Property Management Insurance

[Daniel Lehman]

I am starting a business which involves offering residential services to people in the form of lawn care, house cleaning, light repairs (drywall, painting, fixing a single fence post, etc...) and basically just doing jobs that help maintain and upkeep properties. I don't have plans to get into construction and build decks or install new fencing for example.

I talked to an insurance broker and he suggested I get property management insurance. There was some confusion because he wasn't sure if I was starting a landscaping company and needed that insurance or if I was starting a janitorial business for house cleaning and needed that insurance. Eventually it was realized that I'm basically just doing light maintenance and general upkeep for properties and he suggested a property management insurance policy which would cover all that is needed.

I told him I thought you need a Broker's license (I live in Western NY) to be a property manager, or at the very least I would need a Realtor's license. He said I wouldn't because of the fact that I won't be collecting rent and finding new tenants etc. for other people.

Now, since I don't have any plan's to collect rent for people or find tenants etc, so what should I do here? Am I okay to run a business doing things that fall under property management in the form of maintenance and upkeep without technically being a PM?

[Mark Ainley]

@Daniel Lehman Lol first thing, you need to find a new insurance agent.  As a vendor offering services as explained it would be recommended you carry a business liability policy, coverage on your vehicles, and possibly workers comp depending on your setup. If you are keeping the company in your personal name I would advise against that or at least get a good sized umbrella policy.  

I have a good business insurance guy if you want a refferal. 

[Daniel Lehman]

@Mark Ainley yes I would like a referral for someone who can better help me based on the type of business I'm trying to run. Feel free to send a personal message. Thank you!

[Ben Guttman]

@Daniel Lehman a big part of Insurance for a property Manager is the Professional Liability/ EPL to protect against discrimination claims. Unsure if this applies when you aren’t truly handling that for the owner, but I have a great buddy who could probably help. He’s got NJ and NY offices.