What is Property and Casualty Insurance
If you want to purchase insurance for your home or business, it is vital that you know the differences between the property and casualty insurance. These are broad categories of insurance.
To make an informed purchase, you will need to talk with the insurance provider. This is ideal so that you can find the best deal in the market.
What is Property and Casualty Insurance?
Whether you’re a business owner, homeowner, or a car owner, you should know what property and casualty insurance is all about. Basically, this is insurance on businesses, homes, and cars. From the point of view of the business, property insurance will protect against the loss of a physical property; whereas, if a person secures property insurance, he or she is protected against the loss of income-producing abilities. The casualty insurance will protect a business or person against legal liabilities that may arise from injuries or from property damages. Before you make a purchase, you have to make sure that you have thorough understanding about the similarities and differences of these insurance policies.
With property insurance, the contents and the building are insured. This will include accounts receivables, inventory, machinery, furniture, money, securities, supplies, and intangible assets. You will be insured in the case of a loss, theft, or damage. There are companies that offer peril insurance, specifically for theft and fire. In some cases, multiple perils can be covered like earthquake, sleet damage, ice, and snow. If your business has good measures for loss-control, you can take advantage of lower premiums in comparison to companies with poor claims and risky procedures.
More on Casualty Insurance
Most of the businesses today opt for the BOP or business owner’s policy and the property insurance is already included in it, as well as liability insurance. You should be aware that when you get a BOP, the coverage for property insurance is usually lower. You may need to get a separate policy if you think that the limited coverage will not do you any good. Casualty insurance will cover losses or liabilities due to unforeseen events. This is a broad category but is excludes fire, health, and life policies. You can use this insurance for claims against fraud, terrorist attacks, and burglary.
Whether you’re a home or business owner, you can benefit from this type of insurance. This should be viewed as supplemental policy since it will not cover floods or fires. Before making a purchase, make sure that you read the policy and the terms. If you want to be protected from fraud, you can get the fidelity insurance. It is also referred to as surety bonds and it can protect the policy holder from fraudulent acts, including identity theft which is very common these days. Now that you know the difference between the property and casual insurance, you can now purchase the appropriate one for your home or business.
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