Your homeowners’ association should buy insurance coverage for:
- General Liability Property Insurance: A policy will provide protection for buildings but not their contents.
- Regular Liability Insurance: Including this in your insurance policy will provide protection for injuries to visitors within a neighborhood or condo.
- Social Host Liability Coverage: Condos with clubhouses and other social spaces that will host guests or events will need liability coverage.
- Directors and Officers Coverage: This type of coverage protects board and association members from liability.
- Workers’ Compensation: To provide coverage for injuries and losses suffered by employees.
- Employee Dishonesty Bond: To provide coverage for theft and loss caused by employee crime or dishonesty.
- Fidelity Bond Insurance: To protect against financial fraud within the organization.