As a business owner, you always have to think of the future. Of course you want to imagine that your business is going to be successful as time goes on, but you also have to be realistic and you should expect there to be problems.
Hopefully, most of the problems that your business experiences will be minor, but what if an accident or illness keeps you from running your business as it should be run? For this and many other reasons, there is business casualty insurance. Learn more about casualty insurance through https://www.lumber-ins.com/.
Let's look at a few reasons why a business owner may want to think about the future and buy a casualty insurance policy as soon as possible.
What sorts of casualties are included in a casualty insurance policy? Well, before we get to what this type of policy covers, let's go over what it doesn't cover. Many business owners are under the assumption that this type of coverage will protect their business in case of a fire or in case someone very important to the company, including you, dies.
That's just not the case, however. The casualties included in a policy like this are separate from those covered in life, health and property insurance policies.
That being said, you will be covered under a business casualty policy if:
• You or your organization is negligent and that causes financial harm to another party
• Your business is affected by acts of terrorism
• Your business is affected by fraud
• Your business is forced to close due to an earthquake
• And many more
The term casualty insurance is considered an 'elastic' term, since it covers many other different factors. For instance, a casualty policy may be purchased as aviation insurance, boiler and machinery insurance and much more.