What Every Business Owner Should Know About Property & Casualty Insurance

Every business owner has their focus on increasing sales, revenue, and growing their business. But few people realize the importance of insuring their assets. This is a serious mistake because the cost of flooding, landslides, and market fire rise yearly. The best way to protect your business from loss is to buy property and casualty insurance.

Property and casualty insurance protects your assets by compensating you if you lose them or they get damaged while on your premises. Here at AXA Mansard, we want to help you understand the ins and outs of property and casualty insurance so you can make the right decisions.

What Is Property and Casualty Insurance?

Property and casualty insurance is a type of coverage that helps protect your personal property from damage or loss. It also covers you if you get injured in an accident involving another person's property, such as a car, boat, or airplane.

The types of coverage vary depending on the company providing the policy. You can buy policies that cover everything from terrorism, to electric equipment to fire and burglary. Property and casualty insurance is typically bought at a different rate than liability insurance because it doesn't cover injury or death caused by an accident with another person's vehicle or equipment.

Property and casualty insurance covers many different types of risks, including:

• Agricultural Insurance.
• Boiler and Pressure Plant.
• Combined Fire and Burglary.
• Consequential Loss Due to Fire.
• Contractors All Risks.
• Electronic Equipment Insurance.
• Erection All Risks.
• Fire and Special Perils Insurance.
• Householders Insurance.
• Industrial All Risks.
• Machinery All Risks (Plant All Risks).
• Machinery Breakdown.
• Material Damage.
• Terrorism.

It is important to note that this type of coverage does not include medical expenses related to injuries or death caused by an accident. The best way to find out what level of coverage you need is to talk with an agent who can help determine which options are best for your business.

Why Do Business Owners Need Property and Casualty Insurance?

The loss of a business can be devastating. When business owners lose their home, car, or office to fire or theft, they also lose their livelihood. Property and casualty insurance is designed to help protect your property from damage that may occur during normal business activities.

Here are some reasons why business owners need property and casualty insurance:

• You need liability insurance for your employees.
• You need automobile insurance for your employees.
• You need workers' compensation insurance for your employees.
• You need business interruption insurance for your customers.
• You need commercial general liability coverage.

What Types of Coverage Does Your Business Need?

The types of coverage you need depend on the type of business you have and what risks it faces. If you have several locations scattered throughout the state, it's likely that there are more risks that need extra coverage. 

For example, if your business is in an area prone to terrorism or natural disasters like flooding, you will need higher limits on your policies than if your only location is in a relatively safe area.

Bottom Line

The reason you need property and casualty insurance is that you have a business. If your business were a person, then it would have to be insured in the same way as an individual.

You can get property and casualty insurance through your home or auto insurance policy. The coverage that comes with those types of policies is usually adequate for the average business owner, but there are some things that you need to know about before making a choice.

For a better explanation of the different costs, you can request a call back from one of our agents.