What is Damage Insurance?
Property and casualty insurance or property and casualty insurance include all types of insurance except life insurance and health insurance:
Dividends represent more than fifty percent (50%) of all property and casualty insurance premiums in Canada.
By law, all vehicles must be covered by at least third party liability insurance. Most drivers also take out insurance against damage to their vehicle or loss as a result of theft or fire. The provinces of British Columbia, Saskatchewan, and Manitoba have their own publicly administered automobile insurance plans through public agencies. In the rest of Canada, auto insurance is managed by private companies.
Personal property and business property is the second largest source of premiums for insurers.
Homeowners with mortgages are required by law to insure their property against loss or damage to others. Most homeowners also protect their personal property, both inside and outside the home, by purchasing additional personal property insurance.
Personal property insurance means insurance policies covering property used for personal and non-commercial purposes. The types of personal property insurance policies include:
- Renters insurance
- Homeowners insurance
- Mobile home insurance
- The insurance of the co-owners
- Pied-a-terre insurance
- Seasonal residence insurance.
Business Insurance Business
Property insurance means insurance policies covering property used in business activities. In addition to underwriting loss and damage protection and third-party liability insurance for insured sites and their contents, business owners take out protection against the indirect costs of business interruption while the company is recovering from an incident.
Liability insurance Liability
Insurance guarantees the financial consequences of the responsibility incumbent on the insured as a result of the damage he has caused to others. Liability insurance premiums represent the third largest source of income for insurers.
Business Insurance: Why subscribe
Some industries must have compulsory professional insurance, but no company is immune from business risks, so it is important to purchase business insurance.
This insurance covers the risks that cannot be borne by the company’s cash flow and could lead to the bankruptcy of the company.
By taking out insurance, a company can be protected from:
To choose insurance, the company must assess the risks incurred and their financial consequences as soon as they are created.
It is necessary to purchase insurance for each type of business it is micro-entrepreneur insurance, construction insurance, a medical professional insurance, an agricultural insurance, etc.
An insurance company can be subscribed for the company and its activity, the people of the company that it is the head of a company or his collaborators and employees or his goods such as the premises or vehicles.
Three major families of risks concern companies
There are 3 main types of insurance for professionals, related to three major families of risks:
The risks of damage suffered by the company facing a disaster
The risks of damage caused by the company in the context of the exercise of its activity, whether towards its customers and direct partners or to third parties (accident, error causing damage to the customer.)
Personal risks relating to natural persons working in the company (manager, employees), such as sickness, death, work-related disability or more generally. These personal risks are protected within the framework of pension contracts generally paid by the company for its employees.
In this article, we do not address personal risks and provident policies to focus on the insurance that protects the company as a legal person.
Loss of business and professional liability: the essential insurance of the company
To deal with these different risks, there are several types of insurance, the essentials of which are:
Business interruption insurance to prevent claims
Professional liability insurance (RC Pro) for financial support in case of damage caused to others (payment of damages and interest).