Property and casualty insurance

What is property and casualty insurance?

Property and casualty (P&C) insurance is an overarching term in the insurance industry for coverages that protect you and the property you own.

What’s the difference between property insurance and casualty insurance?

The property portion of this coverage protects tangible assets such as homes, personal belongings, equipment and cars. Property insurance will either cover a property’s replacement value or actual cash value. Typical coverage scenarios include:

• Damage caused by fire, wind, hail and snow
• Vandalism
• Theft

The casualty side refers to liability protection if you or your company is deemed legally responsible for damages to another’s property or injuries. These might include:

• A customer falls and injures themselves at your business.
• You damage a client’s art while working in their house.
• You badmouth a competitor, and they lose customers.

Types of property and casualty insurance

P&C insurance is often the starting point for a customized insurance package and is broad protection against loss and liability. This kind of insurance is available for both personal and commercial policies.

Businesses typically have these common P&C coverages:

• General Liability. This covers you for losses that stem from injuries to non-employees, damage to other people’s property and more.
• Workers’ Comp. Workers’ comp provides insurance coverage for lost wages, medical expenses and more if you or an employee gets injured at work. It’s required in most states.
• Professional Liability. Also called errors and omissions insurance (E&O insurance), professional liability helps protect business owners from claims of making professional mistakes or negligence.
• Commercial Property. This insurance provides coverage for damage or vandalism to your equipment and inventory. It also can cover lost income, operating expenses and repairs to your building.
• Business Umbrella insurance. Also called excess liability insurance in some states, this coverage extends the limits of casualty coverage — often general liability.

NEXT offers customized insurance aligned to your business needs

We know your business is unique and has specific needs. That’s why we offer affordable, custom business insurance coverage. To get your tailored instant quote, simply answer a few questions online. Once you’ve purchased your insurance, you can immediately access your certificate of insurance and share it 24/7 via the NEXT app.

Start a free instant quote with NEXT.