Just when you think you have everything covered-home, auto, boat, life, etc., someone starts talking about casualty insurance. You may start to panic, and may even think, "What now? What does that kind of insurance cover?" Slow down, take a breath, and read the following information on what casualty insurance is and what it actually covers. 

Casualty Insurance Is the Broader Category

Casualty insurance is typically the broader category of all of the types of insurance you already have or should have to protect your assets and investments. When insurance agents talk about casualty insurance, they are talking about the numerous subtypes of insurance that cover your home, your cars, your recreational vehicles (including boats), and anything that could become damaged and cause you some monetary loss. There is also separate subtypes of casualty insurance for business owners and companies, but if you do not own either of these, then you do not really need any more insurance than that which you already have.

What Casualty Insurance Actually Covers

As mentioned above, casualty insurance encompasses several subtypes or subcategories of policies and policy owners. As a homeowner, you have probably already invested in insurance to protect valuable property, but it can also cover businesses in unique situations. Workers' compensation insurance, for example, is another subtype of casualty insurance that protects both the company's interests and the physical welfare of the employees that work for those companies. Different types of business insurance, commercial vehicle insurance and even death and dismemberment insurance are some other types of casualty insurance offered to companies and its employees to ensure their safety and their investments are insured against accidents and lawsuits. In short, casualty insurance is the broader term for any type of insurance that covers anything against loss of life, health and money.

To Sum It Up

To sum it up, the next time you hear somebody talk about casualty insurance, you now know that he or she is referring to a much broader scope of insurance than just one subtype or subcategory. The phrase "casualty insurance" could also be used to reference a benefits package that employers are looking to offer employees and may be wondering just what kinds of insurance products to include in the package they are building with an insurance agent for his or her employees' needs. Now that you know just what casualty insurance means and what it is all about, you can rest easy knowing that you already have what you need to protect your valuable assets. Contact a local provider, such as Donaghy Kempton Insurors, for further assistance.