By Chris Bassler, President of Bassler & Co. Insurance Agency
When you manage billboard assets for others you are essentially in the property management business. The definition of property management is the daily oversight of commercial real estate by a third-party contractor. Generally, property managers take responsibility for day-to-day repairs, ongoing maintenance, security and upkeep of properties for property owners. Their main roles are to manage routine tasks delegated to them by the property owners to preserve the value of the properties they manage while generating income.
Property Management Professional Liability Insurance coverage for property managers IS NOT included in your basic General Liability insurance coverage. Therefore, to cover this exposure, you must acquire property management professional liability insurance. Property Management Professional Liability Insurance—also known as Property Management Errors and Omissions Insurance or Property Management E&O—protects all types of property management professionals if a client alleges that you were professionally negligent or failed to perform duties as promised in your contract.
If you perform any of the following duties for billboard assets you manage for others, you need property Management Professional (Errors and Omissions) Liability insurance coverage:
- Screening potential advertisers
- Drafting, signing, and renewing advertising contracts on behalf of property owners
- Collecting advertising fees and managing finances
- Maintenance of properties, including general repairs, vinyl installations, vegetation control, snow removal, cleaning etc…
- Marketing advertising space for properties
- Designing billboard ads for the property owners’ advertisers
- Supervising contractors who work on and around the property owner’s billboards
- Consulting with the property owner with regards to any aspect of the operations of their billboard assets
If you have any questions or would like to obtain a no obligation quote for Property Management Professional Liability Insurance, don’t hesitate to call Chris Bassler, President of Bassler Insurance at 312-882-3363
Chris Bassler
Bassler & Co. Insurance
W: 847-480-0800 |C: 312-882-3363
cbassler@basslerins.com | https://www.basslerins.com/
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