Property and casualty insurance is a type of insurance that provides protection to individuals and businesses against financial loss resulting from damage or destruction to their property, as well as liability for any injuries or damages caused to other people or their property.
Property insurance covers loss or damage to personal or commercial property, such as homes, vehicles, or buildings, caused by a covered peril, which may include fire, theft, vandalism, or natural disasters. Casualty insurance, on the other hand, provides protection against legal liability for injuries or damages caused to other people or their property.
Some common types of property and casualty insurance include:
- Homeowners insurance: provides coverage for damage or loss to your home and personal belongings, as well as liability protection in case someone is injured on your property.
- Auto insurance: provides coverage for damage to your vehicle and liability protection in case you are involved in an accident that causes injury or damage to other people or their property.
- Commercial property insurance: provides coverage for damage or loss to commercial property, such as buildings, equipment, and inventory, as well as liability protection for businesses.
- General liability insurance: provides protection for businesses against claims of bodily injury or property damage caused by their products or services, as well as coverage for legal fees and judgments.
- Workers’ compensation insurance: provides benefits to employees who are injured or become ill as a result of their work, including medical expenses and lost wages.
It is important to carefully review your insurance policies and understand the coverage and limitations of each, and to work with a licensed insurance agent or broker to ensure that you have the right coverage for your specific needs.
For details, you can visit www.insurance.gov.ph.
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