Articles on Casualty Insurance: CLICK HERE
Just like everything else has changed in our world since 911
. And so the hurricanes of 2004-2005 has our insurance and the types of coverage we may want to obtain. Casualty Insurance is usually combined with property insurance and we may know it as property and casualty insurance, However there is a difference in the type of coverage.
A simple explanation is that Property Insurance insures the location of your business, while Casualty Insurance insures the actual business.
There are many new forms of insurance that go along with your Casualty Insurance policy and it would behoove you to become familiar with the many different kinds and see what would be right for you.
First, Business Continuation or Business Interruption Insurance, this would be when an event happens that prevents you from carrying on your business in a normal fashion, but may not directly caused by damage to your physical location.
Secondly, Terrorism Coverage, as a result of the massive amount of claims turned in after Sept. 11th companies now exclude terrorism and now require you to get separate coverage for terrorism.
Third, Flood Insurance, most insurers do not realize that floods are not covered by their typical Property Damage policy. It is necessary to purchase a separate Flood Insurance coverage.
Fourth, Political Risk or Government Liability, if your company does a large amount of business overseas or with the government it is a good idea to look into this type of insurance. It will protect your company from a sudden loss from a sudden political change abroad. It will also insure you against large losses resulting from the cancellation of large government contracts.
Sixth, Employee Theft and Dishonesty Insurance, this may be necessary if you are in a business that may be at risk of a large amount of employee dishonesty. Companies where employees handle a great deal of money this is a good benefit to have.
Lastly, Surety Bond Insurance, this many be necessary for you to have or sometimes even be required to have if you are in the construction business and bidding for contracts with the government. In that case it may be absolutely essential you have Surety Bond Insurance. This protects the other company and the government that you will finish the job and correctly.
There are many different kinds of Casualty Insurances available to you today. They may not be all necessary for you to have to run your business successfully. So choose wisely which ones will work best for you and then do your homework to find the best priced companies with the best coverage.
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