As a business owner, you always have to think of the future. Of course you want to imagine that your business is going to be successful as time goes on, but you also have to be realistic and you should expect there to be problems. Hopefully, most of the problems that your business experiences will be minor, but what if an accident or illness keeps you from running your business as it should be run? For this and many other reasons, there is business casualty insurance. Let's look at a few reasons why a business owner may want to think to the future and buy a casualty insurance policy as soon as possible.
Casualties
What sorts of casualties are included in a casualty insurance policy? Well, before we get to what this type of policy covers, let's go over what it doesn't cover. Many business owners are under the assumption that this type of coverage will protect their business in case of a fire or in case someone very important to the company, including you, dies. That's just not the case, however. The casualties included in a policy like this are separate from those covered in life, health and property insurance policies.
That being said, you will be covered under a business casualty policy if:
• You or your organization is negligent and that causes financial harm to another party
• Your business is affected by acts of terrorism
• Your business is affected by fraud
• Your business is forced to close due to an earthquake
• And many more
The term casualty insurance is considered an 'elastic' term, since it covers many other different factors. For instance, a casualty policy may be purchased as aviation insurance, boiler and machinery insurance and much more.
Errors and Omissions
Generally speaking, casualty insurance is a policy that covers you or your business from liability due to an error or omission due to negligence. You may have heard of malpractice insurance. Casualty insurance is basically the same thing. But you should know that it's not just limited to doctors. Whenever you deal with customers, you put yourself in a situation that could turn out ugly. You could find that you make a false claim, that you perform your duties in accordance with your company but the other person suffers from it, and so on.
So protect your company from liability, no matter what the situation may be. Instead of hoping that you or your company are never sued, instead, get the proper business casualty insurance so that you will be able to cover your legal and other expenses that could result from litigation due to negligence on your part. That's why it's so important to buy a casualty insurance policy and that's why you should act now as a wise and pragmatic business owner.
Casualties
What sorts of casualties are included in a casualty insurance policy? Well, before we get to what this type of policy covers, let's go over what it doesn't cover. Many business owners are under the assumption that this type of coverage will protect their business in case of a fire or in case someone very important to the company, including you, dies. That's just not the case, however. The casualties included in a policy like this are separate from those covered in life, health and property insurance policies.
That being said, you will be covered under a business casualty policy if:
• You or your organization is negligent and that causes financial harm to another party
• Your business is affected by acts of terrorism
• Your business is affected by fraud
• Your business is forced to close due to an earthquake
• And many more
The term casualty insurance is considered an 'elastic' term, since it covers many other different factors. For instance, a casualty policy may be purchased as aviation insurance, boiler and machinery insurance and much more.
Errors and Omissions
Generally speaking, casualty insurance is a policy that covers you or your business from liability due to an error or omission due to negligence. You may have heard of malpractice insurance. Casualty insurance is basically the same thing. But you should know that it's not just limited to doctors. Whenever you deal with customers, you put yourself in a situation that could turn out ugly. You could find that you make a false claim, that you perform your duties in accordance with your company but the other person suffers from it, and so on.
So protect your company from liability, no matter what the situation may be. Instead of hoping that you or your company are never sued, instead, get the proper business casualty insurance so that you will be able to cover your legal and other expenses that could result from litigation due to negligence on your part. That's why it's so important to buy a casualty insurance policy and that's why you should act now as a wise and pragmatic business owner.
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