General Insurance
In our haywire lives, nothing is hundred percent sure, not even our safety. Accidents can happen anywhere, at work, at home, on the road, etc. But what we can secure is our financial future by safeguarding the costs we incur during such events. We do that with general casualty insurance.
‘Casualty’ is defined as a serious or fatal accident; a person or thing injured, lost, or destroyed. And casualty insurance is protection from a casualty.
Thus general casualty insurance is basically an amalgamate of life insurance, health insurance, property insurance, auto insurance etc that will provide us financial security from several events.
What is Casualty Insurance?
Broadly speaking, it may be defined as a list of individual insurances, usually written in a separate policy, in three broad categories: third party or liability, disability or accident and health, material damage.
Casualty insurance generally has been a loosely defined term and includes a wide variety of unrelated coverage. An important coverage in the casualty line is Liability. Casualty also includes Aviation, Auto, Boiler and Machinery, Crime, Workers Compensation and Surety Bonds.
It may include marine insurance for shipwrecks or losses at sea or fidelity and surety insurance. It may also include earthquake, political risk insurance, terrorism insurance, and fidelity.
How to evaluate what’s best for you?
Usually, damages to people, property are covered by casualty insurance. For example, if you purchase a general casualty insurance policy for an earthquake and actually get injured during one, the insurance company will cover all your medical costs. Likewise, if part of your property is damaged as a result of something like a natural calamity, the insurance company will also bear the costs of this unforeseen event. This type of insurance is very useful for things like replacing car hardware or handling the aftermath of burglary or terrorist activities.
Casualty insurance which also includes personal liability claims can be very useful for business owners, as it ensures that the business will not suffer financially if someone sues the company for an act resulting in personal injury or property damage. All home owners or renters can also take full advantage of general casualty insurance to replace and buy new household items after a burglary or damage due to a natural event. Sometimes a casualty insurance policy may also cover visitors visiting your home if they meet with an accident there.
Casualty insurance should be viewed as a supplemental insurance when you are looking to buy casualty insurance for a home or a business. It may not usually cover claims of fires and floods, which need to be separately insured in a modified casualty insurance plan.
You should always study the terms and conditions of general casualty insurance carefully, because certain things may not be covered, and this could turn into a huge issue when you put forward your claim. Modified, personalised and specific casualty insurance plans can also be purchased for rare events like landslides, earthquakes or floods depending on regional norms in the insurance industry.
Why do you need it?
Very bluntly put, you need casualty insurance because it safeguards your financial future from practically every kind of accident or casualty.
Be it a business loss or a burglary at home, a car accident or property damage from a natural calamity, casualty insurance is a powerful tool that helps secures you and your business from a number of mishaps. The importance and requirements of casualty insurance differs for everyone but you should always remember that purchasing the right property and general casualty insurance plan will protect you, your property and even your business from unexpected financial losses and unforeseen damages. Make a smart decision and purchase one today!