Business owners who have staff who works in their factories, industrial premises and even offices should have adequate Property and Casualty Insurance. This will protect them against heavy losses in case their property gets damaged and in addition, if this causes injuries to their own employees or another party.
Small Business: Small business owners would stand to benefit from this insurance, as it would ensure that they don’t get financial shock with medical bills, lawsuit claims, damage repair and others costs incurred, on their own premises.
Home Based Business: Even if a business is home-based in the case of many start-up centres, or homerun small enterprises, it is a good idea to have ample property and casualty cover, especially if they engage employees or have clients vising them in their home cum office.
Large Corporations: Bigger corporations should also have the same insurance cover, since they deal with similar risks with a much larger magnitude.
Case on Property and Casualty Insurance
Rani has a fashion boutique, a small workshop in the shed of her house. She has converted one of her home bedrooms to a small office cum informal showroom, where she entertains clients, takes their orders and hands them the completed product.
She also has skilled craftsmen who cut, stitch, embroider and complete other tasks required to make custom tailormade outfits for her customers. The client can use one of her bathrooms as a trail room to see if they are satisfied with the fit.
She is getting her upper portion of house renovated as well. Due to renovation work the toilet on the ground floor at times get filled with tank water. One of the clients who was trying to use the toilet for trial slip and had a slip disc because of the water.
Though Rani, has the Property and Casualty insurance policy for such accidents, she’s trying to install a temporary trial room to avoid using the toilet for the same till the time renovation is going on.
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