tenants, and business interests are well-protected. 

Since 1995, LoPriore Insurance Agency has been protecting property managers with tailored insurance solutions for their scope of business. Our team of professionals has a deep understanding of the industry’s nuances, and we have become a trusted partner for property managers across Massachusetts.

Understanding the Importance of
Property Managers Insurance

Diving into the world of commercial real estate? Here’s the scoop: commercial property insurance isn’t just about protecting buildings—it’s about keeping your all parts of your commercial property secured. 

What is It?

Property manager’s insurance provides protection for risks related to the responsibilities of maintaining a property owned by someone else. As a property manager, you may have to be responsible for repairs, maintenance, lease and rent agreements, and tenant safety.

Further, property managers’ insurance combines insurance policies to protect you from potential risks and lawsuits related to these responsibilities.

Why Do I Need It?

As a property manager, it’s your responsibility to take care of tenant-related tasks on a property you don’t own. The right insurance coverage protects you from property-related risks like wrongful evictions, discrimination lawsuits, potential financial losses, and legal costs. Additionally, securing adequate insurance for the property you manage is part of your job description in your contract with the building’s owner.

Who Is It For?

Any individual who manages a residential or commercial property that is owned by someone else can benefit from the purchase of property managers insurance. If your contract holds you responsible for securing insurance coverage, you’re required to have it.

How To Insure Property Managers

To ensure property managers are comprehensively covered against potential risks and liabilities, it’s essential to assess specific business vulnerabilities, consult with specialized insurance professionals, and tailor a combination of policies that provide robust protection for both properties and operations.

Property Managers Insurance in Massachusetts - Residential Property

Tips for buying Property Managers Insurance

For property managers looking to insure their business, obtaining the right insurance is not just about compliance but also about ensuring robust protection against unforeseen liabilities and risks. Here are some essential tips:

Keep Detailed Records
Maintain thorough documentation of all property conditions, tenant interactions, contracts, and other relevant activities. This can be invaluable if you ever need to make a claim or defend against one.

Work With an Independent Agent
Forge a strong relationship with your local Massachusetts Independent insurance agent or broker. They can be a valuable ally, offering insights, updates, and support when you need it most.
Stay Educated
Join property management associations or groups. They often provide educational resources, seminars, or workshops on risk management and insurance best practices.


How much does Property Managers Insurance Cost?

It’s crucial to note that these are just ballpark figures and can vary significantly based on individual circumstances. Real estate professionals should consult with insurance agents or brokers to get accurate quotes tailored to their specific needs and situation.

Property Management Insurance
General Liability Insurance
Can range from $350 to $1,000 or more per year for real estate agents.
Professional Liability (Errors & Omissions) Insurance
Premiums can range widely from $500 to $2,500 or more annually based on factors like transaction volume, claims history, and coverage limits.
Commercial Auto Insurance
If a real estate professional uses a car for business purposes, this can cost anywhere from $600 to $2,000+ annually, depending on factors like vehicle type, driving record, and coverage limits.
Workers Compensation Insurance
For brokerages with employees, this will depend on payroll size, job roles, and state rates. Costs can range from $500 for very small operations to tens of thousands for larger firms.
Cyber Liability Insurance
This varies but can start from $300 to $1,500+ annually.
Commercial Property Insurance
For brokerages with physical office spaces, this can vary based on property value and location but might range from $500 to $3,000+ annually.

Factors that Affect The Cost Of Property Managers Insurance

The cost of insurance for real estate professionals varies widely based on numerous factors. Here are some of the factors that can influence the cost:

Occupancy
Amount of coverage
Location
Risk Management Practices
Claim History
Amount of
Properties Managed
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Property Managers Guide to Essential Insurance Policies

Property Management Insurance refers to a suite of insurance coverages designed to protect property managers and their businesses from various risks associated with overseeing and managing properties on behalf of property owners. Given the broad responsibilities of property managers, they’re exposed to a multitude of potential liabilities and financial risks. The right insurance can help mitigate the impact of claims or lawsuits.

