...'cause they can get hurt
Property managers are responsible for employees' safety on the job. If an employee is hurt, they will be out of work for a time, which means they aren't able to service your customers and earn you money.
Workers' Compensation for Property Management Companies can cover employees, sub-contractors, volunteers, and independent contractors, depending on your plan. Workers’ comp may cover any type of injury that is sustained while your employee is working for you — whether it's an on-the-job injury or an injury that occurs offsite.
This means that, even if an employee is injured during a company retreat or outing, or while running errands on the clock, these injuries could be covered by workers’ comp. In the case of Workers’ Comp for Property Managers, an injury may occur at a specific building or on the way to a building visit.
Larger property management companies may have employees in several states, which is why it can be useful to buy workers’ comp where one company insures all of its offices across the nation. This way, if a person works in multiple states, they only have to have one policy.
Workers' comp insurance covers both the employer and the injured worker. Like all types of insurance, it acts as a safety net in case of an accident.
If a worker gets hurt on the job, the insurance company will help cover the costs associated with their care so the worker is well taken care of until they return to work.
Since the company had a workers comp policy, they do not need to pay anything towards the bills.
The National Council of Compensation Insurance (NCCI) sets a fixed rate for every industry.
The rate is based on the level of risk for that job description.
Premiums are primarily calculated by using your payroll numbers and your NCCI class code.
9012 - Property Managers - Leasing Agents, Clerical & Salespersons
9015 - Building or Property Management
9015 - Camps With Overnight Accomodations
9015 - Real Estate Management
9015 - Property Management for Trailer Parks & Mobile Homes
9015 - Property Management for Strip Malls
9015 - Public Swimming Pool Operation & Maintenance
9015 - Beach Bathhouse
Property Management Workers' Compensation can cover your employees if they are hurt on the job. This includes injuries that occur at work and even those that occur during the commute to or from work. Whether you're just starting out or have been in business for years, you can get workers’ compensation for property management that's right for your company and employees.
Classify your workers correctly
For example - Employees who do clerical work have a different code (8810). Lumping them together with manual labors will increase your premium.
Don't underestimate your payroll
You will be expected to pay the difference at the end of the policy.
Have a clear process to report claims
...and make sure your employees know about it. This will make the entire experience easier for all involved.
Report every incident
- even if it didn't result in a large injury. Some things which seem insignificant can snowball into costly issues.
Prepare for your audit
Every policy is audited at the end of 12 months. Keep your payroll records and files neat so you don't have issues later!
How quickly can I get my certificate of insurance?
Certificates are usually issued 24 hours after the policy is bound.
Let us know if you need it quicker and we will rush it.
We are a property management company that only handles the back end office work and lease agents. How should I classify my business?
9012 is the correct class code. If there are employees that are maintaining the grounds of the property those employees and their payroll should be under class code 9015.
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