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Why You Need Casualty Insurance for your Business

Chapter 7 - Business Insurance
The Why You Need Casualty Insurance

Starting  A Business Book Cover - The Why You Need Casualty Insurance

Casualty Insurance For Your Business

insurance fileMany insurance packages will put casualty and property insurance together and these packages often offer the best deal.

Nonetheless, it is good to know what casualty insurance includes.

Don't Be Casual about Casualty Insurance

Casualty insurance insures against loss or damage to the business itself due to business interruption or other indirect losses.

For instance, if you have an office complex on the top floor of a high rise and there is damage to the first floor that will interrupt your business operations, casualty, not property, insurance will pay for your losses.

Casualty insurance should is a supplemental insurance and should be bought in conjunction with property insurance because many things are not covered in a typical policy. These include:

  • Terrorism
  • cityFlood
  • Fire
  • Political Risk
  • Cyber Liability
  • Identity Theft
  • Employee Theft
  • Cyber-Fraud

If you need coverage of the excluded items, they must be bought separately. For example, some businesses will want fidelity insurance, also known as surety bonds.

This type of insurance will protect you from fraud. It will also protect you if your employees were to steal your property or your customer's property.

Or you may need to protect yourself from Internet fraud and identity theft, two growing issues.


What's Next

Next In This Guide
insurance foldersYou Need Business Liability Insurance - Liability insurance insures against negligence of your business or employees. In other words, it protects your business when it is sued for neglect. There are two types of liability policies:

Previous In This guide
Insurance TypesFive Types of Business Insurance Every Manager Needs - You've started your new business and all is going along smoothly until the unexpected happens. A fire breaks out in your building and you lose all your inventory. Or perhaps your business is burglarized. What now?

Table of Contents
Business Plan Guide CoverHow To Start A Small Business Everything You Ever Wanted To Know About Starting a Business But Were Afraid To Ask - Table of Contents

 


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