Available Insurance Policy Types

Property managers have a diverse set of responsibilities that expose them to various risks. Because of this, they need a comprehensive insurance portfolio to protect themselves, their clients, and their properties. Here’s a breakdown of the essential insurance policy coverages all property managers should consider:

Commercial Property Insurance
This protects physical assets of the property management company, like office equipment, furniture, or computers, against risks such as theft, fire, or natural disasters.
General Liability Insurance
Protects against claims of bodily injury or property damage sustained by third parties on the managed properties or during the course of property management operations.
Professional Liability (Errors & Omissions) Insurance
Covers claims resulting from mistakes, omissions, or professional negligence in the services rendered by the property manager. This could include issues like failing to maintain a property adequately or not addressing tenant complaints, leading to financial losses.
Commercial Auto Insurance
If property managers or their staff use vehicles for business purposes, this insurance covers damages from auto accidents, whether it's property damage or bodily injuries.
Workers Compensation Insurance
Provides coverage for medical expenses and wage replacement if employees of the property management company get injured while working.
Umbrella or Excess Liability Insurance
Offers additional liability coverage beyond the limits of standard policies. It kicks in when the base policy's limit is exhausted.
Cyber Liability Insurance
In today's digital age, property managers often store sensitive information digitally. Cyber liability covers financial losses resulting from data breaches or other cyber events.
Employee Dishonesty (Crime) Insurance
Provides protection against losses due to fraudulent acts or theft by employees.
Fidelity Bonds
Acts as a safeguard against potential fraudulent or dishonest acts by employees, often covering scenarios that might not be addressed by general crime or dishonesty policies.
Tenant Discrimination Liability Insurance
Protects against claims made by tenants or prospective tenants alleging discrimination, wrongful eviction, or other related grievances.

Having the right combination of these insurance policies ensures that property managers are well-protected from the diverse set of risks they face in their profession. Given the varied nature of property management responsibilities and the types of properties managed, it’s crucial for property managers to consult with an insurance professional to tailor coverage to their specific needs.

Types of Property Managers
We Insure

Property management is a multifaceted profession that caters to different types of properties and clientele. Based on the property type and the services they provide, property managers can be classified into various categories. Here are some common types of property managers:

Residential Property Managers
Focus: Single-family homes, apartments, condominiums, townhouses, and other residential units.

Responsibilities: Tenant placement, rent collection, property maintenance, lease agreements, and handling tenant issues.
Commercial Property Managers
Focus: Office buildings, retail spaces, malls, industrial properties, and other commercial establishments.

Responsibilities: Lease negotiations, property maintenance, ensuring the property meets certain standards and codes, and handling tenant or lessee issues.
HOA (Homeowners Association) Managers
Focus: Communities with homeowners associations, such as subdivisions or condominium complexes.

Responsibilities: Enforcing community rules and regulations, collecting association dues, managing community amenities, and liaising between homeowners and the association board.
Mixed-Use Property Managers
Focus: Properties that combine residential, commercial, and/or retail spaces.

Responsibilities: Balancing the needs of different types of tenants and managing the unique challenges of mixed-use facilities.

If you’re a property manager in the Greater Boston, Massachusetts area and are unsure about your insurance coverage, get in touch with the independent insurance agents at LoPriore today. We’re standing by to answer your questions, share information about our available policies, or provide a quick quote for the policy you need.

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Where Do I Find a Copy of My Insurance Policy?

Insurance companies send you a copy of your insurance policy annually and if any changes to your policy have been made during the year. However, if you are unable to locate your policy, your insurance company or insurance agent should be able to send you a duplicate copy via email, fax, or mail.

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Once we receive your uploaded policy one of our team members begins reviewing your policy. We will then contact you to discuss your coverage options. Every insurance company has different underwriting guidelines and offers different coverages and rates. Be advised while we try our best to quote with the information provided it still may be necessary to obtain additional information from you to prepare the most accurate rate.

