Casualty insurance will typically cover any loss that is the result of an accident. There are various types of casualty insurance, although the most well-known will be auto liability. Marine insurance is also a form of casualty insurance, and this will provide cover for any losses that you have at sea or in a shipwreck. It is basically a type of insurance policy that can protect the policyholder against any accidents that are likely to cause liability. In actual fact burglary and fraud are generally also covered under a casualty insurance policy.
The most common use of casualty insurance is to cover against injuries to people and damage to property. A prime example of this is if something was to happen to your home, including to somebody who is inside it, as the result of an accident, your casualty insurance policy is able to cover the medical bills. However, this will of course depend on your overall policy limits and coverage. In most cases this will also help to repair the damage that has been done to your house.
Casualty insurance can best be described as a supplemental insurance for either your home or your business. This is generally because it will not cover incidents such as a fire or flood, for which you will need a separate insurance policy. The vast majority of homeowners will usually have a comprehensive homeowner's insurance policy which will provide both property and casualty coverage.
Many businesses simply have casualty insurance as the only type of policy to protect their business. If this is the case it is a good idea to carefully read and understand exactly what your policy covers, and of course any exclusions. A casualty insurance policy may not typically cover certain parts of the business such as the building structure, and therefore it is advisable for you to speak to your insurance agent to ensure that you have an adequate policy in place.
Casualty insurance will also exclude life and health, and it is specifically designed to protect against things such as burglary, fraud and terrorist attacks. One of the most useful types of casualty insurance policy for a business owner is one that includes personal liability. This will ensure that a business is able to take care of anyone who is injured on site. Homeowners and renters can take advantage of this type of insurance to help them replace any items that were stolen during a robbery. Casualty insurance is also able to cover people who visit your home, and if they are then involved in an accident.
In order to protect people from the results of fraud there is a type of casualty insurance often referred to as fidelity insurance or surety bonds. You will find that many housekeeping businesses will maintain fidelity insurance in order to protect themselves against any losses that are a result of theft. This type of insurance has also become extremely popular for people who are looking to protect themselves against identity theft and Internet fraud, as this is of a growing concern.
Many businesses also use casualty insurance as a form of worker's compensation. This type of policy is able to protect a company from any medical, or related, bills when a subcontractor or a worker is injured while working on a job. In fact the vast majority of companies will ask the vendor for a copy of the worker's compensation insurance certificate prior to hiring them for any construction jobs, or jobs that involve workers engaging in physical labour. Worker's compensation insurance is best used in a situation where an accident can occur, and it can protect a company against workers having to sue them in order to get their medical bills paid.
Should you wish to purchase casualty insurance via an insurance broker there are a number of factors that their role will include. They are able to negotiate the best insurance rates for you, and should be able to extend numerous discounts. This may even include persuading an insurance company to provide coverage for damages that they normally wouldn't cover. An insurance broker will also look into the way a business operates and their client's finances in general. This will help them to determine what particular risks a certain business may encounter, and this is also the ideal opportunity to point out these risks to the business owners.
An insurance broker's specific aim should be to prevent the damages that are likely to lead to the requirement of casual insurance. An insurance agent should also provide loss control services, whereby they will look into cases where their clients may have to pay casualty insurance. It is an agent's job to ensure that any claim should hurt the company's reputation and bottom line as little as possible.