You’re driving home from work, and a cat dashes across the road. Trying to avoid it, you smash through the neighbour’s fence. The question is, who pays to fix it?
If you’re insured, your insurance company covers the cost, minus your deductible.
This is the role of property damage liability insurance — coverage for damage you cause to another person’s property. Liability coverage is the most basic form of car insurance, and all states require it.
Property damage involves the harm, breaking, or impairment of something your business owns. This can include your work vehicles, business property, and items they contain. Read on to learn more about property damage liability insurance.
There are two types of property damage: physical injury and loss of use. Physical injury involves damage to tangible property such as a cash register, a forklift, or a desk.
Loss of use involves something that hasn’t suffered physical damage, but your normal usage of it is interrupted. If a truck broke down and blocked customers from accessing your business, or if someone’s construction work shut off the water supply to your business, these could be considered a loss of use.
Commercial property insurance covers damage to your business property from things like theft, vandalism, and fire.
Business interruption insurance, also known as business income insurance, can help offset a loss of income if your business has to close temporarily because of a catastrophic event, such as a fire. It can help pay for lost revenue, day-to-day expenses, and rent or relocation costs.
Inland marine insurance covers your business property while it’s in transit or being stored away from your business, such as a warehouse or a customer’s property. It can also cover high-value assets that property insurance usually doesn’t cover.
Property damage liability insurance usually makes up just one part of your car insurance policy. Car insurance policies typically contain the following coverage types:
Property damage liability doesn’t cover repairs for your own vehicle or your medical expenses, so you’ll need additional coverage to protect yourself, such as collision and comprehensive insurance.
When looking for any kind of property damage insurance, it’s important to consider more than just the premium when comparing policies. You should also look at the deductible for each policy, the policy limits, and the minimum amount that you would pay in case of a property damage claim. Atlantik Sha offers comprehensive property damage liability insurance customized to your requests and our staff will assist you in making the best decision for your needs and concerns.
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