For businesses that own land, having a property preservation insurance plan can be invaluable for when accidents happen. Combining several policies may be the key to creating the best plan to protect you property.
What Is Property Insurance?
Property insurance protects businesses from several different kinds of claims. A comprehensive policy may include general liability to protect the company from claims when a trespasser is injured on the property. A good plan may also include errors and omissions insurance to prevent claims of professional negligence.
The purpose of this kind of insurance is to protect the company’s property. Whether it is being used for professional purposes or being sold, keeping the property intact and visitors safe is the main priority. In the event that information is withheld from clients about the property, insurance can cover any damages. Similarly, when people are injured on company property, a good policy may accept most or even the full cost of any resulting lawsuits.
Property preservation insurance blends different policies together to create a comprehensive coverage plan that protects the company from potential lawsuits. Errors and omissions insurance is necessary for protecting businesses from lawsuits involving accidental negligence, while general liability may be the best way to keep your company from paying for lawsuits resulting from injuries on the property.