Managing property comes with a slew of responsibilities. From filling units and collecting rent to handling maintenance tasks and repairs around the property, there’s never a dull moment in your role. This may be a job you can handle on your own, but hiring a team of employees can streamline your workflow and keep tenants happy.
If or when you decide to employ one or more people, you are required to get a workers’ compensation plan for property management insurance. Let’s take a closer look at the insurance requirements for a landlord and how you can protect yourself and your potential workforce in the event of an accident on the job.
Property managers are required to have various types of coverage to protect their business, properties, and tenants. Property management insurance needs include:
Other recommendations for coverage for property managers include:
Being the sole proprietor of a property management company means you’re not required to invest in workers’ compensation insurance – unless you hire employees. In most states, if you do not provide proof of workers’ comp coverage, you may not be legally allowed to hire other people to work for you. Getting an understanding of your state’s law and requirements can give you a better idea of whether you need a workers’ comp insurance plan.
Even if you don’t have plans to hire people under you, having workers’ comp insurance is a smart way to protect yourself as a sole proprietor. In the event of an accident, workers’ compensation insurance will cover your own medical expenses and missed wages while in recovery, which can ultimately safeguard your business.
Workers’ compensation insurance can also protect you and your business if a lawsuit is involved. This extra layer of protection can give you peace of mind in the event of a legal situation, no matter who’s at fault.
Gathering property management insurance quotes for workers’ compensation can be an unpleasant and timely task. Most providers can take days or even weeks to get you a quote on an insurance policy. With our team at Kickstand Insurance, the experience is very different.
We can provide you with an instant quote for workers’ compensation insurance so you can get an estimate of what you’ll expect to pay for coverage. All you have to do is fill out our online form and you’ll receive your quote right away.
Protecting yourself and your current or future employees has never been easier. Contact us today to learn more about how our workers’ comp insurance fits into your industry.
Note: The information provided in this blog is intended for general informational purposes only and is not a substitute for professional legal or insurance advice. Laws and regulations regarding workers' compensation insurance are complex and vary by state and by specific circumstances. Therefore, readers are encouraged to consult with a qualified legal or insurance professional to obtain advice with respect to any particular issue or problem they might have.
Mordechai Kamenetsky, co-founder and lead agent of Kickstand, is recognized as an expert in workers' compensation. He is passionate about helping small businesses manage risks and lower their workers' comp costs. In his articles, he educates readers and clients on the intricacies of workers' comp insurance.