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Property Casualty Insurance – Essential Info for Protecting Business Assets

Property casualty insurance can protect you and/or your company against liability concerns that might arise if you cause injury to people or property. The insurance also protects your buildings, business vehicles, and other corporate property.

Property Casualty Coverage: Why You Need It
Whether you run a start up tech venture, a mom and pop diner that’s been in the same location for 30+ years, or a rapidly expanding mid-sized company, chances are you have serious assets to protect and significant exposure to liability. Property and casualty insurance can assist you in multiple ways. It can cover your tangible assets, such as real estate, computers, industrial machinery, and vehicles. If your property gets stolen, lost or damaged, your property casualty insurance can kick into pay you back and keep your business afloat. If you lose income as a result of a calamity, break-in, or natural disaster, the insurance can cover you up to your limit.

Business Specific Dangers
Your business associates with certain risks: so get policies that specifically cover key areas of exposure. For instance, are you a physician who operates a private clinic? If so, you will need medical malpractice liability. Do you design buildings and landscapes? If so, chances are you need engineers and architects liability coverage. Florists, furriers, jewelers, and liquor store owners can all buy pre-packaged policies designed for specific property casualty exposure. You can also tailor property casualty insurance coverage: to do so effectively, speak with venerated industry peers whom you trust) and a credentialed agent. Aim to identify your vulnerabilities precisely. Then systematically cover and eliminate your biggest exposures, and seek to do so without taking out unnecessary or overly expensive coverage.

Property and Casualty Insurance Cost Saving Tactics
First of all, consider raising your deductible. As the old insurance adage goes, the more risk you assume yourself, the lower your premiums will be. Second, envision your coverage before buying and shopping. High performers in all arenas — from the business world to the Olympics — credit the power of focus and visioning for their results. Take time with your business team to plot out “best case scenarios” for your insurance coverage. Don’t worry about the “how” until that you have the “what” written down. As productivity guru David Allen author of Getting Things Done) has written, it never hurts to start from a place of “what would wild success looks like?” Lastly, limit losses by training your employees, updating your machinery, and attending to safety concerns as they arise. This is ethical, and it makes sense financially. Insurance companies penalize businesses that make multiple claims or make large claims.

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