Extra Security, Extra Peace of Mind

Request a free Property Managers Insurance quote today. Our expert team offers tailored coverage options to safeguard your valuable investment, providing peace of mind throughout your management journey. Secure your operations from unexpected losses – get your personalized insurance quote now.

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Property Managers Insurance FAQs

Are you covered by somebody else’s insurance policy? If you are a property manager, you should include your organization as an additional insured on all landlords’ insurance policies. Don’t assume that happens automatically, even when it’s stated as a requirement in your client agreement. You should require that the landlord’s insurance agent provide a current certificate, which states that you added to insurance policy as an additional insured as respects liability coverages.

Property managers collect rent, enforce leases, hire repair or maintenance teams, and ensure tenant and guest safety. Indeed, these tasks create potential liability risks that could lead to various lawsuits.

You might. If you hire part-time or full-time employees to care for any of the tasks related to managing the property, you must have workers compensation insurance. However, teams that work for another company and provide services (like maintenance) should already have the proper coverage.

When tenants live in the building and have personal property on the premises regularly, they should purchase renter’s insurance to cover damage or loss to personal possessions. Conversely, the property or equipment of workers that are on the property temporarily for business purposes will likely be covered.

If you earn income managing a property, report it to the IRS. Since your property managers insurance coverage is a related business expense, you can most likely claim a deduction. Ask your tax preparer for more information.

As a property manager, you perform professional tasks that make you responsible for potential losses. Since you’re in charge of securing tenants, collecting rent, enforcing legal documents, scheduling repairs, and handling evictions, you’re considered a professional. If a lawsuit is filed in relation to any of these duties, you’ll be held responsible. Professional liability provides protection for these lawsuits even if the property is residential.

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What Others Are Saying About Us!

