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February 27, 2017

What is property owner’s liability insurance?

property liability insurance

Property owner’s liability insurance is somewhat unique, at least as far as Tulsa home insurance policies go, in that it’s useful for both personal and commercial use. Put simply, property owner’s liability insurance is designed to protect you financially from any situations that arise after someone gets injured on your property. For commercial properties, this includes customers that might, for instance, slip and fall after entering a store. Of course, different providers have different limitations on what can and cannot be covered by property owner’s insurance, so if you’re in the market for Tulsa home insurance, then be sure to read on.

What Property Owner’s Insurance Covers

When you get property owner’s insurance, you are getting protection for any situation in which someone is injured while on your property. This means you’ll have coverage for any costs associated with a lawsuit, as well as any costs associated with medical bills.

In this case of commercial property owner’s insurance, the policy can go a step further to protect the property in the case of damage that occurs to it as a result of company actions or products. As with other types of accidents, the policy will provide coverage for any court or legal fees that result from the situation.

Other Ways to Protect Your Property

Although property owner’s insurance can protect you in the event of an accident, it can’t do everything. The best way to keep you and your property safe is to take extra precautions to ensure that everything is properly maintained and organized. If you run a business, then it’s especially important that you have protocols in place to keep both your customers and your employees safe. If you haven’t already done so, then you should seriously consider investing in signs to put up around your property to highlight any potential hazards.

As long as you reduce your property’s exposure to risk, a solid property owner’s insurance policy can take care of the rest. Since these types of policies are specifically designed to protect your assets in the event of a lawsuit, they are a useful tool for ensuring that your business isn’t interrupted, or your family uprooted, in the event of an accident.

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