No one prays or hopes for damage to property or other liabilities. But if you’ve been observant enough, you’d know that life happens, often without prior warning. The best you can do is stay prepared by investing in a comprehensive casualty insurance plan that can greatly ease the financial burden that comes with losses. Here are some frequently asked questions about casualty insurance.
What is casualty insurance?
Casualty insurance is specifically designed to protect your possessions from theft or destruction and your assets from being depleted through disaster or litigation claims brought against you. A casualty insurance policy includes liability coverage, which protects you if you are found legally responsible for an accident that causes injuries and damages to a third-party or their belongings.
Benefits of Casualty insurance?
Casualty insurance protects individuals, employers, and businesses against property loss, damage, or other liabilities. It includes vehicle insurance, liability insurance, and theft insurance and can be uniquely tailored to suit your specific insurance needs. Here are some of its benefits:
- the protection of assets
- the replacement of lost or stolen property
- the provision of lost income
- covering liability generated by negligent acts
How much does casualty insurance for a business cost?
It depends on the industry, market, location, and size of the business. It could range from a few hundred dollars per year to a few million dollars.
With this policy, premiums are determined by the estimated cost of losses incurred. The higher the risks involved, the more premium you get to pay. To ascertain the risks involved, the insurance company closely examines factors like the risk of a natural disaster or if your business is situated in an area with high crime rates.
Who Needs Casualty Insurance?
All individuals, employers, and businesses involved in the production of goods and services need casualty insurance. This is because their products and services and even the process involved can bring harm to a third-party. You run the risk of losing your business if you don’t have casualty insurance.
How do I make a claim?
You often get an insurance agent assigned to you, and they will be your first contact when you need to file a claim. This agent records the information you provide about the incident starting with your statement.
The insurance company then assigns an adjuster to verify the claim’s details and decide if the loss is covered under your policy. Your agent should be responsible for your claim’s smooth processing so that the damage incurred does not negatively affect your business.
Do I Need Casualty Insurance for a Home-based Business?
It all depends on your homeowner policy (if you have one). Some homeowner policies will not cover any equipment or supplies that you use for business. Your best bet might be to take commercial property and casualty insurance if you run your business from your home.
Do you want to know more about general insurance or buy a plan? Insureist is easily one of the most affordable insurance companies around, and our brokers are always on hand to give you the best advice. Contact us on 888-470-1550 for the best insurance policies, and you’ll receive a quote within a few minutes or less.