Use dotted terms for definitions. You can also browse the glossary.
Before you decide
- List work for clients separately from work on owned properties.
- General liability does not answer every professional-service allegation.
- Client funds and tenant data need distinct questions.
Define the service business
Describe leasing, inspections, vendor selection, collections, bookkeeping and other services. Identify entities, employees, subcontractors, states of operation and client-property types. Keep owner premises interests separate from management operations.
NAIC distinguishes general and professional liability categories. FTC cyber guidance and Travelers crime materials identify other exposures. Use those distinctions to request appropriate proposals, not to presume a standard management package covers everything.
Submission worksheet
| Area | Evidence |
|---|---|
| Professional services | Management contracts and scope |
| Premises | Owned versus client locations and roles |
| People | Payroll, vendors and duties |
| Money | Who holds and authorizes client funds |
| Data | Systems, vendors and security controls |
| Reporting | Claim or incident procedures and relevant dates |
Reconcile contracts and insurance
Have the appropriate professionals compare required indemnity and insurance terms with actual endorsements. A certificate does not establish every insured role or activity.
Ask how prior acts, reporting basis and changes in services are handled where applicable. Keep renewal and incident reporting assigned to a responsible person.
Sources & scope
- NAIC: Small business insurance
General property, liability and package-policy definitions. Product eligibility and exclusions require the actual form.
- Federal Trade Commission: Cyber insurance
First-party and third-party cyber questions; a checklist is not proof that a quoted policy includes each item.
- Travelers: Fidelity and crime insurance
Examples of distinct insuring agreements for dishonesty and fraud. Definitions and reporting triggers vary.
Sources checked October 24, 2026. General descriptions do not replace the policy, endorsements, declarations or an insurer’s coverage determination. Examples are hypothetical unless explicitly identified otherwise.
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