Insurance Coverage Requirements: RE Brokerage vs. PM Company

[Amber Forkey]

Looking for some general guidance in the New York insurance requirement field for opening up a new real estate brokerage. 

To my understanding thus far in my journey, I would need to obtain Errors and Omissions insurance. However, my brokerage will be focusing heavily on property management so are there different insurance policies that are needed in addition to E&O coverage? I will not be employing anyone initially if that helps at all.

Still new to this so I'm learning as I go. Any help is much appreciated!

[Peter Tverdov]

We own a PM company. Number one it should be a separate legal entity from your brokerage due to the liability. Number two, get professional liability insurance and number three get cyber liability insurance for the PM company also (very prone to cyber attack due to all the money you collect monthly).