Everyone knows property damage liability insurance is one of the costliest types of insurance and has a high deductible. It means you’ll pay out-of-pocket for any accidental or intentional damages.
This type of insurance is designed for those involved in-home business, such as flipping real estate, renting apartments, or simply doing handyman work. Besides, you need a reliable property damage protection company for a secure process.
But there are certain risks associated with every line of work, and to avoid such hazards, it’s important to have this sort of coverage. For example, it’s not uncommon for property damage liability insurance to cover any damages you cause to your clients, such as if you slip and fall on the job.
The Importance of Property Damage Liability Insurance
One of the biggest reasons many can’t survive without property damage liability insurance is their line of work. For instance, many people who have to make home repairs use this type of coverage but face certain risks.
According to the Bureau of Labor and Statistics, there were 2.85 million people who worked in repair and maintenance services in 2016. Of that number, 1.3 million didn’t have property damage liability insurance because they saw no need.
This was because many repairs or home improvement projects are performed on an as-needed basis for a fee, so it’s not uncommon for an individual or small business owner to have a large amount of cash on hand.
But if you are working on an ongoing basis or have been doing such work for years, being sued increases dramatically. Because many people who hire home repair services our handymen aren’t covered by insurance, they can be extremely active when filing a lawsuit against anyone who damaged their property.
In addition to that, it’s not uncommon for someone to try and sue to get cash quickly if they haven’t gotten paid for the service. So this is why property damage liability insurance protects you from the risk of being sued by anyone who believes you damaged them.
What are the Benefits of Property Damage Liability Insurance?
There are several benefits to having property damage liability insurance, and here are some of them:
1. A higher deductible:
One of the biggest benefits of property damage liability insurance is choosing a higher deductible and paying less in premiums.
So if you’re serious about covering any damages you may cause to others, you must find out how high your deductible is to lower the number of monies you will be paying out-of-pocket for any accidental or intentional damages.
2. Home protection:
Property damage liability insurance is an important type of coverage for everyone involved in home improvement or repair work. That’s because it protects your home from being damaged by someone else on your property.
For instance, if you leave a ladder against the side of your home and someone trips over it, causing damage to their property or injury to themselves, then you can be held liable.
So property damage liability insurance covers such expenses up to the amount of money stated within the policy, so you don’t have to pay them out-of-pocket.
3. Contractor protection:
Another benefit of having property damage liability insurance is protecting your business. If someone files a lawsuit against you, they must know you’ve covered them with a policy like this.
However, they can still sue you in court if they’re unhappy with your work or your work isn’t up to their standards. But by having contractor insurance, many people can avoid any legal fees and get back to doing what they do best- working for others.
4. Home improvement protection:
Having property damage liability insurance is a good idea if you’re involved in any home repair or improvement work. If you get into an accident while working, you must know your homeowner’s insurance will cover the damages.
But what happens when your homeowner’s policy doesn’t cover anything? In this scenario, someone can file a lawsuit against you and try to get a large sum of money out of you, so be sure to have coverage like this in place.
5. Theft or vandalism protection:
Another benefit to having property damage liability coverage is that it protects your property from theft or vandalism while in your possession.
For example, if someone steals your ladder, they may be trying to get money out of you. If they succeed and damage your property, your homeowner’s insurance will cover the damages up to the stated amount.
6. Legal fees protection:
There are many situations where people file lawsuits against others because they think they damaged them. And if you don’t have any form of coverage in place for this type of situation, you could be left with a large legal fee that can even exceed $10,000 for just one lawsuit.
That’s why it’s important to have this kind of coverage in place so that you can save as much money as possible in these legal proceedings.
7. No liability coverage:
One of the main benefits of having property damage liability insurance is providing no-liability coverage.
This means that if you’re sued for any damages to others, then you won’t have to pay out anything on their behalf because the insurance company will cover everything.
However, if the other person can prove that you did cause damages to their property, you can be sued for up to the amount stated within the policy, so you need to know what this kind of coverage is all about.
8. Covers your personal property:
Another benefit of having property damage liability insurance is covering your personal property. If someone steals your ladder while working on your house, they could be sued by someone else if they file a lawsuit against them or seek compensation through legal means.
If you’re self-employed and working on your own home, you need to have property damage liability coverage. You can consult My property Protect as it is one of the best damage protection companies in the USA.