What Casualty Insurance Can Do For You

Casualty insurance has become a very important part of our lives. With all the different types of insurance and related literature in the news every day you would think that we would be able to figure out how to live without any insurance at all. This is not true. Insurance has been proven time and again to be a very important part of everyday life. Casualty insurance is simply a very broad term that in more general terms covers insurance not related to life insurance, health care, or even property insurance.

Casualty policies are usually less than 100 pages long and provide coverage for a number of different types of incidents. There is a wide variety of business operations that could be covered under the heading of casualty insurance. The types of incidents covered under a policy may vary from natural disasters, such as tornadoes, to events, such as accidents. In many cases, businesses may need to also insure themselves against liability claims related to products or services provided. Any injury to an employee, damage to real estate, or death caused by the insured product or service, is also covered under the umbrella of casualty insurance policies.

Many states require that general liability insurance policyholders maintain a minimum amount of coverage in the event of an accident. In the event of such occurrence, the policyholder is liable for any injuries, damages, and death sustained by any person. This is usually the most common type of casualty insurance policy. For those that do maintain a minimum amount of coverage, there are also circumstances where the insured may be responsible for other forms of expenses, including lost wages, disbursement of monies received in the settlement process, and any applicable over-insured damages.

Businesses can also benefit from casualty insurance when providing for their employees’ protection. For example, if you rent office space or manage a business that includes rental property, it is essential that you maintain adequate renter’s insurance coverage on all of your property. In the event that a tenant suffers an accident while in your building, you will need to make good medical payments to them, and may also be held personally liable for any damage that is done to the tenant’s personal property. If you purchase adequate renter’s insurance coverage for all of your rental properties, you will be able to avoid such problems.

Those individuals that are employed in high risk occupations, such as construction workers, pilots, truck drivers, and mechanics have additional needs for casualty insurance policy protection. Construction workers that fall ill due to being exposed to harmful substances on the job site may not only lose time from missed work, but may also be unable to continue working due to injury. Likewise, those that are involved in an accident on the job may not be able to return to work following the injury. If you employ people in high-risk professions, you should consider purchasing additional coverage for workers that suffer injuries while at work. This is especially true for construction workers, whose bodies experience extreme strain and stress on a regular basis.

Casualty insurance can also help protect your real estate investment. Real estate is often purchased with a substantial amount of earnest money. If your property is damaged by fire or water damage, you may be responsible for replacing it. Purchasing property insurance can help prevent this type of financial loss by providing you with the coverage you need to replace the property. The policy can also help protect the earnest money you pay, which can be substantial.

Homeowners that own multiple residential units are typically very aware of the perils of renters choosing to rent their living quarters. Tenants are known for taking belongings that they are not authorized to take with them on a furnished unit, which can increase the risk of loss. A typical homeowners’ condo policy will typically offer coverage for the contents of your rental property, and this can help protect your belongings in the case of theft. A homeowners’ coverage policy will typically require that the renters pay an additional fee to extend the policy to new tenants, but it is rare that this would be included in the contract.

In many instances, homeowners will find that the coverage they need in their umbrella policy is not available through their existing homeowners’ policy. The umbrella policies often contain features that do not apply to renters, such as liability insurance and personal property coverage. If you own a condo, you can purchase casualty insurance to protect yourself as well as the investment you have made in your property. When you are evaluating casualty insurance policies, you should consider both the cost of the policy and the extent of the protection it provides. You may want to consider umbrella policies if your property has a significant value, or if you want to provide financial protection for your family as well as for the investment properties you own.