Property Insurance

This is a common form of coverage used by both businesses and private citizens. If you own or rent a building, property insurance provides financial compensation in the event of criminal activity that causes loss or damage. This can include repair or replacement, and the loss of income caused by a property rendered unusable due to an incident. Other elements often available for coverage here include fences, tools, satellite dishes, and the property of others in the policyholder’s care.

Those getting this coverage can choose to have certain things insured (named-peril) or the entire contents (all-risk). The latter is usually the best bet as it encompasses almost everything (there may be some exceptions that vary from company to company) and usually results in faster claim processing. This choice also lowers costs by reducing the number of policies required.

A homeowner’s property insurance typically covers such events as vandalism, theft, fire, rioting, explosions, and falling objects. Eligible weather events include lightning, water damage, windstorms, or hail. More catastrophic occurrences, such as earthquakes and floods, usually require supplemental insurance. You may also receive compensation for damage to other buildings on your property, and liability insurance in the case of a lawsuit filed against you. Any costs incurred while making alternate living arrangements usually also qualify.

Casualty Insurance

This form of coverage provides protection against liability and includes homes, buildings, and vehicles. For example, businesses use commercial casualty insurance to defray the cost of lawsuits that could result from someone getting hurt due to owner or employee negligence.

The victim in such an incident could seek compensation for injuries incurred at the place of business or on the surroundings that make up the property. Having casualty insurance would help the owner avoid a substantial sum resulting from the individual’s injury and any legal costs. As each business is different, insurance companies can create casualty insurance policies that address each policyholder’s specific requirements.

Neither property nor casualty insurance are compulsory. However, it makes very good sense to have one or both. Some banks require them as a condition for receiving a mortgage or other form of loan.

Let’s Get Started

triOS’ Insurance Specialist program prepares students for a career in the important fields of property and casualty insurance. In addition to classroom study, there is a two-month internship program and preparation for the Registered Insurance Brokers of Ontario (RIBO) examination.

Interested in learning more? Contact triOS now to book a free career training counselling session or to sign up for the next round of classes at your local campus!