Why do Resident Unit Managers need insurance?
It takes a lot to manage a property. You’re balancing the expectations of landlords and tenants, you’re arranging for general maintenance, and there’s a lot you do behind the scenes to keep the properties under your care in good order. However, sometimes one minor oversight can be enough to undo all your good work. Having adequate insurance is therefore important when carrying out your duties, to help protect you from some of the costs associated with the claims that arise in connection with your property management services.
In looking after a property, you’re not only responsible for the safety of residents, but also for any visitors to the property. Visitors will come into contact with common property, whether they are walking through the foyer, using the lifts or a staircase, or parking their car in an underground garage. You are likely to held responsible if those third party visitors injure themselves when accessing common property areas.
What is Resident Unit Manager’s Insurance?
Resident Unit Manager’s (RUM’s) Insurance through Aon has been designed with the needs of RUMs in mind. Two key risks you may face in your line of work are allegations of professional negligence, and/or claims for personal injury and/or third party property damage as a result of your business operations. Therefore, RUM's Insurance cover arranged by Aon combines Professional Indemnity Insurance and Public Liability insurance into one policy to make life easier for you.