As a business owner, there are many types of insurance coverages that you will likely need, but one of the most important is property casualty insurance. This type of insurance provides for protection in the event of an accident that damages or destroys property. An example of this might be when an employee of your business causes a vehicle accident and damages someone else's vehicle or injures that person to the point where they can no longer work. Your property casualty insurance policy should pay for vehicle repairs or a replacement, and it will likely also cover medical bills and compensation for the injured individual.
How Property Casualty Insurance Differs From General Liability Insurance
There are some differences between property casualty insurance and general liability insurance, and it's a good idea to recognize them. General liability insurance covers accidents and injuries that occur on your business’ property or properties. Things such as slips and falls or vehicle accidents that occur when a customer is on a business’ property are typically covered under general liability insurance. Property casualty insurance, on the other hand, can cover damage to someone else's property, even if that person is not a customer and is not on your business’ property or properties.
Does Your Business Need Both?
In virtually all cases, business owners need to have both general liability insurance and property casualty insurance . This is because in some situations, a skilled attorney may be able to argue that one type doesn't cover a specific accident or injury due to legal wrangling and loopholes. When your business is covered by both types, you won't have to worry about whether or not it can be argued that someone who slipped and fell, breaking an expensive briefcase or piece of jewelry, can make a claim that you aren't covered for.
One way to reduce the risk of a property casualty insurance claim is to manage and control risks. This can be as simple as ensuring that your business’ fleet of vehicles is maintained on a routine basis, ensuring that all employees are kept abreast of safety and security protocols, and reviewing previous accidents reports all the way to replacing vehicles and partnering with a risk management company for regular review of your facilities and safety protocols. Whatever you have to do to reduce the potential for harm is not only good for you, your employees, and your customers, but also your property casualty insurance rates.
Learn More About Property Casualty Insurance Through Poms & Associates
If you're unsure about your levels of property casualty insurance or even your specific needs for such insurance, contact Poms & Associates. The professionals at Poms & Associates can help you to evaluate your business’ unique insurance requirements, shop from the top insurers in your market, and guide you through the selection process so that you can have peace of mind in knowing that your business is protected. To get started, reach out to our team using our convenient contact us today! Andrew Rusnak is an author who writes on topics that include property casualty insurance and risk control in the workplace.