Underground parking? On-site gym? Rooftop pool? Mechanical valet parking? Developers and property managers alike agree that these Class-A amenities have now become commonalities in the multifamily housing sector. While luxury amenities have been established as significant selling points, tenant expectations are shifting.
In such a competitive market, management companies are looking for new ways to attract potential tenants. Thus, the enticing offerings of hotel-like services and “front-of-house” employees. Physical amenities, while offering an attractive experience, lack the appeal of something everyone wants more of: time. Services such as housekeeping, grocery delivery, pet sitting, car detailing, and dry cleaning allow your residents to live more convenient and less hectic lives.
Are you covered?
Offering these services increases your liability exposure as a business. Professional liability insurance is a tailored coverage generally designed to pay for defense costs and damages associated with any wrongful acts, errors or omissions arising out of a service provided in exchange for a fee. In a property manager’s case, this coverage can be essential in events such as failure to maintain the property, wrongful eviction, invasion of privacy or wrongful entry.
And those convenient services you are now offering to your tenants? Professional liability insurance can cover bodily injury or economic damages incurred in the course of performing such services, which may otherwise be excluded in your general liability policy. In addition to professional liability insurance, various bailee coverages may be necessary if your employees are permitted temporary possession of your tenant’s goods. Damage or destruction of a tenant’s property may not otherwise be covered if proper policies are not in place.
Work with our experts
It is your job to provide your tenants with the reasoning as to what sets your property apart and why they should rent from you. It is our job to help determine what coverages are best for your business operations. The consultants at Hausmann-Johnson Insurance understand both the Real Estate and Hospitality marketplaces and offer flexible programs for property managers of all sizes.
Don’t hesitate to contact us (608)252-9687 or send us a message here.
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