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

Liability insurance, property insurance and casualty insurance are all types of insurance commonly used in Washington. While these three types of insurance have many similarities, there are some key differences that are important to understand. Liability insurance protects individuals and businesses from claims of harm they may cause to another person or their property. This could be from negligence, errors or omissions, or intentional actions. This type of insurance helps protect the insured financially if they are sued by another person or organization. Property insurance covers the physical property owned by an individual or business. This can include buildings, vehicles, inventory, and other types of equipment. This type of insurance pays to replace or repair the insured’s property if it is damaged or destroyed due to an accident, theft, fire, or other covered causes. Casualty insurance covers losses that occur as a result of negligence or failure to act. It can also provide coverage for liability claims made against the insured for causing property damage or bodily injury. This type of insurance can protect individuals and businesses from the financial losses that could occur if they were found to be responsible for causing the damages. Overall, liability, property and casualty insurance all have their differences and the type of insurance chosen will depend on the specific needs of the individual or business. Understanding the difference between each type of insurance can help ensure the right type of coverage is chosen to protect the insured from any potential risks.

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

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