What is Casualty Insurance?

You can get many types of insurance, and you probably see advertisements for policies you don't have every time you make a Liberty Mutual bill payment online. One type of insurance that often confuses policyholders is casualty insurance.

This blog will define this insurance category and provide examples of when you might need it.

Casualty Insurance Explained

Simply put, casualty insurance refers to a broad category of policies available to individuals, businesses, and employers. The goal is to protect policyholders against property loss, damage, and other liabilities. The key word to remember here is "liabilities."

This kind of insurance deals with liability concerns if you're directly or indirectly responsible for someone else's losses. Most people focus on what insurance can do for them when they get into an accident through no fault of their own. But what happens when you're the one who's at fault? Casualty insurance covers those instances.

Why You Need Casualty Insurance

Let's look at a few examples of when casualty insurance comes in handy. The easiest way to understand how it works is to look at the parties involved in an automobile accident. Say, for example, that you're backing out of your driveway.

You get careless and fail to see someone approaching from the left. You fail to check cross-traffic alerts and continue backing up, eventually hitting the individual's car and causing about $1,000 in damage. In this example, you would be at fault and legally liable for those damages. If you have casualty insurance, you can rest easy.

Of course, casualty insurance doesn't just cover individuals. It's an umbrella term that describes everything from aviation insurance to worker's compensation. Businesses can also benefit from this insurance.

Accidents often happen in the workplace. Whether it's an employee getting hurt stocking shelves or a customer who slips and falls in a store, those situations can be costly. Once again, casualty insurance can save the day, protecting businesses from the financial implications of legal liability.

Casualty insurance is worth getting. You never know what's going to happen. These policies are easy enough to get, and you can pay for them through the same Liberty Mutual bill payment online system. Even the most careful people can be liable for someone else's losses. This insurance can protect you, providing peace of mind to all parties involved.

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