Workers’ Comp for Property Managers in Office Accidents

Property managers have a lot on their plates. Between overseeing tenants, dealing with repairs, and handling finances, it's a wonder they find time to eat! 

But one thing that property managers may often forget is workers’ compensation insurance. As a property manager, this type of insurance is vital for protecting your business in the event that an employee is injured on the job. 

In this blog post, we will discuss what workers’ comp for property managers covers, how to get quotes for this type of insurance, and key tips for property managers who need workers’ comp.

How Workers’ Comp for Property Managers cover accidents in the office

If a property manager is involved in an office accident, such as if someone falls down the stairs or cuts themselves on a paper cutter, workers’ compensation insurance will protect both the company and the employee while they recover. 

Workers’ comp for property managers can cover medical costs and lost wages for the injured worker, as well as any legal fees that may arise from a lawsuit filed by an employee due to negligence or other reasons. 

Workers’ compensation insurance is also required by law in most states, so it's important to purchase this type of coverage if you don't already have it. 

Which type of Insurance can Property Managers carry to cover accidents that occur in the Office?

If an accident occurs in the office, you'll want to ensure you have the proper workers’ compensation coverage in place. 

Property managers should also consider carrying commercial general liability insurance to protect them from a variety of accidents that could occur to customers or others in the office, such as slips and falls, fires, or even injuries caused by employees.

Liability insurance can protect property managers against claims resulting from damages to people or property. Liability insurance can cover the cost of medical fees, legal costs, settlements, and payouts that arise from an accident.

Understanding Workers’ Comp Class Codes for Property Managers 

Workers’ comp class codes are essential for figuring out how much you should be paying for your insurance. These 4-digit codes, created by the National Council on Compensation Insurance (NCCI), are assigned to each industry based on the risks involved in specific jobs. They help insurance companies determine how risky your business is and, in turn, how much you should be paying for insurance.

To get a handle on your workers' comp insurance costs, you need to start with finding out your class code. The NCCI offers resources that are pretty straightforward and can help you identify your specific code.

Property management companies typically fall under two class codes: 9015, for maintenance-related work, and 9012, which covers clerical tasks, sales, and similar roles. However, it's important to be aware of common issues that crop up with these class codes. 

Maintenance Class Code 9015: 

This property management code is for light maintenance work like painting between tenants or changing locks. But if your team is doing more heavy-duty work like roofing or major renovations, your class code needs to reflect that. Sticking with 9015 for these tasks could leave you 'on the hook' for any injuries that aren't covered under this code.

Clerical Class Code 9012: 

Unlike most industries where office staff fall under class code 8810, in property management, they are classified under 9012. This distinction, though subtle, is significant. Misclassifying your office staff under 8810 instead of 9012 can lead to unexpected costs during an audit.

Understanding and correctly applying these class codes is crucial for property managers. It ensures that you are not only compliant but also adequately covered, avoiding potential financial surprises down the line.

Managing Subcontractors in Property Management

As a property manager, subcontracting tasks like maintenance, painting, and other services is a common practice. However, it's crucial to manage these subcontractors wisely to protect your business from potential liabilities.

The Importance of Certificates of Insurance (COIs)

One of the key steps when dealing with subcontractors is ensuring they provide Certificates of Insurance (COIs). These documents serve as proof that the subcontractors have their own insurance coverage. 

Why is this important? 

If a subcontractor gets injured while working on your property and they don't have proper insurance, your business could end up being responsible for their injuries. That's a risk you don't want to take.

Consider Direct Payment Arrangements

A smart approach might be to have the subcontractors directly paid by the tenants, especially for individual-specific services. This arrangement can further distance your business from potential liabilities associated with subcontractor work.

Multi-State Workers’ Comp for Property Managers  

Imagine this scenario: You have properties in both State A and State B. An employee working on a property in State B gets injured, but your workers' comp policy is tailored only for State A. This can lead to complicated and potentially costly insurance claims, not to mention the legal headaches.

To avoid such situations, make sure that your workers' compensation policy is valid in all the states where the properties are located. Also, it’s important to keep abreast of state laws in each location. This will help you manage potential claims efficiently and keep your business compliant with legal requirements across different states. 

What to look out for when getting Property Management Workers’ Comp Insurance Quotes

When looking for workers’ compensation insurance quotes, be sure to ask about coverage for office accidents. Policies will vary, so it is important to review your policy and understand what type of coverage you have.

Be sure to also compare quotes from different providers. Rates will vary depending on the size of your company and the type of work that is done.

It's also important to read the fine print so you know what is and isn't covered by your policy. 

Some policies may only cover accidents that occur on the property, while others may also cover injuries that happen away from work. 

Choosing a provider of workers’ comp for property managers that offers instant online quoting is the best way to get your insurance approved quickly.

For property management companies that have properties in multiple states, it's important to find a policy that is valid in all of the states where your properties are located.

Get Workers’ Comp for Property Managers today!

Kickstand Insurance offers instant quotes on property management workers’ comp insurance policies across the majority of the United States, and we even provide instant quotes in a number of states. Explore options with our expert team - Get an instant quote today!