Property Casualty Insurance. Business Insurance can help protect you against claims and lawsuits. Let our experts help tailor a coverage plan for the unique risks of your business. The right policies can protect you against all liabilities you have. In today’s marketplace a policy can include the cost of a lawsuit, including defense and business interruption costs.
Breaking Down Casualty Insurance
An essential type of casualty insurance for businesses is workers’ compensation insurance, which protects a company from liabilities that arise when a worker is injured on the job. Another important type of casualty insurance is liability insurance. Liability losses are losses that occur as a result of the insured’s interactions with others or their property. For homeowners or car owners, it’s important to have casualty insurance as damage can end up being a large expense.
Probably the best example of this would be an auto accident. Consider this hypothetical example: Let’s say Maggie backs out of her driveway and hits Lisa’s parked car, resulting in $600 of damage. Because Maggie was at fault, she is legally liable for those damages, and she must pay to have Lisa’s car repaired. Liability insurance would protect Maggie from having to cover the damages out-of-pocket.
Casualty Insurance and Business
If you own a business, you should consider a few different types of casualty insurance, depending on what you do. There are policies available for cyber-fraud insurance, employee-theft, and identity theft (to name a few). If you primarily do business online, check if your policies cover your website. If you depend on computers to run your business, you might want to ensure the computers in a separate policy.
Most business owners need to have casualty insurance coverage because, if you produce something, the possibility exists that it may end up harming someone. Even if you are a sole proprietor, it’s a good idea to carry insurance that is specific to your line of work. For example, if you’re a freelance auto mechanic who works from your shop, you likely won’t need workers’ compensation coverage, but you should have insurance that covers a situation in which a repair you made causes injury to a customer.