Casualty insurance brings so much coverage under its umbrella. This means that you can not place casualty insurance under just one definition. It is safe to say that, this insurance is indirectly linked to so many other coverages, in the actual sense of it.
Also, this insurance mostly takes care of losses, injuries, and damages. You can cause these losses, injuries, or damage because of your negligence or not. However, the good part is that you become protected, regardless.
Now, you might be wondering a lot what this casualty insurance is. Take your time and read through and know if you would love to join the large number of people buying casualty insurance in America and all around the globe.
What is Casualty Insurance?
Firstly, casualty insurance is another type of insurance that protects a person when they are the cause of, or fully responsible for injury, loss, or damage to another person.
Take, for example, Sarah was driving her car, while doing a reverse, she hits a parked car and caused damage worth $500. Here, it is so obvious that Sarah is at fault and must pay for the damage she caused to the parked car while reversing. Now, the liability coverage under her casualty insurance kicks into action and protects her from paying for the damages from her pocket. So, this example explains the fact that casualty insurance protects you the policyholder when you are at fault.
Furthermore, casualty insurance protects both individuals, companies, employers, and businesses. Also, this means that you are not the only one that is under the coverage. The property you own gets covered too.
Property Insurance & Casualty Insurance
Ideally, some people bundle up these insurances together, this kind of insurance is known as property and casualty insurance (P&C Insurance). However, you should know what each one does. Just in case you are confused, this here will help explain everything in simple terms.
Property Insurance
Property insurance protects all your material possessions like your cars, house, leisure boats, and other things you own. This coverage protects you from any financial loss from any of these properties in the event of damage or theft.
Casualty Insurance
Meanwhile, casualty insurance is a kind of policy that provides you with liability coverage. Ultimately, this means that you get protected from the damage or loss you caused. For instance, you caused an accident and are legally responsible, and people got injured and cars got damaged. Casualty insurance will protect you from paying for the medical bills and repair bills from your pocket.
So, when a policyholder has property and casualty insurance (P&C Insurance) bundled together, it protects your properties and also protects you from any damage you or your property will cause.
Property and Casualty Insurance (P&C Insurance) can be bundled in
- Homeowners insurance
- Renters insurance
- Cars insurance
- Condo insurance
- Builder’s risk insurance
- Professional liability insurance
- Property insurance
General Liability Insurance
Literally, you can have auto insurance with liability coverage. This protects you only when you are at fault in an accident. The auto liability coverage protects you from the injury you caused other people because you are liable.
Again, general liability covers your business from lawsuits that may arise from injury or damage in the line of work.
Types of Casualty Insurance
As a matter of fact, if you cause an injury or damage, and you are legally at fault, you may be sued. Casualty insurance gives you all the protection you need from the wrongs you caused. As an individual or a business entity, there are types of casualty insurance suitable for you.
Casualty Liability coverage
- Automobile liability
- Personal liability
- Professional liability
- Employer liability
- Workers compensation
- Business casualty liability
- Commercial general liability
For individuals
- Personal Liability
You can include personal liability to homeowners insurance. Your family and yourself inclusive get coverage when someone that is not your family member is injured. Now, this must not happen within your home, your car, driven by your family member can cause an accident and injure someone else. But your personal liability takes care of it.
More so, the accident can as well happen on your property or within your home. Someone, not a family member could become injured on your property, or your fence can fall and damage your neighbor’s car. All these are ways your personal liability protects you and your family members from financial loss from the damage you caused.
- Auto Liability
By the way, it’s totally a wise decision to include an auto liability in your car insurance policy. This saves you a ton of problems. Basically, your insured car can have liability coverage too, this gets you off the hook financially whenever you cause an accident with your insured car. Most states in America insist on a policy like this. And frowns heavily on uninsured motorists.
Business Casualty Insurance
- Employer’s Liability
This is the kind of casualty insurance that protects you as an employer. In the line of work, your employee becomes injured and they involved the court with negligence claims. This insurance will protect you from the situation.
- Workers’ Compensation
As a matter of fact, this goes both ways. Majorly, workers’ compensation comes along with employer liability coverage.
The worker that became injured in the line of carrying out their job will get some compensation. Meanwhile, the employee can blame the employer for negligence. Also, employees can claim that the work environment is not safe. however, the liability will be there to protect them.
- Commercial General Liability
This type protects business premises. A worker can get injured while doing some climbing or hauling in the business environment.
Also, your business can damage someone’s property because of activity in the business venue. This liability protects the business and covers the damage or injury. Whether it was due to negligence or not.
- Professional Liability
Basically, Medical professionals, nursing homes, architects, and all other professionals with delicate jobs go for this type of liability coverage. This coverage protects a professional from the harm or damage they caused while carrying out professional services.
Property and Casualty insurance companies
- Progressive corp
- Liberty Mutual
- State Farm
- Allstate Corp
- Farmers Insurance
- Nationwide Mutual Group
- Chubb Limited
- American Family Insurance
- CNA Financial
- Axa
- Assurant
