Many people are not aware of casualty insurance regardless of its importance in the current society. For your knowledge, casualty insurance is an insurance policy taken in order to cover against losses and liabilities arising from unforeseen accidents. It is known as the insurance plan that covers people or property when an unforeseen catastrophe takes place.
Casualty insurance has been known to be very broad and to covers a large range of situations. Despite this, life insurance, health insurance and fire insurance are not included in casualty insurance policies. Most of the time, casualty insurance insures risks such as burglary, fraud, acts of terrorism and even office and home risks that are specific in nature.
Types of Casualty Insurance Plans
Casualty insurance is broad in nature and will cover almost all aspects of insurance. If you opt for casualty insurance, you will still have to determine the type of casualty insurance that you so wish to purchase. There are several types of casualty insurance plans. Here are the major types of casualty insurance plans:
1. Liability Insurance
This is one of the most common types of casualty insurance. Liability insurance will cover an individual in the event that an accident occurs by your own fault or in the case that a person gets harmed while on your property. It is of great value to a business if their casualty insurance is intertwined with personal liability. This is because such a combination ensures that the business is in a position to care for those injured within its premises.
Liability insurance can also be useful to home owners as it may assist them in getting replacement for stolen items in the event of a robbery. Liability can also act as a protection for those visiting and living in your home should they be injured due to an accident in the house. However, such insurance is seen as supplemental insurance because it will not cover for other risks such as destruction by floods and fire. It is for this reason that you need to understand the contents of your policy lest you lose compensation when a risk occurs.
There are several types of liability insurance and they include:
– Malpractice Liability Insurance: This is the liability arising from professional negligence and is also known as professional negligence liability insurance.
– Business Liability Insurance: This is the liability arising from the operation of a business premise.
– Personal Liability Insurance: This is the liability arising from the ownership of property.
– Auto Liability Insurance: This is liability arising from the use of an automobile.
2. Fidelity Insurance
Fidelity insurance is also known as surety bonds which have been designated to protect an individual from the losses incurred due to fraud. Fidelity insurance also covers losses from theft and internet fraud such as online identity theft, hacking, phishing and other online scams.
3. Property Casualty Insurance Plan
This insurance plan is a combination of property insurance with casualty insurance and deals with the loss cause by damage of property in the following ways:
– Damage to property through environmental factors such as the weather, floods, earthquakes and hurricanes.
– Damage caused by vandalism of property.
– When a person gets injured while on your property.
– Loss of property through theft.
4. Workers Compensation Insurance
This type of casualty insurance plan deals with compensation to workers in the case of losses suffered from work related injuries. For instance, if a worker misses work for a period of time due to an accident at a work place, it is the workers compensation insurance cover that pays him for the work he would have done as per the policy statements of his policy. This insurance cover is financed by the employer’s contribution and can include a range of services to the worker such as medical benefits, permanent disability benefits, and temporary incapacitation.
5. Aviation Insurance Plan
This insurance plan covers any physical damage to the aircraft in the event of an accident. It can also cover any legal liability issues arising from operation or from the ownership of an aircraft.
6. Title Insurance Plan
Title insurance deals with real estate and ensures that an individual who purchases real estate is protected against any losses resulting from defects in the title of the purchased property. As such, an individual who loses a real estate investment due to errors in real estate title is fully compensated by this insurance cover.
7. Credit Insurance Plan
This covers risks resulting from bad debts and may include coverage of debts resulting due to insolvency, death of an individual or the disability. The insurance also covers loss of export credit due to commercial or political reasons, the loss of savings from a bank and any other financial losses caused by external factors which the individual cannot control but which are related to his credit standing.
Casualty insurance exists even in Philadelphia and we sure can help you in getting your casualty insurance cover. There are many benefits of getting casualty insurance cover some of them being that casualty insurance offers a more generalized cover than all the other types of insurance plans.
It is also possible for you to get an open perils insurance cover which deals with the compensation should there be damage or loss that are not in your insurance plan. Open perils insurance cover will deal with almost all incidents availed as insurable risk unless in a situation that is explicitly denied in the policy.
Knowing the right insurance plan for you can become confusing due to the many risks presented in life. Even though we are not associated with any Philadelphia insurance company, we will still offer costing and give you the best advice on the best insurance plan for you.
Getting an insurance cover such as the casualty insurance plan may seem expensive today but with the on the face of the many present risks, you will be smiling tomorrow if you get an insurance policy today. So why not contact us and let us help you get what is right for you? With out advice, you will never go wrong in choosing the insurance plan that not only covers your interests, but is also friendly to your pocket.