Ashton’s guide to a property and casualty benefits package

June 28, 2021 at 7:00 AM
An HR professional going over coverage included in the property and casualty benefits package with an employer.

No one is exempt from misfortune. Every person or business, at some point, experiences bad luck. Accidents and disasters operate indiscriminately, so failing to get a comprehensive property and casualty benefits package is nothing short of negligence. Luckily, at Ashton Benefits, we offer tailored insurance solutions that accommodate your precise needs. Our unrivaled range of experience enables us to compile the best insurance packages for companies across the United States. No matter what you need, we guarantee we can do it.

Here’s everything you need to know about commercial P&C insurance:

What is commercial P&C insurance?

A property and casualty insurance package typically includes policies engineered to protect your business from sundry threats, accidents, or losses of possessions and environments. Generally speaking, this coverage can be broken up into two parts.

Property insurance

This portion of policies covers the buildings and property you own. This includes offices, equipment, tools, and whatever else your business needs to perform essential functions.

It’s vital because it covers property lost due to theft, fire, and other specified causes. This coverage serves as necessary protection from the loss of property, and it will often cover the cost of replacement or repair.

More importantly, this aspect of commercial P&C insurance covers the loss of income, too. For example, if your building floods and you have to cease operations to remediate this issue, you will likely experience revenue loss. Ashton’s property insurance helps shoulder that burden.

Casualty insurance

The importance of this portion of a property and casualty insurance package cannot be understated. It serves as imperative protection from liability when accidents occur.

Accidents open you up to lawsuits and settlements that often cripple small businesses. Whether it’s from employees or customers, this aspect of P&C insurance is vital to shore up defenses and fortify operations.

Things commonly covered in these packages that are crucial include:

  • Worker’s Compensation: Pays medical expenses incurred as a result of work-related injury to avoid a lawsuit.
  • Employment Practices Liability Insurance (EPLI): Protects your business and management in the event of a wrongful termination claim, discrimination claim, harassment claim, and et cetera.
  • Errors and Omissions: Covers professional negligence charges incurred from malpractice.
  • General Liability: Serves as legal liability coverage in the event of lawsuits from employees or customers.
  • Cyber Liability: Covers cyber incidents involving a breach of data or privacy breach.

Why you need commercial P&C insurance

One of the most pressing reasons every small business needs a property and casualty insurance package is that, too often, businesses don’t realize how vulnerable they are.

Oftentimes, businesses assume they’re fully covered when there are critical gaps in their coverage that could potentially devastate operations. It just takes one incident to derail your business. You never know when an accident, injury, or other disastrous events may transpire.

Typically, these things are out of your control. Worst yet, as you grow and expand your enterprise, you become more susceptible to these incidents. From preventing devastating litigious action to covering stolen or broken property, P&C coverage is critical.

If you’re unsure what coverage you need, at Ashton Benefits, we guarantee transparent and cost-effective insurance solutions to ensure your coverage fits your operations and needs like a glove.

Schedule a consultation now!

If you’re a small business that needs insurance consultation, Ashton Benefits is your leading solution. Unlike competitors, our unmatched range of extensive experience enables us to leverage invaluable insights into any industry to optimize insurance coverage. With us, your property and casualty insurance package will be precisely what you need; nothing more, and nothing less. Schedule a consultation now! We make the unknown manageable.

Want More Advice?

Click the button below to download our Return To Work Resource Guide For Employers!