P&C Insurance Meaning
P&C insurance meaning
According to Lemonade, P&C insurance protects the things you own, such as your home, automobile, and pets, as well as providing liability coverage. It can help protect you in a case held legally accountable for an accident that results in another person’s injuries or property damage.
P&C insurance is a catch-all phrase for various policies covering your personal belongings and providing liability coverage. Condo insurance, home insurance, HO4 insurance, co-op insurance, pet insurance, auto insurance, and liability insurance are all examples of P&C insurance.
Moreover, insurance coverage, like life, health, and fire insurance, is not included in P&C insurance.
Property insurance, in general, relates to your belongings or the things you own. On the other hand, you can define property insurance in various ways depending on the sort of coverage you have. Property insurance is widespread insurance coverage for company owners since it protects the construction and belongings of the business from damage and theft.
Personal property, also known as contents insurance, is a component of any basic renters or home insurance policy that helps you recoup the financial loss or damaged belongings in various situations. We’ll go over in detail in the sections below.
Casualty insurance protects you from legal liability for damages caused by damage to someone else’s property or injury to someone else. Your homeowner’s and renter’s insurance policies include liability coverage.
Casualty insurance is frequent insurance coverage for business owners because it protects them from obligations if workers are injured on their premises.
Also, know about the best insurance franchise to own for yourself to have a successful insurance agency.