Jan 11, 2023
Property and casualty insurance is a vital aspect of protecting personal and business assets from potential risks. However, many people tend to overlook certain aspects of this type of insurance, leading to potential gaps in coverage. In this article, we will discuss some of the most overlooked aspects of property and casualty insurance and why they are important to consider.
What are some of the most overlooked aspects of property and casualty insurance?
1. Flood Insurance: Floods are one of the most common natural disasters in the United States, yet many people do not have flood insurance. This is because standard property and casualty policies typically do not cover flood damage. However, it is important to note that even if you live in a low-risk flood zone, you can still be affected by flooding. It is important to consider purchasing a separate flood insurance policy to ensure that you are fully protected in case of a flood.
2. Business Interruption Insurance: Business interruption insurance is designed to cover losses that a business incurs as a result of a disruption to operations. This type of coverage is often overlooked, but it can be critical for businesses that rely on consistent operations to generate revenue. For example, if a natural disaster damages a business's property and the business is forced to shut down, business interruption insurance can provide coverage for lost income and extra expenses incurred during the recovery period.
3. Cyber Liability Insurance: With the increasing reliance on technology in business operations, cyber liability insurance is becoming an important aspect of property and casualty insurance. This type of insurance covers a business in case of a data breach or cyber attack that results in the loss of sensitive information. Many small businesses overlook this type of coverage, but it is important to consider as the cost of a data breach can be significant.
4. Umbrella Insurance: Umbrella insurance is an additional layer of liability coverage that provides extra protection in case of a major lawsuit. This type of insurance is often overlooked, but it can be crucial for individuals and businesses that have significant assets at risk. For example, if a car accident results in a lawsuit that exceeds the limits of an individual's auto insurance policy, umbrella insurance can provide additional coverage to protect assets.
In conclusion, property and casualty insurance is an important aspect of protecting personal and business assets from potential risks. However, many people tend to overlook certain aspects of this type of insurance, leading to potential gaps in coverage. It is important to consider purchasing flood, business interruption, cyber liability, and umbrella insurance to ensure that you are fully protected in case of unexpected events. A good agent will help you navigate these important coverages and make sure you are getting what you need. Contact us at Titan Agency today to have a free evaluation of your current coverage or help you secure new coverage.
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Titan Agency was created with our partners in mind. Meaning any individual or entity working with us, from clients to producers. We are experts with over 25 years of experience in the industry. We focus on building relationships with our partners first so we understand their needs and how to accommodate them.
Our mantra at the Titan Agency is putting our partner’s needs first. We make the commitment to provide the best possible coverage from the top carriers in the insurance industry. We bring a focus on innovation through technology to the industry without sacrificing the personal touch or attention to detail.
Examples of Coverage:
Personal lines (home, auto, umbrella, renters)
Business lines (property, liability, auto, workers compensation, cyber risk, directors & officers)
As well as necessary coverages for all types of industries, public and private.