Winter 2013- When it comes to choosing business insurance, it can be difficult to keep track of what you need and what you don’t. Chances are you probably have some type of property insurance, which helps to cover you in the event of any damaged or lost property. However, have you considered casualty insurance as well?
The main difference between the two is that casualty insurance protects you by covering losses that result from direct accidents, whereas property insurance covers losses that result from events, such as theft. There are three main types of casualty insurance:
1. Vehicle Insurance – If your business involves vehicles, this is a must. In most states, vehicle insurance is not only suggested, it’s required by law. Depending on the policy, vehicle insurance can cover personal injuries, property damage, bodily injury liability, collision and uninsured motorist coverage. You can also get a comprehensive coverage policy that covers events such as flooding, theft, fires and more.
2. Flood Insurance – In the aftermath of Hurricane Sandy, it is very important that you consider getting flood insurance for your business. This will help cover the costs of the building as well as everything inside of it. Flood insurance is essential if your business is to recover from a natural disaster like Sandy.
3. Liability Insurance – Liability insurance will help protect you from a number of risks, like being sued for unintentionally harming someone or for negligence. There are three types of liability insurance:
- General liability, which covers libel, slander and any injuries that occurred on your property
- Professional liability, which covers mistakes that are made on the job
- Product liability, which helps protect your business against lawsuits and helps cover recalls in the event that one of your products was manufactured with a defect that caused harm to an individual.
Your business is too important to leave it under-insured, so contact our New Jersey independent insurance agency today! Learn more about business insurance at CCW Insurance or give us a call at 732.280.2800.
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