There are many different types of insurance in the world, so it’s common for people to be unfamiliar with casualty insurance and what it entails, especially because it’s a fairly broad term. At Curtis Helms Insurance, we want you to be well-informed, so in this article, we’ll go over some of the basics of casualty insurance, including what it is and isn’t.
You may have heard of property and casualty insurance before, or P&C insurance as it is commonly known. But while these are often bundled together, they’re not the same thing. Property insurance provides coverage for the things you own, such as your company’s building or physical assets. In contrast, casualty insurance provides coverage if you cause damage to the things someone else owns.
Casualty insurance is mostly concerned with liability coverage. In other words, if you are found responsible for someone else’s property damage or injuries because you have been negligent, casualty insurance prevents you from having to pay the other party out of pocket.
One type of casualty insurance that can illustrate how this works is workers’ compensation insurance. If you own a business and one of your employees gets injured while on the job, your insurance can pay for their injuries and lost wages. Other casualty insurance policies may provide coverage for things like cyberfraud, employee theft, and identify theft, to name a few.
If you would like to discuss your options for casualty insurance, contact us today to make an appointment. We look forward to speaking with you.