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Property Management Mastermind Show

#36 Derrick Scott on Insurance Discussion from Top to Bottom

Apr 02, 2018 by Brad Larsen
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I’ve known Derrick Scott for a while, but we’ve been getting to know each other better recently. Derrick is a property management company owner as well as an insurance company owner with over 25 years of experience in the insurance industry. He’s particularly familiar with insurance as it applies to property managers in working with owners, tenants, and company stuff. We’ll dive deep into the topic of insurance, especially the master policy concept.

We all know that you can require renters’ insurance in your lease agreement, your tenants will show you a copy of the agreement, and then they’ll go cancel the policy. The concept of having a master policy is a potential way of getting around this by having the management company act as the insurer. The problem with property insurance, or landlord insurance, is that some companies don’t cover specific things like certain dog breeds, while others do. You may never know whether your policy covers these things unless you dig down deep. This sort of thing is what led Derrick to wanting to provide a solution for property owners that makes sure that vicious dog liability is covered.

We’ll cover lots of other topics, too, such as whether you should carry errors and omissions insurance even if your state doesn’t require it, some of the complicating factors surrounding workers’ comp, which kinds of insurance you absolutely must (and definitely should) carry for your property management company, and much more! Tune in to learn more about this different aspect of property management and gain a deeper understanding of how to best protect yourself and your company.

Here’s where you can find Derrick:

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About The Host

The Host of this Podcast is Brad Larsen from San Antonio, Texas. Brad is the founder and owner of RentWerx, one of the fastest growing residential Property Management companies in Texas that currently manages over 700 single family homes.