4 Types of Casualty Insurance You Need to Know
Casualty insurance is a broad category of coverage against loss of property, damage or other liabilities. Casualty insurance includes vehicle insurance, liability insurance, theft insurance and elevator insurance.
The accident is something unexpected does not want to be experienced by anyone. However, this occurs outside of the human will. To prevent the occurrence of such risks, accident insurance is created to protect you and your family. Accident insurance is insurance that provides protection or protection against accident disaster of policyholders. Insurers will bear the entire cost of compensation even if the policyholder dies.
The accident is something unexpected does not want to be experienced by anyone. However, this occurs outside of the human will. To prevent the occurrence of such risks, accident insurance is created to protect you and your family. Accident insurance is insurance that provides protection or protection against accident disaster of policyholders. Insurers will bear the entire cost of compensation even if the policyholder dies.
Types of Casualty Insurance
1. Personal accident insurance
Accident insurance that is often sought after by the public is a personal accident insurance. Insurance aims to protect you from hazards that can befall you and cause some result such as death, permanent disability, temporary disability, and medical expenses also hospital. However there are some terms in receiving money compensation for this accident.
Here are some of the terms of the acceptance of funds: self insurance
- The source of the accident should be abrupt or sudden
- The source of the crash was deliberate and not from outside
- The source of accidents accompanied by violence
- The source of the accident must be clearly visible
- The arrival of the source of the accident should be directly without the presence of an inhibitor of factor
- The influx of undesirable accident source
- Due to an accident must be a physical wound
- Cause and effect relationship should not be given up
2. Work accident insurance
In addition to accidents themselves, work accident insurance is also very necessary because the work you do every day also always have the risk that can happen anytime. Good light or heavy, all the work risk insurance is therefore needed to deal with the incident. Compensation will be provided entirely in the family when a family member died. However, for awarding compensation for the disability of a person there are some conditions.
Here are some disability insurance as a condition:
Defective part but are forever meaning that the accident resulted in the loss of one or more limbs.
Disabilities lack functions is accident that resulted in the loss of some of the functions of the body.
Total disability is the accident that caused someone no longer able to work or move his body.
3. Traffic accident insurance
The anxiety, worry, and always alert upon everyone in the drive. The number of vehicles in the streets and people who do not obey traffic rules always lead to the occurrence of the accident. Deaths caused by traffic accidents not be counted again. The need to have insurance of traffic accidents based on increasing public awareness to protect themselves. But to file a claim for an accident that happens, take a few terms.
The following terms of submission: traffic accident claims
- Fill out the submission form and bring the completeness of data
- The existence of a strong evidence of the occurrence of accidents such as receipts or a letter from the police
- Determination of heirs, consisting of members of the family itself
- Determination of the types of compensation based on conditions
- Determine the magnitude of the amount of the compensation in accordance with the risk experienced by
4. Accident insurance Aircraft
Other possible insurance you need to know is the accident aircraft. Plane crash often occurs either because the airline's Party negligence, damage to the aircraft, or the weather does not support aircraft to continue flight. This insurance is required so that when Your family members who are victims, the family will get compensation from the airline. Typically, this insurance has been included on the ticket paid by passengers.
Basic types of casualty insurance:
- Vehicle Insurance: If your business involves vehicles, this is a must. In most states, vehicle insurance is not only suggested, it’s required by law. Depending on the policy, vehicle insurance can cover personal injuries, property damage, bodily injury liability, collision and uninsured motorist coverage. You can also get a comprehensive coverage policy that covers events such as flooding, theft, fires and more.
- Flood Insurance: In the aftermath of Hurricane Sandy, it is very important that you consider getting flood insurance for your business. This will help cover the costs of the building as well as everything inside of it. Flood insurance is essential if your business is to recover from a natural disaster like Sandy.
- Liability Insurance: Liability insurance will help protect you from a number of risks, like being sued for unintentionally harming someone or for negligence. There are three types of liability insurance:
Basic types of casualty insurance:
- Vehicle Insurance: If your business involves vehicles, this is a must. In most states, vehicle insurance is not only suggested, it’s required by law. Depending on the policy, vehicle insurance can cover personal injuries, property damage, bodily injury liability, collision and uninsured motorist coverage. You can also get a comprehensive coverage policy that covers events such as flooding, theft, fires and more.
- Flood Insurance: In the aftermath of Hurricane Sandy, it is very important that you consider getting flood insurance for your business. This will help cover the costs of the building as well as everything inside of it. Flood insurance is essential if your business is to recover from a natural disaster like Sandy.
- Liability Insurance: Liability insurance will help protect you from a number of risks, like being sued for unintentionally harming someone or for negligence. There are three types of liability insurance:
- General liability, which covers libel, slander and any injuries that occurred on your property
- Professional liability, which covers mistakes that are made on the job
- Product liability, which helps protect your business against lawsuits and helps cover recalls in the event that one of your products was manufactured with a defect that caused harm to an individual.
Actually, no one who wants to have an accident as it is very detrimental to the party. However, just in case and a high sense of protecting the family remains important. Accident insurance can at least relieve you when things happen that you don't want.
Types of property and casualty insurance a new business:
WORKERS’ COMPENSATION
Employees who are injured at work or suffer an occupational disease can receive insurance payments for their medical care and lost income through workers’ compensation insurance. Each state has different laws and requirements, so check with officials in your state for the workers’ compensation requirements in your state.
STATE DISABILITY
This type of insurance is normally paid through employee payroll deductions. It provides temporary cash benefits to workers who are disabled by illness or injury that happens outside of work, or because they became disabled through pregnancy.
BUSINESS OWNERS POLICY
Called BOP for short, a business owners policy bundles property and general liability coverage into one policy. The cost is typically lower than buying each form of coverage separately, and can be tailored to a company’s needs.
COMMERCIAL AUTO
If your company provides vehicles for employees to use on the job, or they use their personal vehicles on company business, then you’ll need commercial auto insurance. It includes liability and physical damage insurance that covers both types of vehicle use at work and protects your business.
INSURANCE FOR ISSUES UNIQUE TO YOUR AREA
Along with a basic policy to cover fire and some weather-related damage to commercial property, you may live in a flood zone or area where hurricanes, tornadoes and earthquakes can occur.
UMBRELLA POLICY
An umbrella insurance policy provides extra financial coverage for liability claims beyond the limits on existing policies. These include business, auto and an employer’s liability insurance policies.
EXCESS INSURANCE
Excess insurance is a policy that provides extra financial coverage for liability claims beyond a stated limit on another policy. It can insure against certain hazards and is similar to an umbrella policy.
Types of casualty insurance for Individuals:
Automobile Liability: The liability portion of your personal auto policy is intended to protect you in the event you are responsible for causing injury or property damage while operating a covered automobile. Most states have minimum liability requirements and being caught driving without sufficient coverage or with no coverage at all could result in hefty fines or losing your driving privileges altogether.
Personal Liability: This type of casualty insurance is usually attached to a homeowner or renter's insurance policy and is intended to protect you if someone other than a family member residing in the home is injured on your property or in the event you cause unintentional damage to another person's property. The injury does not have to have happened on the insured premises. Personal liability insurance also extends to covered incidents that happen away from the premises.
Personal Liability Umbrella: A liability umbrella policy adds another layer of liability protection over your home and personal auto policies. Imagine an automobile accident caused by you or another family member that results in serious injury or death of several people. Would your automobile liability limits be enough to cover the potential jury awards for a tragedy of this size? Once the limits of the underlying policy are exhausted, the umbrella policy will respond and pay up to the limits of the policy.