Running a company means incorporating a number of elements into your success strategy, but one of the most important elements to consider in your plan is casualty insurance. This type of business insurance is used to shield business owners from liability or damages in the event of a disaster, whether natural or otherwise and can be the difference between keeping your doors open or letting them slam shut. In addition, casualty insurance can protect a business owner’s personal finances, reputation, and credit if something goes wrong on a covered company’s premises.

Defining Casualty Insurance

Casualty insurance includes a number of coverage options, including coverage for customer injuries at your place of business, injuries that occur as the result of a product or service you provide, and protection from the cost of lawsuits involving slander or libel. Casualty insurance also shields a business owner or employees of a company when the company injuries someone, however, it may not protect in all instances. For example, if an employee is malicious in his or her actions or is willfully negligent, that employee may be sued personally and may not be covered under casualty insurance.

Virtually every business owner in the country needs to have casualty insurance coverage. Essentially, if you produce a product or service, the possibility exists that it may end up harming a customer. Likewise, having casualty insurance is important if you employ people. This type of insurance can protect your employees while on the job, including when using company vehicles away from the office. Even if you are a sole proprietor, it’s a good idea to carry insurance coverages that are specific to your line of work. For example, if you’re a property manager, the assets you're managing are inside your care, custody and control.  You have a duty to safeguard that asset and protect the residents inside this development.  If you are negligent in protecting these residents, you can and will be sued.  Ex. If you do not safeguard the hot water heaters from your (tenant and/or their guest), and they adjust the settings which leads to death or injury to someone exposed to hot water (extreme temperatures), you're negligent and will be found guilty in the court of law.  Liability insurance protects you from things like this. 

If you don’t have casualty insurance, you’re leaving yourself and your business open to potential loss. Don’t wait until an accident or injury has occurred to begin thinking about getting covered. Call our experts at Gatta Insurance to learn about all of the various coverage options that are available as well as to receive an expert analysis of your business’ specific insurance needs.