2 Reasons To Get Casualty Insurance

Property casualty insurance is a very important type of insurance coverage to have, mostly because it can protect you in a wide range of different scenarios. This type of insurance is designed to keep you from having to pay a lot of money out of your own pocket if you end up being held liable for an accident. Casualty insurance can help you replace lost property and prevent you from going bankrupt due to an accident.

Prevent Bankruptcy

One of the biggest ways in which casualty insurance can help you is by making sure that you do not end up draining your bank account if an accident occurs on your property due to a mistake on your part. It is quite possible for you to end up losing all of your money if someone is hurt on your property due to your negligence, because you will be held liable for the medical expenses, damaged personal property, and possibly even lost wages for the person who was injured on your property.

Thankfully, you can avoid having to pay for all of those expenses out of your own pocket if you have casualty insurance. This is particularly useful when it comes to the medical expenses, mostly because those can add up quite fast and quickly become more than you can afford by yourself. However, your insurance company will step in and pay for all of those expenses (up to your policy limits) and reduce the financial strain on you.

Replace Lost Property

Property casualty insurance is not only useful to help you if someone gets hurt on your property, but it can also help you replace any items that were stolen from your property. This is a great type of coverage to have as both a homeowner and business owner. As a business owner, the insurance company can replace any items that were stolen by a stranger who broke in, or a disgruntled employee.

This type of coverage will also assist you if your business is destroyed due to a natural disaster. In that situation, the insurance company will cover a portion of your lost income while also paying to rebuild your place of business. In addition, the insurance company can also help you replace any commercial vehicles or equipment that was destroyed in the disaster as well.  

Speak to a local insurance company like Donaghy Kempton Insurors today in order to discuss the many reasons as to why casualty insurance is so necessary. Casualty insurance can help you replace lost or stolen property, while also protecting you from financial ruin if someone were to be injured due to your negligence while on your property.