Function

• The purpose of property and casualty insurance is to provide dual coverage for the liabilities that most affect business owners. This type of insurance policy can cover against many losses, including fire, water damage, storm damage and vandalism. In addition to covering physical damage to business structures, it also protects against liability when someone is injured or wronged by your business activities. When someone is hurt on your property, this type of insurance will step in and pay for medical bills and damages up to a certain coverage limit.
  
  

Types

• A business owner policy is a type of property and casualty insurance that bundles coverages. This type of policy has both liability and property coverage combined into a single policy. Another type is monoline coverage. This coverage provides protection from a single peril, such as fire or theft. Some people combine monoline coverages to create their own property and casualty insurance policies.
  
  

Features

• In addition to providing coverage against property damage and liability, some business owner policies also provide additional coverage features. For example, some of these policies provide business-interruption protection. If your business has to stop for some reason, it will pay you a certain benefit. Some business policies also provide commercial auto coverage. If you have a company vehicle, it would be covered under this policy.
  
  

Warning

• When purchasing a property and casualty insurance policy for your business, it is important to review the coverages and coverage limits. Every policy will have different items that are covered. If you try to save money by purchasing the least expensive policy, you may leave out several important coverages.
  
  

Shopping

• When shopping for this type of coverage, there are a few ways that you could find the policy you need. You could work with an insurance agent from a specific provider in your area. You could also contract with an insurance broker who has access to many different commercial insurance policies. Shopping online may also be to your advantage as you can easily look at many different insurance providers and find the type of coverage that you need.