Property insurance is relatively simple to define. It includes many types of insurance designed to cover property losses.
This type of insurance aims to protect the property, either real or personal, described in the policy against certain risks.
As you can imagine, there are different needs for the protection of:
• Homeowner’s Insurance
• Liability Insurance
• Aviation
• Energy
• Transportation
• Marine
Similar to property insurance, casualty insurance protects against loss and damage of property. The difference between the two is that casualty insurance protects your business premises from injuries and crimes against it while property insurance covers losses to your land, building and belongings. For full protection against both, people will often find property and casualty insurance policies combined.
The Importance of Property and Casualty Insurance
The U.S. Property and Casualty Insurance Industry (P&C) pays out more than $400 billion in policy benefits, according to the American Insurance Association. The industry also employs about 2.3 million people, making property and casualty a dominate spoke in the insurance industry wheel.
Property and casualty insurance aids consumers in protecting their possessions while providing liability coverage if you\’re deemed legally responsible for an accident that results in bodily harm to another individual, or to any possessions that person owns. Homeowner\’s insurance, renter’s insurance and auto insurance are both great examples of P&C insurance.
Who should get P&C insurance? That all boils down to risk assessment and each business’s or individual’s threshold for mitigating that risk.
As an example, the odds of someone getting injured on your property and successfully winning a million-dollar lawsuit against you are low. That being said, you still don’t want to be caught in the midst of this scenario without the proper liability coverage. Intuitive planning and smart decisions along with an investment in insurance protection will ultimately lead to a solid financial investment down the road.
Once you realize your assets are at risk for a property and casualty claim, the job at hand is to get good P&C insurance that fits your needs.
An independent broker is the best way to get personal property and casualty insurance. A broker can market your coverages to many different companies and recommend the options that represent the best coverage for the best price.
Insurance brokers also represent multiple insurance carriers and can save time, money and energy to find affordable and comprehensive coverage. Brokers can also help businesses navigate the system while providing guidance on the best policies available on the market to cover any given needs.
Good liability coverage isn\’t overly expensive (in the range of $400 to $700 per year should net you a decent policy), according to industry statistics. The cost is well worth it, given the downside of the financial damages, for example, of someone being injured on your property.
Talk to an insurance professional to gauge your need for property and casualty insurance. For a relatively small amount of cash, it might turn out to be one of the savviest money moves you’ll ever make.
