Property Damage Insurance

Property damage insurance, or property damage liability insurance, is a subset of public liability insurance that specifically covers accidental damage to property. If, for example, you are at a client’s house and spill something on their furniture or carpet, then any claim made against you could be covered by having property damage insurance in place.

Loss of Profit Insurance

The Policy broadly covers loss of Gross Profit on account of interruption of business, consequent upon Material Damage to property due to Fire or any other insured peril under the Standard Fire and Special Perils Policy.

It also covers standing charges which continue to be incurred during the period of interruption and the increase in cost of working necessarily and reasonably incurred to maintain the business as far as possible at its normal level, so that loss under net profit and standing charges is avoided or at least minimized.