Jane was a very thorough agent. Got us all the information we needed.
Outstanding business. John the owner runs a great business
Thomas Carney
Thomas Carney
1706167204
Had a great experience with LoPriore. Brian was super helpful and easy to communicate with. I'd definitely recommend him to anyone trying to navigate the insurance marketplace!
Madeline Line
Madeline Line
1698691773
I did some hunting online to obtain an auto insurance quote and I couldn't be happier with what Maria did for me. First, I loved that LoPriore had an option where I could simply upload my existing policy to obtain a quote. Next, Maria was so efficient in getting back to me. Then with her knowledge of insurance and her companies to choose from, and this is NOT an exaggeration: saved me thousands!! Maria had such sincere empathy for the high premiums we were facing, she went above and beyond to find us a great solution. This experience has truly renewed my faith that there IS indeed personalized customer service still alive and thriving out there. I am so pleased to have found a new insurance agency that I had only online reviews to go by at the start, and that I can without hesitation fully recommend! Do not give it a second thought. Move your policies here.
Kathy I
Kathy I
1698119096
John was extremely responsive and helpful in searching for insurance for our three family condo association. He went above and beyond answering the call on the weekend, looking through our current policy in detail, educating us on different options. I highly recommend John and his team.
Alisha Candela
Alisha Candela
1696361074
Richard was excellent - very helpful in helping us find the best possible BOP for our Condo with Quincy Insurance. Thank you!
Ira Lanik
Ira Lanik
1695934615
Brian Burgess was super easy to work with, and I was able to get a great policy without too much of a change in my premium, even though I went from a 13 year old car to a brand new car.
Tithi Dutta Roy
Tithi Dutta Roy
1690206403
Maria was a professional, courteous, and efficient agent. Within a week of initially contacting her, I received quotes, had all my questions answered, had my policies written, and she notified my previous carrier of cancelation. It was a pleasure working with her.
Chad Laliberte
Chad Laliberte
1689254503
Fast, accurate, responsive, and knowledgeable!
Lynn Thomas
Lynn Thomas
1687787112
Honest, straightforward service for commercial and personal insurance lines. I’m a satisfied , long time customer
Ramana Lagemann
Ramana Lagemann
1685988192
They have always treated us well and do a great job with our policies. They are always available if you have questions or concerns.
Bible4Shelley
Bible4Shelley
1685148846
Great experience! We have two units in a duplex. I was looking for a company that provides master insurance. The prices are much more reasonable than the company we used to work with.Quick responses. I’m happy I found them.
Nina Fine
Nina Fine
1683825783
I am so relived I was referred to this insurance company. It is true . . . . . you get what you pay for. I tried all the internet companies first and was bombarded by scams and wasted almost a week with ZERO results. I called and had the pleasure of being paired with an excellent agent Brian Burgess. By this time, I was in a complete panic because I couldn't pick up my new car from the dealership until was insured. I have always had an out-of-state West Coast license that was expired. He was so personable, patient, and very friendly. The most important is that he was professional and new exactly how to solve the insurance issue. He had my car insured within two hours! He has continued to follow-up with me through the process. I am going to refer him to my clients and friends. Thank you Brian!Raquel
Raquel Salois'
Raquel Salois'
1682990146
I am so relived I was referred to this insurance company. It is true . . . . . you get what you pay for. I tried all the internet companies first and was bombarded by scams and wasted almost a week with ZERO results. I called and had the pleasure of being paired with an excellent agent Brian Burgess. By this time, I was in a complete panic because I couldn't pick up my new car from the dealership until was insured. I have always had an out-of-state West Coast license that was expired. He was so personable, patient, and very friendly. The most important is that he was professional and new exactly how to solve the insurance issue. He had my car insured within two hours! He has continued to follow-up with me through the process. I am going to refer him to my clients and friends. Thank you Brian!Raquel
Saved my HOA $1,500/year with much more coverage than our previous insurance agent. Tentative & informative.
Elisa Balboni
Elisa Balboni
1681827535
Best insurance experience ever. Thank you Brian.
Elena EVNV
Elena EVNV
1680807226
Just switched to LoPriore Ins. Agency. Got a better price from previous agency. Seems like better coverage so far so good
Stan Mills
Stan Mills
1678895614
From the moment I was in contact with LoPriore agent I felt comfortable and secure that I been connected to someone I felt secure speaking with. Made my transition smooth and easy. Thank you!
It has been absolute pleasure working with Richard M. and the team at LoPriore Insurance. For years we did the direct route with homeowners and auto insurance thinking it would be easier and save us money. In beginning of 2022 we converted our multifamily home into condos and couldn't find any agent or companies willing to work with such a small HOA. I contacted Richard in a state of frustration and confusion and within a couple of hours he provided me with options and pricing. I was shocked at his ability to make the process look so easy compared to others I had been in contact with. Since then, we've also switched our primary residence and auto over their agency and Richard was able to get us better policies at a cheaper price! Our days of trying to go direct are behind us - I'm so relieved to have a dependable contact who can eliminate the confusion on such an important topic. Thank you, Richard, for your guidance and expertise!
Johanna Teahan
Johanna Teahan
1670772058
LoPriore Insurance Agency is the best agency around. They are on top of things and get you the best prices. John & Rich are amazing. Always willing to go above and beyond to help me out.
Diana Reilly
Diana Reilly
1670612597
The staff at LoPriore Insurance are second to none! Friendly, quick and knowledgable responses whenever information is needed. We have been a customer for over a decade and I know our business is in great hands with LoPriore Insurance Agency!
Judith Halloran
Judith Halloran
1669143561
Best insurance company i ever worked with by far. Adam Griffin is really amazing and easy to work with.
avi golani
avi golani
1668718966
Business matters are taken care of professionally, with great courtesy and thoroughness. All staff respond to questions as best they can or refer you to other staff as needed. All businesses should strive to be as well run.
Joe Smith
Joe Smith
1663539289
Always quick, easy client service. Thank you.
Michael Cuddy
Michael Cuddy
1662487813
Always excellent service, advice and genuine customer care.
Mary Kelly
Mary Kelly
1661537083
Adam and the office staff is great anytime I call it gets done
Quick and considerate responses.
Emily Minty
Emily Minty
1656174402
Prompt and efficient service and results, Would highly recommend LoPriore Insurance Agency.
Helen Corrigan
Helen Corrigan
1656019779
Excellent rates and customer service.
Beverly Murphy
Beverly Murphy
1655980116
Always responsive, professional and helpful.
Devin Cole
Devin Cole
1654628713
I was given the most competitive quotes and the service is professional.
Xue Lin
Xue Lin
1653401533
It is a great comfort to have someone like John and his team at LoPriore Insurance looking out for me and my business. Exceptional service and product knowledge is the reason I have used them for my business bond policy for more than 15 years. The staff is professional and responsive. I highly recommend them for all insurance needs.
Licia Commito
Licia Commito
1653400226
Working with LoPriore has been incredible! Brian has been able to get great rates and is always incredibly quick to respond, prompt, and professional. If anyone asks me for a recommendation, I know where I'll be sending them!
Amazing service especially during these trying times! Made the process seamless and quick! John and Danielle were both great to work with! I highly recommend.
It's all about the service baby!
Lopriore Insurance is the type of agency that shops around for you (the client) getting the best rate and most important, they get you the right coverage.
Recently, I had my families commercial property switched over from another local agency, saving us over 3k with a bunch of extra bells & whistles we didn't even ask for (who does that). This kind of service has me telling my family and friends to support them because of all they do.
Mike Moccia
Mike Moccia
1556196383
I have appreciated all the help I’ve gotten, especially from Danielle! She always answered my phone calls and emails promptly and streamlined the process of getting multiple policies in place for us!
Wendy Vaughan
Wendy Vaughan
1540557208
We have been working with LoPriore Insurance Agency for many years for our auto, personal and business insurance policies. Being a small business owner, it's nice to know that if any issues arise, it only takes a quick phone call to have someone help address it. We always feel that we are in good hands with John and his amazing team!
Adam Griffith is our main man at lopriore insurance. Very efficient and honest! Not just an agent but a trusted advisor. Try and find someone to figure out how to insure a tattoo shop within a barber shop?? You would think it’s not possible, but Adam made it happen.
John and his team are the best.
I use them for all my insurance needs, auto, home and business.
Companies that I work with are always impressed on how quickly they respond to all our insurance needs.

