The reasons are many as to why you need casualty insurance for your business; needless to say, casualty insurance differs substantially from other types of insurance cover including life insurance, property insurance or healthy insurance.
Casualty insurance is sometimes combined with property insurance and often referred to as property and casualty insurance and in many instances, insurers are making it necessary to carry additional casualty insurance to cover certain types of losses.
Property insurance insures the location of the business while casualty insurance insures the actual business.
What then is casualty insurance and what aspects of your business does it cover?
- Casualty insurance has been seen to cover “property” which includes aviation cover, machinery and boiler equipment as well as glass and crime insurance.
- Casualty insurance is tailored to cover for marine accidents or loss at sea.
- Terrorism coverage – sadly a very real aspect of modern-day living. Acts of terrorism are usually not covered by your traditional type of insurance, making it necessary to have this type of policy no matter what kind of business you run.
- Floods are usually not covered by property insurance therefore it is a good idea to have this kind of insurance to protect your business from flood damage.
- Political risk or government liability – a very real situation that could arise in today’s world of political upheaval. If you do business overseas or have substantial government contracts you should also look at casualty insurance as a sudden political shift in a country or withdrawal of a contract could leave you and your business high and dry.
- Cyber-liability Identity theft, cyber-fraud, employee theft – these all need to be covered should you and your business find that you have become victims of these and other modern-day crimes.
- Liability insurance has been created to protect the insured and his or her business from a range of risks, including being sued for negligence and accidentally causing harm to someone. This type of insurance is beneficial to people in high-risk professions which includes construction, manufacturing and medicine.
As with every type of insurance cover you need to do your research thoroughly – casualty insurance for your business is without question no exception to the rule as you need to be 100% certain that you are getting exactly what you paid for.