What is Property and Casualty Insurance?

Insurance has grown in importance as a way of protecting our assets and fulfilling our needs. Today there is insurance available to cater to a majority of your needs. From cars to houses and more, there is insurance for everyone and everything. One such insurance that has been reducing the financial burden and turning dreams into reality is property and casualty insurance.

What is Property and Casualty Insurance?

Property and Casualty insurance, also known as P&C insurance, is an umbrella insurance policy that covers various things under a single plan. P&C insurance can be taken up to get coverage for protection against things like machinery breakdown, fire, earthquake, office damage, etc. For all business owners, getting P&C insurance can prove to be very helpful, as it would cover the different risks and liabilities that arise while running a business.

1. Property Insurance

Property insurance includes various types of insurance plans, that are designed to protect the policyholder from a financial loss in case the property gets damaged. The items that are generally included under this type of policy are house, furniture, jewelry, automobile, business property or any other physical property. The type of coverage will depend on the type of policy that is purchased. For an instance, if your property gets damaged or vandalized, and if you have a property insurance policy, you can get compensated for your loss.

An example of Property insurance is Burglary Insurance. This insurance can be purchased for a business or a house. Burglary insurance will cover losses or damages to the property and the goods that are in the property premises. You can get coverage for the damage caused to the insured house or business in case of theft, and that coverage can be extended to include malicious damage, riots, etc.

Other types of property insurances are Package or umbrella insurance, Fire policy insurance, All risks insurance policy, Marine Cargo Insurance Policy.

2. Casualty Insurance

Casualty insurance is also known as liability insurance. This insurance mainly protects the policyholder against legal liability for bodily injury and/or property damage that might be caused by him to the others. For example, if someone gets hurt due to an accident in your house or office, and you are held liable for it, then the casualty insurance policy will cover the cost and pay for the loss caused to the injured person.

An example of casualty insurance is Public Liability Insurance (Industrial and Non-Industrial). It covers the legal costs for bodily harm and property damage caused inside the insured premises. It covers a variety of industrial risks and non-industrial risks for businesses such as manufacturing units, BPOs, Hotels, Clubs, Restaurants, IT Companies and Schools.

Other types of property insurance are Commercial General Liability, Workmen’s compensation insurance, Pollution legal liability and Contaminated Product insurance.

Now that you know what is property and casualty insurance, you can understand how important it is. If you are an entrepreneur or a small business owner or someone who has assets, then it is necessary for you to get an insurance policy that will protect you, your home or your business from future losses caused due to unfortunate events.