The reasons are many as to why you need casualty insurance for your business; needless to say, casualty insurance differs substantially from other types of insurance cover including life insurance, property insurance or health insurance.

Casualty insurance is sometimes combined with property insurance

Property insurance insures the location of the business while casualty insurance insures the actual business.

What Does Casualty Insurance Cover?

• Property coverage: Includes aviation cover, machinery and boiler equipment, as well as glass and crime insurance.
• Marine accidents: Tailored to cover losses at sea.
• Terrorism coverage: Acts of terrorism are usually not covered by traditional insurance, making this policy necessary regardless of your business type.
• Flood coverage: Protects your business from flood damage, which is usually not covered by property insurance.
• Political risk or government liability: Important for businesses with overseas operations or government contracts. Sudden political shifts or contract withdrawals could otherwise leave your business exposed.
• Cyber-liability: Covers identity theft, cyber-fraud, and employee theft—critical protection against modern-day crimes.
• Liability insurance: Protects against being sued for negligence or accidentally causing harm. Beneficial for high-risk professions like construction, manufacturing, and medicine.

As with every type of insurance cover, you need to do your research thoroughly—casualty insurance for your business is no exception. Make sure you are 100% certain that you are getting exactly what you paid for.