At Innovative Insurance Group, we understand insurance industry terminology can be confusing. Fortunately, we have extensive experience in this business, and we can explain any terms that are unfamiliar. In this article, we will focus on the term casualty insurance, providing an overview of what it means and how it applies to your needs.
- What is casualty insurance? – The term casualty insurance refers to a type of coverage that applies in situations where you are responsible for injuring someone else or damaging their property. For example, if you hit someone with your car, your casualty insurance would kick in to cover the costs of that person’s medical care. It would also help cover any legal fees should they decide to sue you. Another name for this type of coverage is liability insurance. Most car and home insurance policies have casualty coverage built in.
- Why do you need casualty insurance? – While we’d all like to believe we would never be responsible for someone else’s injury or damage to their property, the truth is accidents can happen to anyone, so it’s best to be prepared, just in case. It’s better to invest in casualty insurance protection now and not need it than to get into a situation where you need this coverage but don’t have it. If you accidentally hurt someone and you don’t have casualty insurance, then not only will you have to deal with the guilt, but you’ll also have to deal with steep medical and legal costs out of pocket.