General Liability Insurance for Property Maintenance

A property management company needs a multi-layered insurance plan. General Liability is fundamental for covering third-party injuries and property damage. Professional Liability (E&O) is crucial to protect against claims of negligence in your services. Additionally, you may need Commercial Property, Commercial Auto for vehicles used for business, and Workers' Compensation if you have employees. We can bundle these into a comprehensive and affordable package for your specific needs.

The cost varies based on several factors, including your location, the number of employees, your annual revenue, the specific services you offer, and your claims history. For a small handyman business, premiums can start from a few hundred to a couple of thousand dollars per year. The best way to get an accurate cost is to request a custom quote, which allows us to assess your unique risk profile and find the most competitive rate.

No, general liability insurance does not typically cover your own property, including tools and equipment. It is designed to cover third-party damages. To protect your tools and equipment from theft or damage, you would need a separate policy called Inland Marine insurance, often referred to as a Tool and Equipment Floater. This can be added to your business owner's policy to ensure your valuable assets are protected wherever you take them.

General Liability covers physical risks, such as a client slipping on a wet floor you just mopped (bodily injury) or an employee accidentally breaking a window (property damage). Professional Liability (or E&O) covers financial losses to a client due to your professional mistakes or negligence. For example, if you fail to arrange a necessary repair that leads to further property damage for your client, Professional Liability would cover that claim.

If you have employees, almost every state legally requires you to carry workers' compensation insurance. This policy covers medical expenses and lost wages for employees who get injured or become ill on the job. Even if it's not required for a solo operation, it's a wise investment to protect yourself from work-related injury costs. We can help you navigate your state's specific requirements and find an affordable policy.

This is a critical detail. Your general liability policy may not automatically cover the actions of subcontractors. It's essential to ensure any subcontractors you hire carry their own liability insurance and to have them provide a certificate of insurance. You can also add endorsements to your policy for additional protection. We highly recommend discussing your use of subcontractors with us to ensure you are not exposed to unnecessary risk.

If your work directly causes accidental fire or water damage to a client's property, your general liability insurance policy would typically cover the costs of repairs or replacement, up to your policy limits. This is a core function of the policy's property damage liability coverage. Having adequate limits is crucial for property maintenance professionals, as repair costs for such incidents can be substantial. We can help you determine the appropriate coverage limit.

Once your policy is active, obtaining a certificate of insurance is a simple and fast process with Soma. A COI is a document that proves you have insurance coverage. Clients or property owners often require it before you can start work. You can request a COI from us, and we typically provide it within hours, ensuring you can start your projects without delay. This document outlines the types and limits of your coverage.