Property Insurance and Casualty Insurance (also known as P&C Insurance) are types of coverage that help protect you and the property you own. Property insurance helps cover stuff you own like your home or your car. Casualty insurance means that the policy includes liability coverage to help protect you if you're found legally responsible for an accident that causes injuries to another person or damage to another person's belongings. Property and casualty insurance are typically bundled together into one insurance policy. For example:
Homeowners insurance helps protect your home and your belongings against covered perils, such as theft or fire. Homeowners insurance policies also typically include liability coverage, which may help protect you if you're found legally responsible after someone is injured at your home or you cause damage to someone else's property.
Car insurance helps protect your vehicle - and you - in a few different ways, depending on which coverages you choose. Drivers in most states are legally required to have liability coverage.
Condo insurance helps protect against structural damage to the interior of your unit. Liability protection is usually another component of condo insurance.
Boats, golf carts, all-terrain vehicles and snowmobiles are among the vehicles that may be protected by specialized insurance policies. These types of policies generally help cover the vehicle (for instance, if it's damaged or stolen) and provide liability protection just in case you cause damage to someone else's property or injure someone else while riding it.
If you rent, you'll likely find that your landlord has an insurance policy to help protect their building and their personal property, but that policy would likely not cover the belongings owned by you, the renter. Renters insurance commonly helps protect your personal property (furniture, clothing and electronics, for instance). It also typically includes liability coverage if you're found responsible for damages to someone else's property or a guest's injuries in your home. Renters insurance may also help pay for increased living expenses, such as if you have to temporarily relocate if your rented home becomes uninhabitable due to a covered loss.
Landlord insurance helps protect a property that generates rental income. This type of policy typically helps protect the building you own from certain perils - damage caused by hail or fire, for example. It also usually offers liability protection, which may help cover you if you're sued following an incident on your property.
Workers’ compensation insurance provides critical financial protection for your small business. In fact, it’s so important that most countries require business owners carry it the moment they hire their first employee. Employers are legally obligated to take reasonable care to assure that their workplaces are safe. Nevertheless, accidents happen. When they do, workers compensation insurance provides coverage. Workers compensation insurance serves two purposes: It assures that injured workers get medical care and compensation for a portion of the income they lose while they are unable to return to work and it usually protects employers from lawsuits by workers injured while working. Workers receive benefits regardless of who was at fault in the accident. If a worker is killed while working, workers comp (as it is often abbreviated) provides death benefits for the worker’s dependents.
Injuries employees sustain on the workplace premises or anywhere else while the employee is acting in the “course and scope” of employment are covered if their employer has workers comp insurance. For example, the leading cause of workers comp death claims is traffic accidents that occur when the employee is in a vehicle for work purposes, whether the trip is made in the company’s car or the employee’s own vehicle. Accidents driving to and from work are not covered. In addition to injuries from accidents, workers comp covers injuries employees may sustain from other events that may occur while they are working, including workplace violence, terrorist attacks and natural disasters. Workers comp insurance also covers certain illnesses and occupational diseases For example, employees who work with toxic chemicals can be made ill by exposure to the chemicals.