Owners of businesses and personal property can protect themselves from lawsuits by purchasing property liability insurance. This policy provides a safety net for individuals in the event of injury or damage involving their property.
Property liability insurance protects the policy owner from paying for any damages or injuries to another person or their property.
There are different types of property liability polices available. Policies can bought to cover such assets as businesses, homes and cars.
Having a property liability insurance policy transfers the burden of liability to the insurance company. Depending on the terms of the policy, the insurer may pay any legal fees on behalf of the policy owner.
Insurers consider several factors when determining to issue a property liability policy. These include coverage amount, claim history of the property type, the work industry for business policies or personal information for individual policies.
Property liability insurance doesn’t cover only physical injury and damage. Copyright infringement, libel and wrongful eviction also can be covered under a property liability policy.
Property owners are responsible for paying any award amount won against them if they don’t have a policy. They also must pay the remaining balance of the judgment if the policy coverage amount is not adequate.