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Property Casualty Insurance - 5 Types

Property casualty insurance provides coverage for homes, cars and businesses, where property insurance protects against the loss of physical property or the income derived from it, while casualty insurance protects from liability for loss caused by damage or injury to another person or their property. Property casualty insurance can be either for commercial purposes or for personal purposes. Commercial Property Casualty Insurance Commercial property casualty insurance refers to insurance that businesses can use to manage their risks. It is essential for any business owner or corporation because it covers everything from the loss of equipment to liability and even loss of income due to unforeseen events. Property casualty insurance is available for essentially any type of risk that a business may face. There are a wide range of insurance policies available but the fall under a number of general categories.

1. General Liability Insurance will cover any costs related to accidents, injury and negligence. In other words, the business will be protected against having to make payments that result from damage to property, medical expenses, slander, libel and many more. 2. Product liability insurance is designed for companies that deal with goods from manufacturing to retailing, where they may be liable for the safety of the product.

It is meant to protect against any liabilities where a defective product can cause injury. The coverage required depends greatly on the products the company is manufacturing. 3. Commercial property insurance protects against the loss or damage of any type of company property, from buildings and equipment to loss of income. Any damage caused by unforeseen events such as natural disasters, theft or vandalism is covered under this type of property casualty insurance. 4. Professional liability insurance is mainly for businesses offering services and protects the company against errors, negligence and malpractice, among other things. 5. Home business insurance covers losses for businesses that are run out of the home. A general homeowners’ insurance policy doesn’t protect against business losses, especially loss of income.

Personal Property Casualty Insurance Personal property casualty insurance refers to any type of insurance that protects the assets of a private individual, as well as protecting against liability for damage caused to other people’s property or injury. Auto insurance and homeowners insurance are considered to be personal property casualty insurance. Most auto insurance policies cover for both liability and personal loss and will provide coverage for any licensed drivers that have been given permission to drive the car, including but not limited to the spouse and relatives living under the same roof. Most policies cover damage to the vehicle caused by collision as well as other situation such as vandalism, floods, fires and hail. Homeowners’ insurance is a little more complicated because there are a number of supplementary policies one can take out as most of these property casualty insurance policies do not cover all unforeseen events. For example, flood or earthquake protection would have to be taken out under a different policy. Most homeowners’ insurance policies cover the structure itself, the contents and some personal liability. As with any type of insurance policy, extensive research is mandatory to determine the most suitable type of property casualty insurance, whether for commercial or personal purposes.


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