What type of insurance covers up to $1,000,000 in property damage?

The type of insurance that typically covers up to $1,000,000 in property damage is general liability insurance. This coverage protects businesses from claims arising from injuries or damages that occur on their premises or as a result of their operations. It includes coverage for property damage to third parties, which is crucial for contractors and builders who may inadvertently cause damage during their work.

Cropped insurance is primarily related to agricultural produce and does not pertain to property damage in the context of construction or general business operations. No fault insurance is designed to cover medical expenses and lost wages resulting from accidents, usually in the context of automobile coverage, and does not apply directly to property damage claims. Property damage insurance is a more general term that could apply to various situations but does not specifically highlight the scope of coverage limits, whereas general liability insurance clearly outlines the potential coverage, often up to $1,000,000 or more, for property damage.

Therefore, understanding the function and scope of different types of insurance is essential in determining their applicability to specific situations involving property damage.