{"id":2422,"date":"2021-10-14T16:40:00","date_gmt":"2021-10-14T16:40:00","guid":{"rendered":"https:\/\/www.insurancebee.com\/blog\/?p=2422"},"modified":"2024-10-24T13:34:13","modified_gmt":"2024-10-24T13:34:13","slug":"property-preservation-insurance-requirements-are-you-covered","status":"publish","type":"post","link":"https:\/\/www.insurancebee.com\/blog\/property-preservation-insurance-requirements-are-you-covered","title":{"rendered":"Property preservation insurance requirements: are you covered?"},"content":{"rendered":"\n


<\/p>\n\n\n

\n
\"Man<\/figure>\n<\/div>\n\n\n

Property preservation insurance requirements are pretty straightforward (unlike getting the correct licenses). As a bare minimum you\u2019ll need:<\/p>\n\n\n\n


\u2022 General liability insurance<\/a>
\u2022 Professional liability (E&O) insurance<\/a>
\u2022 Workers\u2019 compensation insurance<\/a> (if you have any employees).<\/p>\n\n\n\n

Many Appraisal Management Companies (AMCs) will check you have general liability and workers\u2019 comp policies before they\u2019ll work with you. And some states require P&P contractors to have errors and omissions insurance (or professional liability insurance as it\u2019s also called). But depending on the way your business operates there are other policies you might need too:<\/p>\n\n\n\n


\u2022 Cyber insurance<\/a>
\u2022 Equipment insurance<\/a><\/p>\n\n\n\n


We\u2019ll get to those later. First, let\u2019s talk about the essential coverage property preservationists need, what it covers and why you need it.<\/p>\n\n\n\n

<\/p>\n\n\n\n

General liability insurance for property preservation<\/h2>\n\n\n\n


Because you work on-site, repairing and maintaining properties for clients, you need general liability insurance<\/a>. It protects your business from the cost of claims for:<\/p>\n\n\n\n

\u2022 Injury to someone (other than you or an employee)
\u2022 Damage to someone\u2019s property
\u2022 Personal injury (slander\/libel).<\/p>\n\n\n\n

Of course, you\u2019re careful. But accidents can – and do – happen. Imagine an inspector trips over your equipment during a walkthrough and needs medical treatment? Or you drop a drill, chipping a marble countertop. Or a competitor claims your advertisement damaged their reputation?<\/p>\n\n\n\n


Any one of these scenarios could end up in a claim against your business. Without general liability insurance, you\u2019ll have to cover the cost of medical bills, or repairs or replacement. Then if it gets to court, you\u2019ll be facing legal fees and possibly compensation, if you\u2019re found at fault.<\/p>\n\n\n\n


General liability insurance for property preservation contractors can take care of these costs for you. Even if a case is groundless.<\/p>\n\n\n\n

<\/p>\n\n\n\n

E&O insurance for property preservation<\/h2>\n\n\n\n


Why do you need this policy? (Aside from if your state requires you to have it, of course.) Because general liability insurance doesn\u2019t cover you for claims you made a mistake, or your work was faulty. That\u2019s what errors and omissions insurance is for.<\/p>\n\n\n\n


Imagine you re-key the wrong house. Or a client claims the repairs you did on a foreclosed property weren\u2019t up to standard. You could be sued. In fact, you can be sued even if you haven\u2019t made a mistake.<\/p>\n\n\n\n


Even if there are no grounds for a claim, errors and omissions insurance<\/a> can hire you an attorney and pay your legal fees, plus compensation if it\u2019s due. And as long as your prior coverage was continuous, your policy can be retroactive. So you won\u2019t have to worry about claims arising from jobs you\u2019ve done in the past either.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Workers\u2019 compensation insurance<\/h2>\n\n\n\n


You may only have one employee. But if you do, you need workers\u2019 compensation insuranc<\/a>e. In most states, it\u2019s a requirement.<\/p>\n\n\n\n


It\u2019s a must-have anyway. Why? Because it protects you from the cost of workplace injury or illness claims. If you find yourself facing a claim, it can take care of medical bills, replace lost wages and pay legal fees if the case goes to court.<\/p>\n\n\n\n

Right. Now you\u2019re straight on which policies you need at the absolute minimum, here are a couple of others to think about.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Cyber insurance<\/h2>\n\n\n\n


If you use email or own a website for your business, cyber insurance<\/a> is a must-have. It doesn\u2019t just protect you if you get hacked and your website hijacked. It protects you from the cost of cybercrimes like money transfer fraud too.<\/p>\n\n\n\n


Obviously, cyber insurance can\u2019t protect you from being hacked or defrauded. But it comes with cyber security training for you and your staff to help boost your defenses. And if you are the victim of a cyber-attack, you\u2019ll get technical, as well as financial support, to ensure your business survives it.<\/p>\n\n\n\n


Because for most small firms like yours, it\u2019s not the attack that\u2019ll put you out of business, it\u2019s the cost of recovering from one.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Property preservation insurance cost<\/h2>\n\n\n\n

The price you\u2019ll pay for your insurance varies from business to business. It\u2019s affected by things like:<\/p>\n\n\n\n

\u2022 the size of your business
\u2022 its location
\u2022 the limits you choose.<\/p>\n\n\n\n

If you choose a bigger deductible (the amount you\u2019ll contribute towards the cost if there\u2019s a claim) your premium will cost less. Just be sure you could actually afford to pay that amount if you have to.<\/p>\n\n\n\n

As for how much cover you need. It\u2019s always best to overestimate. Imagine the worst that could happen, then pick a figure you can realistically afford.<\/p>\n\n\n\n

Our general liability policies start at $42 a month. E&O insurance will cost you from $71 a month. But you don\u2019t have to pay monthly. We have quarterly and annual options, so you can choose a payment plan that suits you.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Property preservation insurance quotes<\/h2>\n\n\n\n


Still not sure what your property preservation insurance requirements are? You\u2019ll find more information on our website<\/a>.<\/p>\n\n\n\n

Or call us at 978.344.4215. We\u2019ll be happy to talk you through your options and get the right coverage for you, fast.<\/p>\n\n\n\n

Ready to get your quote? Get a quote online<\/a> now.<\/p>\n","protected":false},"excerpt":{"rendered":"

Property preservation insurance requirements are pretty straightforward (unlike getting the correct licenses). As a bare minimum you\u2019ll need: \u2022 General liability insurance\u2022 Professional liability (E&O) insurance\u2022 Workers\u2019 compensation insurance (if you have any employees). Many Appraisal Management Companies (AMCs) will … Read more…<\/a><\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[114,113,112,90],"class_list":["post-2422","post","type-post","status-publish","format-standard","hentry","category-general-liability","tag-errors-and-omissions","tag-pp-contractors","tag-property-preservation","tag-workers-comp"],"yoast_head":"\r\nProperty preservation requirements. Are you covered?<\/title>\r\n<meta name=\"description\" content=\"Do you have the coverage you need as a P&P contractor? 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