Budget Concerns: How Much Insurance is Enough?

Casualty Insurance: Understanding What It Is

23 April 2015

Dustin Duncan

The search for insurance seems to be never-ending. Between home, auto, and business insurance, the hunt can really take a toll on your wallet—and your sanity. However, if you want to protect against big financial losses then you will need another insurance: casualty insurance.

What Is Casualty Insurance?

In general terms, casualty insurance protects you against financial losses should an accident be your fault. Any time you are financially liable for someone else's injury, casualty insurance kicks in and covers you. It can also protect you against theft, negligence, and other situations.

What Does Casualty Insurance Cover?

Although casualty insurance covers a wide range of situations; however, it is most commonly used during auto accidents and negligence cases. It is also handy for those who rent properties.

Some examples of what casualty insurance cover include:

• Medical Bills: Anyone who is injured and needs medical treatment may sue the person at fault. If you are at fault, you may be required to pay for their medical bills—even if the person injured has medical insurance.
• Pain and Suffering Claims: Sometimes, an accident is so severe that the person who suffered the accident may go on to have pain and suffering. Pain and suffering includes mental conditions, as well as just plain old pain and/or suffering from the accident trauma. Again, even if the person has medical insurance you may be financially responsible.
• Lost Wages: If the person who suffered the accident could not work due to their injuries, you may be responsible for paying their lost wages.
• Legal Fees: If sued, you will need to hire a lawyer to help defend you. Lawyers are not cheap and the fees can add up quickly. Fortunately, casualty insurance may cover these fees.

As you can see, casualty insurance helps to protect your financial well-being should you be held responsible for someone else's injury, as well as their pain and suffering. It can also help pay for your legal fees, should you need to go to court.

How to Get Casualty Insurance

If you are interested in obtaining casualty insurance, you can usually do so by purchasing it as an add-on from your insurance company. You can often purchase it alongside renters, home, and auto insurance policies.

In a big, scary world where anything can happen—and anything is possible—it is always a good idea to protect yourself. If you are interested in purchasing casualty insurance, talk to an insurance company (such as http://www.dki-ins.com) or a broker today.

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