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Casualty insurance protects against losses caused by injuries or damage to property. It is also known as liability insurance, covering the policyholder’s legal liability for damages or losses they may cause to others. There are several types of casualty, including general liability insurance, professional liability insurance, and product liability insurance.
General Liability Insurance
General liability insurance is the most common type of casualty. It protects against third-party claims of bodily injury or property damage. This type of insurance is typically required for businesses, as it protects the company and its employees from lawsuits related to accidents or injuries on the company’s property.
For example, if a customer falls in a store, they may file a lawsuit against the store owner for their injuries. General liability insurance would protect the store owner in this situation.
Professional Liability Insurance Of Casualty insurance
Professional liability insurance, known as errors and omissions insurance, protects against professional negligence claims. This type of insurance is typically required for professionals such as doctors, lawyers, and accountants.
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For example, suppose a doctor makes a mistake during a surgical procedure. In that case, the patient may file a lawsuit against the doctor for their injuries. Professional liability insurance would protect the doctor in this situation.
Product Liability Insurance Of Casualty insurance
Product liability insurance protects against claims of injury or damage caused by a product. This type of insurance is typically required for manufacturers and sellers of products.
For example, suppose a defective product injures a consumer. In that case, they may file a lawsuit against the manufacturer or seller of the product. Product liability insurance would protect the manufacturer or seller in this situation.
Conclusion Of Casualty insurance
Casualty is a type of insurance that protects against losses caused by injuries or damage to property. It is also known as liability insurance, covering the policyholder’s legal liability for damages or losses they may cause to others. There are several types of casualty , including general liability insurance, professional liability insurance, and product liability insurance. Businesses and professionals must have the appropriate type of to protect themselves from lawsuits.