What type of insurance is generally recommended for property managers to have?

General liability insurance is crucial for property managers because it protects against various risks associated with managing real estate properties. This type of insurance covers claims of bodily injury, property damage, and personal injury that might occur on the properties being managed. For instance, if a tenant or visitor gets injured while on a property due to negligence—such as a slip and fall from a poorly maintained condition—the general liability insurance would help cover legal fees, settlements, or judgments.

Having this insurance helps provide financial security and peace of mind for property managers, as the nature of their work exposes them to potential liabilities that could arise from their management duties. It is essential not only for personal protection but also for maintaining trust with property owners and ensuring compliance with industry standards.

In contrast, health insurance is focused on covering personal health expenses and is not relevant to the specific risks associated with property management. Vehicle insurance is necessary for vehicles used in the course of managing properties but does not address liability risks on the properties themselves. A performance bond is typically used to guarantee the completion of contractual obligations but does not protect against the liability issues that could arise from managing properties. Hence, general liability insurance stands out as the most pertinent and advisable insurance for property managers.