Often we think of insurance as something we purchase and hopefully never have to use. The fact of the matter is, bad things happen, and often by accident or the negligence of others. Casualty Insurance can bring about peace of mind for tragedies we never anticipate.
What is Casualty Insurance?
Unlike health insurance, where one can expect to make at least several visits to the doctor per year, or property insurance which primarily protects against damage to your own specific real or personal property, casualty insurance covers liability for often unexpected losses or damage caused through injuries to other people or damage to the property of others. Either individuals or businesses may seek casualty coverage.
Although sometimes difficult to define, casualty insurance mainly encompasses coverage for negligent acts or omissions, not associated with typical property, health, or life insurances. Casualty insurance also includes insurance against loss from accident, and in the U.S. includes all types of commercially written insurance excepting life insurance and various forms of property insurance. Different states may classify what constitutes casualty insurance differently. Casualty insurance may also protect against some legal liability that results from damage to the property of others. Again, the key differentiator from many common policies is that casualty insurance is not necessarily tied directly to specific real or personal property.
Perhaps the most common derivations of casualty insurance are limited coverage auto policies; however, fidelity and surety bonds, terrorism insurance, political risk insurance, earthquake insurance, boiler and machinery insurance, and aviation insurance may also fit underneath the umbrella of casualty insurance. Casualty insurance may also include coverage for crimes such as burglary and business related injuries such as workmen’s compensation. Depending on the industry, many small businesses may wish to purchase either a “General Business Liability Policy” or a professional policy such as “Legal Malpractice Insurance.”
Why Get It Now?
Recent global phenomena such as high profile disasters and major weather events may soon put pressure on insurance companies to raise rates on casualty policies. Now might be the time to invest in greater coverage for the unexpected. Whether you’re looking for greater peace of mind, taking on increased risk in your business, or simply want to learn more about the maximizing your liability insurance coverage, click here to connect with a trusted risk advisor.