How does building insurance work for property managers? The property manager is usually responsible for making sure the buildings under his or her management carry the proper insurance, which includes insurance for physical damage and also liability insurance.
That's pretty much the same across the board in that all property should be insured for physical damage.
One type of coverage relates to the building and the other type of coverage relates to the liability or what happens in the event a person is injured on your property, in the event that the boiler explodes or something dangerous happens at the property. Those are the two basic types of insurance.
As far as property managers are concerned, they have a great deal of buying power in some markets because they buy a lot of insurance. Buying it is a part of the insurance portfolio of the property management company. A property manager always wants to have the owners of the property named, the managers named, the employees of the property and all coverage on those liability policies, because when lawsuits are filed, they don't just file them against the property, they file against the property owner, property managers, site manager and everyone who is anywhere within the chain of potential liability.
