426 Main Street Suite 2

Stoneham, MA 02180

Call: 781-438-1375

Fax: 781-438-6790

Mon - Fri: 9:00 - 5:00

Contact Us 24/7 Online

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.

Start Comparing Your
Options Below

Massachusetts Property Managers Insurance
Quote Options

In just a few minutes, you can compare quotes from several insurance companies

Request Insurance Quote

For an insurance quote, simply complete the form below. We will contact you to discuss coverage options and discounts.

Upload Your
Current Policy

Already have a policy? Easily upload your insurance policy so we can explore and compare true apple-to-apple options.

Talk To An

Need assistance or have questions? Our agents are happy to help. Please call to discuss your insurance needs.

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:

Amount of coverage
Risk Management Practices
Claim History
Amount of
Properties Managed
To Learn More
Click On Item

Elevate , Your Property Managment Operation!
Request Your Property Managers Insurance Quote Today

Choose us as your trusted partner for property management. Secure your operation with confidence. Get started today and ensure the protection and success of your property management endeavors

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.

Already Have Insurance Upload Your Policy

Switching Your Insurance Made Easy!

Upload Your Current Insurance Policy to Compare & Save!

Policy Comparison Submission
Already have coverage and want to compare? Scan your coverage page and upload it here. Accepted file types: .jpg, .png, .pdf, .doc, .docx.

What’s The Advantage of Comparing My Insurance Policy?

When you send us a copy of your policy, our team has an opportunity to get a snapshot of your current insurance coverage, discounts, and added riders on your existing insurance policy.

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.

What Happens When You Upload Your Policy?

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.

Quote Request Form

Request A Commercial Insurance Quote Form

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.

Still HAve Questions? Get Answers

LoPriore Best Homeowners Insurance Agency Boston

See What Others Are Saying About Us!