What are the differences between liability, property and casualty insurance?

Liability, property and casualty insurance are three types of insurance coverage that are available to individuals and businesses in North Carolina. Liability insurance protects people and businesses from claims made against them due to negligence or responsibility for damaging another person’s property, or for causing injury or death to another person. Property insurance covers physical objects, such as buildings, equipment, and inventory. Property insurance can also cover lost income if the insured’s business is temporarily shut down due to a covered event, such as a fire. Casualty insurance covers losses due to accidents or natural disasters, such as fire, flood, or wind damage. It also provides coverage for losses resulting from theft or vandalism. The main difference between these types of insurance is the type of damage or loss that they cover. Liability insurance is designed to protect people and businesses from claims of negligence or responsibility for an incident, while property and casualty insurance cover physical losses or damage. Liability insurance is also typically cheaper than property and casualty insurance since it only covers the responsibility for a claim and not the actual loss or damage.

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What are the differences between liability, property and casualty insurance?

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