In your line of work as an insurance agent, you may have come across the term P&C insurance, also known as property and casualty insurance. Whether you need to explain this type of insurance to a prospective client or you’re just looking to increase your own base of knowledge to draw upon in the future, understanding P&C insurance can help you identify potential solutions for clients and offer comprehensive coverage. Unlike many other types of insurance, P&C insurance is perhaps not as well known and can therefore seem complex or tough to understand. However, a quick look into the various types of P&C insurance out there can clarify these questions and help you get a handle on this useful type of protection.
Part One Is Property Coverage, Which Covers Personal Items
While property coverage and casualty coverage frequently do go hand in hand, they actually aim to protect two distinct situations. The first, property coverage, provides protection to customers if their own property gets damaged or destroyed. In these scenarios, property insurance can help them cover the cost of repairs without becoming financially burdened, for instance. Some types of scenarios that can fit under this broad umbrella may include, but are not limited to:
- Damages to the structure of a home
- Theft of an automobile
- Harm to or destruction of a small business
- Loss of expensive personal assets
In short, if your client is concerned about protecting their own personal property, this is the type of insurance coverage they should acquire.
Part Two Is Casualty Coverage, Which Covers Damages to Others’ Items
The second part of P&C insurance is casualty coverage, which complements property coverage. It protects clients in the event of damages to someone else’s property that they are found responsible for. In other words, it acts as liability coverage to protect clients legally and financially should someone else point to them as responsible for property loss or damage. Having casualty coverage can make a big difference both during litigation and afterward. For example, it can help cover court fees, attorney expenses, and any settlements or retributions your client may have to pay at the end of a case.
Perhaps you’ve had a client ask you about property and casualty insurance before, and you weren’t sure how to respond, or you’re already familiar with the general concept but want more detailed information. Either way, getting down to the details with P&C insurance can help you increase your understanding and do the best job possible as an insurance agent. As you seek to understand key distinctions to communicate to clients, you can pull out these facts as a reference and present your clients with authoritative information on the matter.
Formed in 2013, AmSuisse, Inc. has quickly distinguished itself as a wholesale operation that specializes in working very closely with our agents and broker partners to develop responsive, individualized service for each client. Our unparalleled writing support, industry-specific expertise, marketing support, responsive proposals and quotes, strong customer service, and strong relationships with our carrier partners have all helped us to provide the best possible coverage for our clients. To learn more about our available coverage, contact us today at (855) 912-8697 to speak with one of our representatives.