Get Familiar with Casualty Insurance


When people discuss about their insurance plans, we bet most of them would talk about their life, vehicle, and health insurance. That’s because those are the basic plans that most families need. However if you own a business, here’s a plan you should get familiar with: casualty insurance.

Casualty insurance is also known as liability insurance and is not necessarily concerned with life, health, or even property insurances. It generally covers damage to property of individuals or organizations. Moreover, it also offers coverage for aviation, boiler and machinery, glass and crime, and marine insurance for shipwrecks, as well as terrorism and political risk insurances. Earthquakes are also covered by this type of insurance but not fires or floods since these two are required to be insured separately.

There are different types of policies that this kind of insurance offers. One of the most important types is called workers’ compensation insurance wherein business owners are protected from liabilities which may arise when accidents happen on site and employees are injured. Another is fidelity insurance which you can consider as surety bonds created to protect people from scams. There is also a specific type of casualty insurance which protects people from identity theft and internet fraud, which is very usual nowadays.

Now if you’re planning to get this plan, make sure you carefully understand each policy before you get one.