Property Liability

Property Liability coverages are specifically designed to safeguard your business from the risks encountered in your day-to-day operations.

Property Liability

As a small business owner, the last thing you want is to damage a client or third party’s property.

If you cause an accident or other loss, your Property Damage Liability coverage is there to pay for the damage done to someone else’s property, such as a vehicle, a lamppost, or even a house. Property Damage coverage can also pay for your legal defense costs if you are sued as a result of these damages. Property coverage is often combined with other types of coverage under one policy such as a Business Owners Package, also known as a BOP.

Top questions on Property Liability

Everyone needs Property Damage Liability coverage. In many situations, this insurance is required by law.

For example if you have a filing on your commercial auto insurance policy, you are required to have Property Damage Liability insurance.

When you think of property damage, you might imagine incidents where someone damages an item they’ve been entrusted to alter or repair. However, property damage doesn’t have to result in damage at all. To get a better sense of this definition, think of all the ways someone can do harm to a piece of physical property (and in extension, to a business). They could:

  • Lose a piece of tangible property
  • Damage or destroy a piece of tangible property
  • Render property temporarily unusable through damage
  • Render property temporarily unusable without damage

If another party contributes to the cause of the damage you are liable for, your insurance will often pay the claim on your behalf and seek reimbursement from the other party. This is known as subrogation.

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