Casualty Insurance

What is Casualty Insurance?

Casualty insurance offers protection for a number of things including; property, equipment, businesses, vehicles, rent and staff. The ‘casualty’ part of it refers to the liability insurance to cover any injuries, loss or damages to individuals or property as a result of your actions.

So in the event of an accident that you are found legally responsible for, your casualty insurance will pay compensation in the form of:

  • Medical bills
  • Repairs and replacements to property or items
  • Legal fees
  • Expenses
  • Loss of income

Property and Casualty Insurance

For businesses, they are able to purchase cover to insure their property – so if any part of the building is destroyed due to flood, fire or vandalism, their property and casualty insurance will pay for any restorations and may reimburse any loss of revenue due to having a business interruption. Other parts of the building include elevators and furniture.

For any equipment that is lost, stolen or damaged, this can be replaced by your cover, so you can continue running your business as normal. Equipment can include materials, computers, machines and more.

Above all, one of the biggest liabilities for businesses is to cover staff members that are injured or harmed during their work. This is also known as employer’s liability insurance and is a legal requirement to ensure that staff can request compensation in the event of mental or physical damages.

On a similar note, you can get cover to protect any members of the public that come into contact with your property and business activity. Your insurance will pay compensation to the victim for common accidents that occur in the workplace such as:

  • Falling on your premises due to a slippery floor or poor flooring
  • A fitting falls and injures a member of the public
  • A loose wire causes electrocution

There are several different scenarios that could injure a member of the public, click here for more information.

Casualty Insurance For Landlords and Tenants

As a landlord looking to protect their business, this cover can protect your properties from any perils such as vandalism, fire, flood and adverse weather conditions.

Above all, if you have lots of tenants, you don’t want to be sued for any injuries, loss or damage to their belongings. But having casualty cover will give you the liability protection for any tenants on your premises.

For tenants, they can equally apply for casualty insurance in the event there is damage to their personal items or if a guest is injured whilst visiting. If your laptop or TV gets stolen whilst you are renting, your insurance will pay for a speedy replacement.

If the building has been damaged due to peril, you can also be reimbursed for additional living costs if you have to relocate temporarily whilst things are being fixed.

What Happens If You Don’t Have Cover?

Without sufficient cover in place, it can have several costly and detrimental effects on your business. If your building is damaged, it could be expensive for your company to repair and replace parts before the property is deemed habitable. You will also lose out on income if the damages affect the daily running of your business.

In terms of protecting your employees, it is possible to be fined £2,500 for every day that you are not insured, highlighting its importance. Accidents in the workplace can occur at any time and we never know when they are going to happen. So it is better to be fully insured rather than risk a potential lawsuit from a co-worker – as this could incur huge legal and compensation fees and also have political repercussions in the office.

At Be Wiser Business Insurance, we are here to help. There are a lot of aspects to casualty insurance and by working with some of the leading insurers in the UK, we have a wide range of products available – plus you can get a separate casualty policy or add it to your existing one.

By understanding more about your business and its needs, we can review the cover from different companies and find the best policy for you. We can offer ways to save you money on your policy, including introductory deals and looking at specifics like the security features on your building, health and safety, hazards identification and expected loss calculation.

We are located in Hampshire and have a team of CII qualified advisors who are available to take your call. Speak to us today on 0333 999 0802 for a free and no obligation quote.