What type of insurance should property managers carry?

Property managers should carry general liability insurance because it protects them from claims involving bodily injury, property damage, and personal injury that may occur during the normal course of managing a property. This type of insurance is essential for safeguarding against legal costs and potential settlements resulting from accidents that occur on the property for which they are responsible.

General liability insurance provides coverage in a variety of scenarios, such as a visitor slipping and falling in a common area or damage to someone's property while conducting repairs or maintenance. By having this insurance, property managers can operate with greater peace of mind, knowing they have financial protection against these common risks associated with property management.

While property insurance, workers' compensation insurance, and health insurance may be relevant to a property manager’s overall risk management strategy, they do not directly address the liabilities that arise from managing properties. Property insurance typically covers the building and its contents, while workers' compensation insurance covers injuries to employees. Health insurance is important for employee wellbeing but does not relate to the specific liabilities faced in property management activities.