Commercial Casualty Insurance: Protecting Your Business from Liability Risks

While most companies combine property and casualty insurance into one policy, commercial casualty insurance is significantly different and can mean the difference betwee business survival and business failure in times of interruption.

Property vs Casualty Coverage

Commercial property insurance covers the building in which you do business. Casualty insurance covers the business itself. For example, if the building in which your business is housed is damaged by fire, but your particular business is not damaged, your property insurance would not cover your losses even if your business was unable to remain open. Casualty insurance, however, covers the interruption of your business and would protect you in such a scenario.

Types of Casualty Coverage

In the global environment most companies do business in, casualty coverage has expanded to include:

• terrorism coverage in case your business is interrupted because of a terrorist attack
• government Liability, for companies who do business overseas in politically volatile climates
• cyber liability, including cyber fraud and identity theft coverage
• bonding to protect companies from employee theft
• flood insurance, which is not always included in property coverage
  

Casualty coverage can provide additional peace of mind for the business whose livelihood depends on the internet or global competitiveness. As with any commercial insurance, shop carefully and be sure to read the fine print.