Casualty insurance is a unique insurance that covers against any form of damages to individuals as a result of business activities. Casualty insurance is wide and is sometimes referred to as property insurance. It can be defined literary as an insurance coverage for any casualty experienced by an individual as a result of products or services of an organization.
Why companies get casualty insurance?
Every company maintains a constant relationship with different individuals, either internally as employees or externally as clients and customers. Certain activities within or outside the company can cause injury or loss of life to employees or clients. Without casualty insurance these companies will have to pay compensation to these individuals and thus incur heavy expenses. Casualty insurance plays the mediator role here, it covers the provision of funds for compensating any individual whether internal or external, for loss experienced due to business activity. Also in a case of company activities causing harm to an external person, casualty insurance covers any payment that may arise.
Types of casualty insurance
There are many types of casualty insurance available today; insurance companies are coming up with new models of casualty insurance to cover specific losses. Most of these new policies being drafted are actually a detachment from the major casualty insurances known over the ages. Some of these major casualty insurance policies are;
- Property casualty insurance – This is a form of casualty insurance that covers any loss or liability for damages to individuals, as result of company properties such as building structures and signpost.
- Auto mobile casualty insurance – This covers any damage to a third person as a result of company auto mobiles such as cars, trucks, forklifts and cranes.
- Surety bonds – this is a mandatory casualty insurance acquired by companies that are into contractual businesses. It is a sign of assurance to clients that irrespective of any unforeseen event, all contract agreement will be met accordingly.
Benefits of casualty insurance
- Casualty insurance protects your company from unnecessary lawsuit that may arise from unpaid compensation to injured individuals
- It gives clients more confidence to transact business with your company
- It helps company to compensate for injury and damages caused as result of company properties and activities.
- It helps to protect employees within the organization in any case of injury
There is no business without casualty, rather it is how prepared the business is that will determine if it fails or succeeds. Therefore casualty insurance is a most for all companies, because it will protect the business while protecting its clients. contact us