Casualty Insurance: What it is and Why Your Organization Needs It

Selecting insurance policies for your business or nonprofit should be done with great care so that you, your employees, and your organization’s assets are properly covered and prepared for anything. One type of insurance you won’t want to leave out is casualty insurance.

casualty insurance

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Casualty insurance offers coverage for a broad range of categories, usually for incidents dealing with a business or organization’s loss of property, as well as damage and other liabilities. Generally speaking, casualty insurance covers losses that are directly related to accidents, including “liabilities that come from carelessness and unexpected incidents.” For example, workers’ compensation policies fall under casualty insurance, as they protect a business from liabilities that could result from an employee’s work-related injury.

It is important to note that the parameters of casualty insurance do differ from state to state. In some states, casualty insurance can provide coverage from an earthquake, and in others, those damages may not be covered. In others, legal fees may or may not fall under the coverage that casualty insurance provides.

Aside from your state’s regulations regarding casualty insurance, the most important thing to understand is that it is a necessity for any business or organization. As one insurance expert put it, “Casualty insurance is essential due to the fact that it insures loss possibly not covered simply by different policies.” More plainly put, casualty insurance is just one part of the equation when it comes to protecting yourself, your employees, and your organization.

Are you looking to update or purchase casualty insurance or other forms of insurance for your business or social or human services organization? Lamb Financial Group has a huge selection of products in our property and casualty insurance offerings. Visit our website to learn more about our options and how we can help, or feel free to contact us at 1-866-481-5262. You may also request a quote using the form on our website.

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