Property and Casualty (Liability) Insurance
Property insurance provides protection against risk of property loss such as fire and theft. Losses from fire leading to loss of inventory or machinery losses which affect production are some of the more common risks that are insured. The insurance policy coverage often responds by not only replacing the machinery but may respond by providing some replacement of revenue lost attributable the manufacturing interruption.
Property losses are classified as either open perils (the policy covers all loss except those specifically excluded in the policy) or named perils (the actual cause of loss must be listed in the policy for the insured to be covered).
Casualty or Liability insurance provides for restitution or repair of damaged property in the event of a negligent act and/or an act of omission by the business entity. The realm of liability insurance of broad; it extends from of hazards that occur on the job site or workplace to marine insurance for losses at sea due to shipwreck, to losses that occur due to a lack of completion of a project (bond or surety).
Business insurance policies often exist as combinations of property and casualty insurance.
Unfortunately for every business owner, the chances of getting sued have dramatically increased in the last decade. General Liability insurance can prevent a legal suit from turning into a financial disaster by providing financial protection in case your business is ever sued or held legally responsible for some injury or damage.
General Liability pays losses arising from real or alleged bodily injury, property damage, or personal injury on your business premises or arising from your operations. General Liability Protection often includes:
- Bodily Injury, including the cost of care, the loss of services, and the restitution for any death that results from injury
- Property Damage coverage for the physical damage to property of others or the loss of use of that property
- Products-Completed Operations provides liability protection (damages and legal expenses up to your policy limit) if an injury ever resulted from something your company made or service your company provided
- Products Liability is a more specialized product liability insurance that protects your company against lawsuits from product-related injury or accidents
- Contractual Liability extends to any liability you may assume by entering into a variety of contracts
- Other coverage includes: Reasonable Use of Force; Borrowed Equipment; Liquor Liability; Non-Owned Vehicles (such as aircraft and watercraft); Fire, Lightning or Explosion Damage; Water Damage Liability Protection; Legal Defense Costs; Medical Payments; Personal Injury; Advertising Injury; and specialized liability protection for specific business type