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Property and Casualty Coverage, also known to many as P&C, is a type of coverage that protects the items you own, such as your car or home. It also offers liability coverage, which can help to protect you if you are found liable for causing an accident that injures another person or their property.
How Do You Buy Property and Casualty Coverage?
Property and Casualty Coverage is an umbrella term given to a number of insurance types. Policies that may include P&C include:
- Homeowners Insurance
- Co-op Insurance
- Auto Insurance
- Business Owner Policy
- Employers Liability Insurance
- Workers Compensation Coverage
- Errors and Omissions Insurance
- Condo Insurance
- Renters Insurance
- Special Lines Insurance
- HO4 Insurance
- Cyber Liability Coverage
- Landlord Insurance
Although many of these policies will have certain similarities in the coverage they offer, it is important to fully understand how each policy works, what is included, what is excluded, and, more importantly, how much coverage you get. Make sure you check the terms of any policy before buying it, and always consult with a local insurance expert to check and confirm if it is the right policy for your individual needs and liabilities.
Do you Need to Buy Property and Casualty Coverage?
Whether you are an individual or a business, you need to plan for unexpected accidents or events by buying the right insurance coverage. Buying P&C insurance can help safeguard your assets from the unpredictability of life and the unplanned events that occur in society.
Buying P&C coverage can prevent undue financial distress on your business or personal assets in the event of a claim that is brought about against you, your company, or one of your employees.
What is Covered by Property and Casualty Coverage?
The ‘Casualty’ element of this coverage will cover your business or yourself if you are sued due to perceived negligence on either your own part or that of an employee. It can cover the damages along with legal expenses that are linked to any such claim.
The ‘Property’ element of this coverage will typically protect the assets of your company or yourself if they are damaged by a covered event.
What are the different levels of P&C Insurance?
It’s important to note that all property and casualty coverage is created equally. As you would expect, the higher the level of coverage you buy, the higher premium you can expect to pay.
Typically, a broad form level of coverage will cover events such as falling objects, fire, water damage, the weight of snow or ice, and more. There is also a special form coverage level that includes more than a broad form policy.
Before you buy any P&C insurance coverage, it’s important to speak directly with a property and casualty insurance expert. We have local insurance experts on-hand to help answer any questions and discuss the available options with you directly.
Disclaimer: This information has been written for the public as informational only. Since coverage varies from state to state, it is important to speak to a licensed insurance agent in your state.