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  • Writer's pictureAmanda Bird

The Basics of Property Damage Insurance and Its Coverages

Property damage is probably one of the most devastating things a business may experience. Besides the usual encounter of expenses, you also have to worry about the causes of those damages in order to avoid them from happening again.

That being said, you have property damage insurance to ensure you will never have to face those expenses alone. No, you have the help of an institution that will deduct the load off your back.

If you want to learn more about property damage insurance and its coverages, look no further than our pointers below.

First of All, What Is a Property Damage Insurance?

Property damage insurance is just like your regular business insurance. It is applicable to any damage caused by a certain event to one’s commercial property.

The two main types of property damage cover are property and portable property. Property damage insurance is coverage for all kinds of your building and fixtures, from the roof of your office to the sprinklers.

Portable property damage insurance, on the other hand, is for your work tools as well as office equipment.

What Are the Different Coverages of Property Damage Insurance?

1. Leaking Pipes

For example, you have a client meeting at 2 pm, and you hear leaking sounds from within the bathroom. After rushing in, you see a leak from the top of the ceiling.

What do you do now? You have property damage insurance to reimburse your costs for fixing this leak.

2. Fire Damage

Imagine that you are in your office on a very busy day. Suddenly, you hear a boom in the kitchen. You immediately run there and see that your stove’s oven is on fire. What are you going to do now?

Far from worrying, you just need to call the office manager so that he can turn off the stove and assess the damage. You can then hang a claim right away.

3. Catastrophes

This is the most common type of insurance policy you can have, as it covers all kinds of disasters—from storm damage to an earthquake. There are many of these policies that are sold in the market. A good one offers coverage for property claims due to these natural calamities.

4. Commercial Theft

You may never think that you will be the victim of theft, but the bad guys will come, in all kinds of ways, and steal your office amenities. This is why you need property damage insurance for your business. The coverage will definitely reimburse your expenses for replacing all the things that were stolen from you.

5. Industrial Accidents

If you are a manufacturer, you must pay attention to this property damage insurance. You may not be able to recover from your losses if there are explosions from gas lines or laboratory fires in your office.

This policy covers all kinds of products and physical damage due to errors in your company policies.


Overall, property damage insurance protects your commercial property against all kinds of damages and calamities. You don’t need to be alarmed that you will be the one to shoulder the expenses. You just have to call your property damage claim representative, and they will handle everything from there.

Take the full load off your shoulders, invest, and apply for one as early as now.

If you are looking for a company that provides insurance for businesses, look no further than our expertise here at New Wave Insurance. We are here to help you find the right insurance for your assets, businesses, and vehicles. Call us today and let us offer you insurance that befits your venture.

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