Property and Casualty Business Insurance. What is it?

Business Insurance is a very broad description of insurance plans business’ purchase to cover various liabilities. Here are 6 business protection plans that might be considered:

  • Property Insurance
    Property insurance insures against loss or damage to the location of the business and the contents of that business. It can also insure the property of others in your possession when a loss occurs. Property insurance can be written for a specific risk as well. For example, Fire, theft, wind, etc.
  • Casualty Insurance
    Some insurers will lump property and casualty insurance together. Packaged policies are most common and do cover both property and casualty. Casualty insurance covers against loss or damage to the business.
  • Liability Insurance
    Liability insurance insures against liability legally imposed upon your business because of the negligence of the business or of its employees. It protects your business for lawsuits depending on the liability coverage you need. This can include E&O as well.
  • Commercial Auto
    Your personal automobile policy does not cover vehicles used by your business. If your business uses vehicles or anything that is required to be titled by your state for your business, then you will need a commercial auto policy. Commercial auto coverage insured against property damage to vehicles and damage caused to others by your vehicles.
  • Workers Compensation
    A business will need to insure employees against on-the-job injuries. Every state is different, but in most states it is mandatory coverage. Workers’ compensation is a coverage where the employee is not allowed by statute to sue their employer for on-the-job injuries. In return, the employer must establish coverage in a plan that provides coverage to employees in case of injury for medical bills and any damages. There are many options and carriers that provide workers compensation insurance.
  • Business Interruption Insurance
    Business interruption insurance insures against a loss or damage to the cash flow and profitability of a business. If there is a loss, the business may not be able to operate because of this interruption. This can be caused by a fire, vandalism or the like. The loss may be covered by other property and casualty insurance but the interruption is covered under this type of insurance.

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