Property insurance is coverage most businesses should carry
How often do you have your client’s personal property in your office or in your car? Did you know that property damage to personal property of others in your care, custody, or control is not covered under a standard General Liability policy? The exclusion under the General Liability policy reads:
Exclusion J. Damage to Property: “Property Damage” to (4) Personal Property in the care, custody or control of the insured.
For example, your client gives you a laptop and requests repairs. You take the laptop with you as you head to another client’s location. While you are there, someone breaks into your car and steals your client’s laptop. Your General Liability policy would not cover this loss. However, if you purchase a Property policy or are able to add Property coverage to your existing General Liability policy, there is a coverage that can be included called “Personal Property of Others.” You can choose the desired limit of coverage and it must be combined with coverage for your own business personal property or building.