What is Property Preservation Insurance?
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What is Property Preservation Insurance?
As property preservation contractor you’re a skilled multi-tasker. Your day could consist of the clearing out and cleaning up the neglected, abandoned and foreclosed which may mean anything from window-boarding to winterization.
Unfortunately, the property preservation industry is a minefield of rules and regulations. Meaning you also must be a great risk manager understanding what you’re allowed to do, what you’re not, and all the potential snares in between.
To go right alongside having the right skill set, equipment, and licenses, you need the right insurance.
Sure, you’re careful. However, as we all know accidents happen. Mistakes are made. So, when things go wrong as they will, you need to the confidence your business is protected and your reputation preserved.
Understanding Property Preservation Insurance
Realtors and banks typically require you to have general liability insurance before they hire you. However, it would help if you had it anyway because repairing and maintaining clients’ properties puts you at an increased risk for bodily injury or property damage claims.
Imagine this, you’re grass cutting, and your mower throws a rock, putting a massive hole in the siding. Or, an employee spills a bucket of paint on an expensive, wool carpet. Perhaps a bank employee falls and hurts themselves on the hardwood floor you just polished as they were inspecting the property. All those are your responsibility. Meaning you could end up facing a claim.
Medical bills, repairs, lawyers, fees and the costs can go through the roof. A legal battle won’t just put a huge dent in your finances. It could wreak havoc on a reputation you worked so hard to build.
Property preservation general liability insurance gives you peace of mind. It takes away the worry if a claim made against you, your coverage can take care of your legal costs and compensation if you’re liable. Even if the clam has no merit.
Your general liability policy should have personal injury and advertising injury protection as well as care, custody, and control coverages built into it. You should consider an errors and omissions policy to cover you for work including trash outs, removing and securing contents of the vacant property, minor repair, and maintenance work, winterization when appropriate, lawn care, and changing locks.
Another coverage you must have if you have employees in Illinois is workers’ compensation insurance. This coverage protects you from carrying the brunt of an on the job accident and ensures your employees can seek the medical care they need.
Key Takeaways
Insurance is designed to protect you and your business. When your company is reviving neglected properties, it is essential that you have the right insurance coverage in place.
Our property preservation specialists are standing by, ready to answer any questions you have about property preservation insurance. Our top goal is to help business owners like you sleep better at night. With the right protection program in place, you will rest easy knowing if an accident occurs, you have the backup you need to make sure it is taken care of.
Give us a call today at (800) 641-7488.
