What is Casualty Insurance? As the world continues to grapple with the wide ranging effects of a global pandemic outbreak, now more than ever, businesses are looking to cover themselves against the unforeseen in this uncertain climate.
Casualty insurance is a necessary component for any business or self employed individual looking to protect themselves against a host of different eventualities.
Casualty insurance can be broadly defined as a covering oneself in a number of areas, generally excluding loss or damage to property, such as injury to employees or consumers, use and operation of machinery and or vehicles.
There really is no end to the possible circumstances in which casualty insurance can be helpful for business owners.
Casualty insurance is generally considered a separate category to health and life insurance though it is often common to see insurance companies and brokers bundle together different forms of casualty cover with types of property contents insurance to form a comprehensive policy for both business owners and private citizens.
Why might I need casualty insurance?
Casualty insurance protects a business and its owners against liability. Liability is a key word in all forms of insurance, and can be defined in this context asbeing legally responsible for something or someone’.
So lets consider this simple example: If an employee or member of the public is in some way injured whilst an employee is performing the duties of their role, the employer would be considered liable to compensate the injured party, if the employer could be shown to have been negligent in some way, such as a lack of appropriate training in the task, inadequate protective equipment or a lack of due care or attention.
So lets say one of your employees is involved in an auto accident whilst driving a company vehicle, and the accident is considered to be their responsibility.
In these circumstances, a specific form of casualty insurance would be able to protect the employer against having to pay this from their own pocket. Vehicle insurance could be considered a classic example of casualty insurance, but is only one of many possible scenarios in which a business may need to protect themselves against liability.
So no matter what kind of industry your business operates in, it’s probably not too difficult for many business owners to envisage a scenario where they might require casualty insurance.
Whether you are the owner of a graphic design agency with lots of high value hardware connected to the internet, a self employed engineer looking to cover yourself against accidental injury,
or a private landlord looking to protect your renting tenants, there’s almost certainly an area of liability you could protect yourself against with a form of casualty insurance.
Review your coverage!
Now more than ever in this ever changing economic landscape, it is a good time for all self employed people and business owners to review their relevant insurance policy details, and check they are covered against all possible areas of liability as sound business practice.
A difficult business environment means many companies will be facing many new challenges in the near future, so employers should check the details of their coverage with their casualty insurance cover providers to make sure they are prepared for all eventualities.