Commercial casualty insurance is a broad category of protection that encompasses coverage against damage, property and other liability. Casualty insurance is sometimes combined with property insurance, which then is commonly referred to as “property and casualty” insurance.
Commercial casualty insurance is umbrella coverage and is an elastic term. For example, casualty insurance may include protecting the small business owner and his business from negligent acts and omissions. It may also include areas such as fidelity insurance, terrorism insurance and political risk insurance. It typically doesn’t include health or life insurance.
A common type of casualty insurance available today is automobile insurance. In its most basic sense, automobile insurance provides liability protection in the event of an “at fault” accident. Not only will repair or restitution of the damaged property be covered, but the policy can cover medical bills of the individuals that were injured in the accident.
Keeping in mind that casualty insurance is an elastic term, casualty insurance may include such areas as liability insurance, vehicle insurance, theft insurance, and even elevator insurance. Another important type of commercial casualty insurance for small business owner is workers’ compensation insurance, which provides a business coverage from liabilities that occurs when an worker is hurt while doing his job. Moreover, if your employees handle cash transactions or otherwise has access to company funds, then you may want to consider employee theft casualty insurance.
Lastly, developed as a result of technological advances, there are other types of casualty insurance coverage that are evolving, such as identity theft, cyber-liability and cyber-fraud. As a result of the September 11, 2001 attacks, even terrorism coverage is available as an add-on casualty insurance coverage.
Small business owners should make sure that they carry additional commercial casualty insurance that makes sense for their business. Casualty coverage provides peace of mind for the business owner whose livelihood depends on the safe operation of its business.
