A person might need insurance in every part of life these days. In order to get his life covered he needs life insurance, in order to get his health covered he needs health insurance, and in order to have his property covered he gets property insurance. But what if the insurance he needs is not related to any of these fields. What if the person owes any sort of liability or any organization owes any sort of liability to that person. What if the person has accidently committed any sort of crime? How can he get protected from such situation? Casualty insurance is that branch of insurance that provides a broad coverage to many other aspects of our life. Below mentioned casualty insurance tips are going to provide you with a detailed insight into the importance and usage of casualty insurance.
What is casualty insurance?
Casualty insurance is not known to be the branch of any normal insurance aspect. You cannot connect it with life insurance, health or property insurance. It is more of a liability insurance that provides complete protection to humans or companies from getting sued or held under any legal offense. But this term of casualty insurance has also been used in broader sense. The term also relates to the insurance of marine items, it also relates to terrorism insurance, it also includes political insurance, plus automobile insurance is also included in casualty insurance.
How it works?
The insurance provides the protection to the insured person or insured organization in case they are held liable for any misdoing such as any sort of legal negligence or accidental injury inflicted to the other person by the insured. For instance, if you suddenly hit another car while driving on the road and damage that other car and three people sitting in the car then this casualty insurance will provide you the coverage to bear the damages of car and the medical expenses of the injured people that were travelling in that car. But you will only receive this coverage if it had been proved that you hit the other car accidently. If the proofs showed that you intentionally hit other car then the company will not provide you any compensation.
Fields covered in casualty insurance
Casualty insurance also includes
- Liability insurance
- Elevator insurance
- Vehicle insurance
- Theft insurance
- Medical insurance
Most of the people are confused regarding the casualty insurance. The only thing that should be kept in mind is that this type of insurance protects you in any sort of legal mishap. If you think that it only covers road accidents then you are wrong because road accidents get covered under car insurance plans. This branch of insurance protects individual humans and large organization from getting sued in case of legal mistake or crime.
If you are running your own business, then its best to get casualty insurance for your business. It will help you protect your business in case some legal obligation is forgone. You can renew the policy on annual basis and benefit from its coverage whenever you feel the need.