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Coverage to preserve and protect you
Clearing out and cleaning up the neglected, abandoned and foreclosed can mean anything from window-boarding to winterization. You’re not just a jack – or Jacqueline – of all trades, you’re a skilled multi-tasker.
On top of that, the PP industry’s a minefield of rules and regulations. You have to know what you’re allowed to do, what you’re not, and all the possible pitfalls in between.
So, as well as having the right skills, equipment and licenses, you need the right insurance.
Sure, you’re careful. But accidents happen. Mistakes can be made. And when things go wrong, you need to know your business is protected and your reputation preserved.
Why do you need property preservation general liability insurance?
Banks and realtors usually require you to have general liability insurance before they’ll hire you. But you need it anyway, because maintaining and repairing clients’ properties puts you at high risk of injury or damage claims.
If you’re grass cutting and your mower throws a rock, putting a huge hole in the siding? Or, you spill a bucket of paint on an expensive, wool carpet? Or someone slips, falls and hurts themselves on the hardwood floor you just polished?
You could end up facing a claim. Medical bills, repairs, lawyers, court fees… the costs can go through the roof. And a lawsuit won’t just put a huge dent in your finances, it can damage your reputation, too.
General liability insurance gets you peace of mind. If a claim’s made against you - even if it’s groundless – your coverage can take care of your legal costs and compensation, if you’re liable.
Why do P&P contractors need professional liability insurance?
Check your state’s requirements. Some states require P&P contractors to have both general and professional liability insurance.
There’s a difference. General liability insurance protects you from claims made against your business if someone’s injured, or their property’s damaged, and it’s your fault.
It doesn’t cover you for professional negligence claims. That’s what professional liability insurance is for.
Say you clear out the neighbor’s shed by mistake? Or, re-key the wrong property? Or trash a dirty old carpet, ripped and full of holes, only to find out it was an antique, meant for restoration? You could be sued.
Professional liability insurance is also known as errors and omissions insurance – E&O, for short. It’s protection for your business against claims you made a mistake or left something out. Even if you didn’t.
And as coverage can be retroactive, it means past errors or omissions won’t come back to bite you, either.
What other insurance do property preservationists need?
If you’re heading up a P&P crew and hire subs, make sure they’ve got their own coverage.
But even if you have just one employee, you’re legally required to have workers’ compensation insurance.
It protects your business from claims for injury to staff in the workplace and can pay for medical treatment, lost wages plus legal costs if you’re sued.
Business personal property insurance is also worth getting. It covers the stuff you need to do your job.
That’s not just the computers and furniture in your office – even if that’s in your home – it’s the mobile devices and tools you take with you to work on clients’ properties.
You might not think you need it. But take a sec to add up how much it would cost to replace all your equipment. More than you thought, right?
How much does property preservation insurance cost?
Our policies start at $41 a month. But you don’t have to pay monthly. We have quarterly and annual options, so you can choose payments that work for you.
As for how much cover you need. It’s always best to over-estimate. Imagine the worst that could happen, then pick a figure you can realistically afford.
Each property preservation company is different, we get that. And that means your insurance needs are, too.
We can build a package to suit your business. In minutes.
Read what our customers say about us
I had many things to do to get inspection insurance. Matt guided me through the process making it easy for me. Friendly and prompt and respectful people and service. Thanks
Mr Welch. 06-14-2018
Quick and easy process. Information is clear and upfront.
Insurance Bee's service is great I told them what I needed and it was done no hassle or complication everything was explained to me in terms that i could understand. I highly recommend
Mrs Garcia. 04-16-2018