3 Basic Types of Casualty and Property Insurance That Every Businessperson Should KnowOpen Knowledge May 14, 2018 0 COMMENTS
Thinking to open a new business then must read this article to understand the basic requirement of Property and Casualty insurance (P & C) which can be a mature sector, but trying to do the same things as before at a lower cost is no longer enough. We are not creating fear but this insurance knowledge is must to drive growth. New IT developments such as the Internet and mobility have made the things very transparent and easy to use with reliability. Many People ask what is commercial specialty insurance? so these are also come under in this.
The property and casualty insurance sector is facing some of the biggest challenges in its history: increased costs, new coverage risks, increased regulation, demographic changes, sectoral consolidation and costly historical systems, to name but a few.
What is ‘Casualty Insurance?’
The one whose purpose is the provision of compensation in case of loss of property, damage or other liabilities. Casualty insurance includes different kind of compensation that may be vehicle insurance, liability insurance, theft insurance and elevator insurance
You can check casualty insurance wiki here.
Before deciding between one insurance or another, you must compare several insurers, make an evaluation of the services offered, the coverage and the additional benefits.
It is very important to have a comprehensive package that includes all the problems that may occur in your business; as well as robberies, damage to infrastructure, vandalism, explosions, fires, civil liability
There are many types of Casualty insurance & few of them are as follow:
Vehicle Insurance: Quote the auto insurance you need to protect your car, with the best coverage. Quote the auto insurance you need to protect your car, with the best coverage. Once you have chosen the best vehicle insurance for you, you will only have to pay to start being safe on the road. In comparison, we have different payment methods to make your payment as you prefer
Flood insurance: Did you know that floods are the first cause of the natural disaster in the United States? You do not have to live near an area near water to be a victim of a flood since almost 25% of flood losses occur in areas of low risk at moderate risk. Flood insurance means quality protection for your home or business. No matter what your level of flood risk, Flood insurance covers you even when the flooded area has not been declared a disaster area.
Liability Insurance: Its purpose is to cover the payment of compensation for bodily, material or patrimonial damages caused to third parties that may be the fault of the insured or of the persons to whom he must respond, due to facts derived from his private or professional life.
In detail, the liability policy guarantees the coverage of two different situations:
- Compensation for which the insured is civilly liable in case of:
- Death or injuries caused by third parties;
- Material damages to property belonging to third parties.
Different types of P&C insurance coverage
There are many kinds of P&C insurance coverage. A few of them are explained below:
If during the working hours employees get injured or lost then his family can ask for the Workers’ Compensation. This Workers’ Compensation includes cost of medical care and it also includes compensation of salary which happens because of his accident. Every state has its different rules for the Workers’ Compensation
Business Owner’s Policy (BOP)
This type of insurance Compensation includes the losses occur in business because of some natural disaster, or because of some theft. This type of insurance Compensation is basically to stand the person again after the losses in business. So always choose the best Business insurance
The vehicle insurance comes out having a higher cost, due to the high accident rate, but there is the possibility of choosing a more economic coverage such as the risk of total loss and damages to third party, covering the theft of the same, the case in which the loss is more than 75 of its market value due to an accident and damages to third party, because I can remain with my car shredded or stopped, but not the third party whom it damages..
Life Insurance: is one that covers the risk of death of a person . The insurer , in exchange for the premium, will pay the beneficiaries the sum insured upon the death of the insured . This insured sum may be collected in the form of income or in the form of capital..
The umbrella insurance policy comes into effect once you have reached the limits set forth in your other policies, such as homeowner’s insurance, condo insurance, or auto insurance. This policy grants protection against claims for damages, defamation, slander or dishonor.
Since the coverage of an umbrella insurance policy begins to take effect once the other limits of your regular policies have already been exceeded, there are a number of conditions that must be met prior to issuance to allow for additional coverage.
If anyone in your company has a disability then he/she has several health coverage options. If they currently have Medicare, they are considered covered under the health care law.
If they do not have health coverage, they can fill out an application to find out if they qualify for savings for a private health plan or for coverage through State Disability insurance and they are eligible for a paid leave.
If you think that you should buy an casualty insurance for your business then here is:
Top 10 property/casualty insurance companies in the USA
1. State Farm
Direct Premiums Written: $59.361 billion
Direct Premiums Written: $30.18billion
Market Share: 5.13%
3. Berkshire Hathaway
Direct Premiums Written: $29.967 billion
Market Share: 5.09%
4. Liberty Mutual
Direct Premiums Written: $29.848 billion
Market Share: 5.07%
Direct Premiums Written: $23.2 billion
Market Share: 3.94%
Direct Premiums Written: $21.346 billion
Market Share: 3.63%
Direct Premiums Written: $19.577 billion
Market Share: 3.33%
Direct Premiums Written: $19.05 billion
Market Share: 3.24%
Direct Premiums Written: $18.997 billion
Market Share: 3.23%
Direct Premiums Written: $16.744 billion
Market Share: 2.85%
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