Try LoPriore insurance, you will not be disappointed
John R. Micieli
John R. Micieli
1540331621
I send all my clients to LoPriore Insurance, I have received nothing but positive feedback both on price and service ! Keep up the great work John,Maria and Co.
Peter Camplin
Peter Camplin
1539883859
I couldnt imagine doing my insurance anywhere else! Theyre the best!
I got into an accident a little over a month ago. My agent Danielle was very helpful. She was always able to answer my questions, if I couldn't reach anyone from safety she was able to contact them and have them get back to me right away. When I had to go to the office and do paperwork work all of the employees were very nice and helpful. I highly recommend this agency.
Kristy Marie
Kristy Marie
1538484673
I have met many people in the Insurance industry, over my career of transacting Real Estate, and as a Broker/Owner of a firm. None, have made themselves so invaluable that I call them first without question, except for Lopriore. They offer consistently great service and rates, and help my clients with timely advice.

I trust them with my most valuable assets -- my clients, and my reputation.

Thank you for helping my clients, and my business!

Sean Callahan - Broker/Owner Callahan Real Estate
Sean Callahan
Sean Callahan
1526074049
5 stars!! A family member of mine suggested that I call there insurance guy John at LoPriore Insurance to get a better quote on my current insurance. When I called John he was very easy to work with and extremely helpful. I couldn't be happier with how easy and fast it was to get a quote of my current policy which included a renters policy and it was all offered for $1200 less per year. After years of being insured by another insurance agency I always thought all prices were the same buying from insurance agencies.
To my surprise this wasn't the case and I can't be happier I was referred to the insurance guy!! I Also want to thank Maria at insurance office that made it simple to transfer and sign up with my new insurance. I literally did this all thru my iPhone and signed my paperwork via my phone which made the change so simple. I highly recommend you contacting them and seeing what they offer you!
Angela Bognanno
Angela Bognanno
1520269176
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