Property and casualty insurance, or P&C insurance, is a broad term for describing various types of insurance, covering property losses and offering liability coverage. It’s a popular insurance policy for auto owners, homeowners or business owners seeking to protect their property in the case of damage/loss or cover the legal responsibility for losses stemming from damage to another’s property or an injury to another person.
At AIC Insurance Agency, we understand that small businesses in Central Oregon and surrounding areas face certain risks and would like to ensure you’re fully covered across all fronts.
The right property and casualty coverage can make a significant difference when it comes to safeguarding your business. From mitigating costs during an unexpected event to protecting your reputation during a lawsuit, this type of insurance can help your company stay in business and protect the entity you’ve worked so hard to grow.
Whether you run a local bakery, gym or are the risk manager of a large construction company in Oregon, the right property and casualty coverage is key for ensuring your business’ success, both now and in the future.
Property and casualty insurance covers a range of risks considering the policy itself describes a broad category of coverage types. The most common scenarios that are covered under this policy include;
Property loss due to natural disaster
The policy offers protection in the event a natural disaster such as fire, wind damage, hail, water damage or some other covered event damages or destroys property.
Property loss due to theft/vandalism
Property and casualty insurance can provide coverage if your business is the victim of theft whether by people breaking and entering into your business or theft caused by some of your employees.
The policy protects your small business from financial costs associated with liability claims due to negligence.
Suppose an employee of yours causes a vehicle accident and injures a person to the point where they can no longer work or fend for themselves. Your property and casualty insurance policy should cover medical bills and compensation for the injured individual.
This covers specific vehicle-related financial losses as outlined in your policy.
The key difference between P&C insurance and other forms of property insurance is that most of these other insurances cover accidents and injuries that happen in the business’ property. On the other hand, property and casualty insurance covers damage caused to someone or their property, even if that person is not a customer and is not on your business’ property or properties.
When you’re seeking out P&C insurance, it’s important to find a knowledgeable independent insurance agent who can evaluate your business’ unique insurance requirements, shop from top insurers in your market and guide in selecting the right policy as well as the appropriate amount of coverage.
Are you interested in learning more about the basics of property and casualty insurance? Reach out today and let’s help you customize a policy that protects you, your business and your customers from harm.
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