Insurance companies offer different types of insurance policies. These insurance policies also have different coverage depending on what you need and what you will avail. There’s only one thing for sure when you talk about insurance; it helps you to secure you and your family to possible losses and damages in whatever cases it may be. One of these types is what we called Casualty Insurance.
What is Casualty insurance?
Casualty insurance, which usually equates liability insurance, protects an individual or an organization from unforeseen accidents. This type of insurance is made to insure any loss or damages to people and property. This is designed to cover loss that is made by direct accident unlike property insurance that covers events like fraud and theft.
Casualty insurance has a broad coverage and has different kinds. The three basic kinds of casualty insurance are:
1. Auto insurance. This protects the vehicle owners against damages and losses made by road accidents. Auto insurance holders will pay the premium and the insurance company will pay any losses as stated in your agreement. This pays the damages on your car and the other people’s vehicle as well as the medical payments that were caused by the accident both you and the involved people. For instance, you have a casualty insurance for your car and unfortunately you met an accident along the way, the passengers injured and the people involved during the accident, and around the area of the accident will be covered as well as the damages made by your car.
2. Flood insurance. This is provided by National Flood Insurance Program to protect homeowner’s property to any losses and damages cause by a flood.
3. Liability Insurance. This is to protect the insured from being sued from negligence and from inevitable accidents. This insurance is useful for businesses in industries like manufacturing and construction. This ensures people who are injured on site to be taken care of. On the other hand, for homeowners, the casualty insurance will also cover people who are at home while an accident happens. One example is in the setting of a construction site. If someone is injured during the course of work from an unintentional act or by accident, the insurance company will cover the injured party.
If you purchase casualty insurance for home or business, be sure to view and read supplemental insurance. Some insurance policies do not cover calamities like fire and flood. If you need more coverage, ask your insurance agent to get additional features that will cover for that certain danger.
Always bear in mind, before you get an insurance policy, research and think first of what type of insurance you need. There are a lot of competing insurance companies that offers different insurance policies that cover different loss or damage of property. So, choose wisely. You are going to pay premiums for this insurance, it is a must that you get what you deserve to gain.