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Casualty Insurance 101

November 6, 2017

With running a business comes risk. Regardless of how careful you are, your business, whether it’s a café, a bookstore or a travel agency, will be exposed to risk on a daily basis. This is why business insurance is so important.

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There are a number of different policies that are worth purchasing if you’re a business owner, and today, we’re going to take a look at casualty insurance.

So, what is casualty insurance and what does it involve?

What is Casualty Insurance?

Casualty insurance covers a wide range of different products that are designed to protect property and people, including vehicle insurance, travel insurance and personal accident insurance.

Which insurance schemes you include in your policy will depend on your specific business needs. To learn more about the products that can form a casualty insurance policy, read on, as we explore the products on offer!

What are Some of the Different Types of Casualty Insurance?

 

Personal Accident and Illness

 

Regardless of how safe your workplace is, accidents happen. Personal accident and illness cover is for the safety conscious employers who want to ensure their workers are covered for accidental injuries or illnesses, with cover for accidental death and permanent total disability also available.

Commercial Motor Vehicle

 

If you have any work vehicles that are registered under your business name, you’ll need some form of commercial motor vehicle insurance. Vehicle insurance can protect your work fleet against fire, theft, and damage from third parties, as well as medical expenses in the event of a car accident.

Cybercrime

 

Close to half of Australian businesses fall victim to some form of cyber attack each year. Because of these alarming figures, cybercrime insurance policies have quickly become an essential part of any businesses casualty insurance package.

 

Cybercrime insurance is designed to cover businesses for losses incurred as a result of computer-based crime and fraud and can protect against everything from malicious ransomware attacks to privacy breaches.

Fidelity Guarantee

 

This insurance protects businesses against losses incurred by fraudulent or dishonest acts committed by employees. These losses might include loss of money, goods or other property.

Tax Audits

 

This is something a lot of business owners don’t think about, but if your company undergoes an unexpected tax audit, who covers the costs and fees that are incurred? Sadly, you, as the business owner, would be expected to. This is where Etax audit insurance comes in, as it will protect businesses against the professional costs and fees incurred while undergoing an audit.

 

These are just a selection of the different types of insurance that can be included in a comprehensive business casualty insurance policy. You can also include things like corporate travel insurance, truck insurance and even cover for your employment practices.

 

To find out exactly what type of cover is suitable for you and your business, contact the team at Sydney Insurance Brokers for a consultation today!