Businesses are becoming more dynamic and spread-out, having employees traveling across the world to further business goals. Risk factors have also increased and have become rather unpredictable. Previously, when businesses largely operated in their place of origin, they were more aware of the external risk factors both sudden and long-spanning that could be damaging. Businesses could then prepare to protect themselves in advance. The dynamics have changed, and so have the risks. This change in dynamic has raised the need for increased levels of casualty insurance in order to be covered for losses by unforeseen circumstances such as direct accidents, fires, thefts and liabilities.
There are a few types of casualty insurance, each with its own benefits and varied dimensions to help your business be better covered. Read the following to know what these casualty insurance types are;
• Automobile Insurance – Most businesses today own vehicles because traveling is part of mobility. As such, it is highly likely that the vehicle is involved in an accident at some point, either controllable or uncontrollable. Either way, the auto insurance can help your business avoid the losses of having to purchase a new one or to repair the old one if the damage is reversible. This differs from property insurance in that it is related to direct accidents having taken place due to human error rather than the indirect incidents that take place because of factors out of the power of human beings; such as a fire, storms, or flooding etc.
• Liability Insurance – A majority of businesses, even the small ones, have people working for them and taking them forward. Liability insurance, in context of businesses, includes injuries to employees of the business while they are at work. This could be on-site or off-site both. Also, any lawsuit filed against the business for having significantly damaged another business or person’s property is also covered under liability insurance. It is basically an indirect insurance which protects not from any physical damage but monetary losses occurred as a result of inadvertently inflicting damage or injury on someone else.
• Natural Disasters (Flooding, Fire, Wind Damage)- Generally referred to as flood insurance, this will cover your business from any significant and irreversible damages occurred as a result of not only floods, but hurricanes and tornadoes as well. In light of the recurrent flooding and hurricanes in the recent past, businesses have started resorting to flood insurance to keep their businesses protected against this unavoidable circumstance. Unforeseen incidents are the most dangerous since they cannot be predicted ahead in time and hence, special precautionary measures cannot be taken. Even if you do get informed of the likeliness of a flood or a hurricane, there’s only so much precaution you can take that protects from damage. You cannot move a building or premises; which is why having flood insurance is a fitting option so you get equally compensated for the damage.