Understanding Commercial Property Casualty Insurance with Floyd Arthur in New York City

Owning a business can be a dream come true that can quickly turn in to a nightmare if you do not have the commercial property and casualty insurance your company needs. What is commercial property and casualty insurance? Commercial casualty insurance is not a singular type of insurance; it is a category of insurance that offers protection against damage to commercial and private property and many other kinds of liability. It is often combined with property insurance and referred to as property and casualty insurance and offers a broad range of coverage for commercial customers. 

Simply put, commercial property and casualty insurance it is an insurance policy taken out by a business or non-profit that covers the both the physical location, the property of the business and protects against lawsuits that may arise from any number of liabilities. Commercial property and casualty insurance with Floyd Arthur protects an individual or corporation against financial losses due to damage to its business or property and against legal liability that may arise including injury or damage to another person's property. 

A commercial property and casualty insurance policy with Floyd Arthur New York City offers protection that a business cannot function with out. How do these two separate types of insurance function? 

Commercial casualty insurance is broad term coverage, and you should only purchase coverage that makes sense for your business. For example, a shipping company that does very little online work may not need insurance for cyber fraud, but a web-based business would. Commercial casualty coverage may include protecting a small business owner and his business from any number of things including employee theft insurance, cyber fraud, terrorism, and flood insurance. Consider what types of additional casualty coverage make sense for your company and purchase coverage. It will provide peace of mind and allow you to focus on the day-to-day running of your company. 

Property insurance is type of commercial insurance that will pay out to an individual or company who suffers a loss due to damaged or destroyed property. For insurance purposes, property is considered to be an item with value and covers both real estate property, like a building, and personal property, such as a laptop or desk chair. Most property insurance will cover events such as natural disasters, explosions, smoke, vandalism, arson, damage to vehicles on property, and leaky sprinklers. Depending upon the type of business, additional coverage may be purchased to cover risks such as water damage or falling objects.