What Is Casualty Insurance?
There are many kinds of insurance policies, and casualty insurance is a category that deals with loss associated with events that are unforeseen. For example, loss due to burglary and fraud can be covered by casualty insurance. However, injury or loss due to health issues and fire are not included in this kind of insurance. The term is actually a broad term that covers many specific kinds of insurance policies.
Casualty insurance policies can cover both people and assets. A common example of casualty insurance is for homes. Let’s say that your home gets broken into. As a result, you have broken windows and you lose some valuables. The casualty insurance can cover this and pay for the damage and what you have lost. Let’s also say that
you get woken up in the middle of the burglary and you get in the way of the burglars. If you somehow get injured, medical costs can also be covered by casualty insurance.
The same concept applies for businesses. It is a good idea to take out casualty insurance to cover injuries that may occur at the workplace. If a business has casualty insurance and an employee gets injured in the premises, the chances are that the employer will not have to bear the costs.
It is important that you realize that casualty insurance is not meant to be the primary insurance policy. There are specific policies to cover things such as fire and health problems. It is simply useful to have casualty insurance on top of these basic primary insurance policies.