CASUALTY INSURANCE

Casuality insurance is a type of insurance that covers the loss or damages arising from accidents or unpurposed acts. This type of insurance may not only include liability coverage for third-party claims, but also first-party losses such as damage on property or medical expenses. Accident insurance; also covers certain types of risks, such as workers' compensation, liability claims against companies, and auto insurance.

Commercial General Liability (CGL)

Commercial general liability insurance policies are planned to protect business firms against a wide variety of potential liabilities. It covers accidents such as slipping and falling in workplace, damages caused by products or services, situations such as errors and deficiencies related to professional services. CGL policies are a type of insurance that covers both on-site and off-site situations. It is an important assurance for business owners since it helps transfer the risk of possible lawsuits to the insurance company and protect the assets of the bussiness.

Third Party Bodily Injury

"Third Party Bodily Injury" processes are compensation lawsuits filed in the case when a person injures another person or harm an organization. These types of lawsuits usually arise in cases such as traffic accidents, work-related accidents or damages in the property of which the owner is in charge. These cases, in general, involve investigating the causes of injuries and identifying the responsible party. The prevailing party may seek reimbursement for the costs incurred by their injury.

Third Party Property Damage

"Third Party Property Damage" processes are compensation lawsuits filed by a person in case of damaging someone else's property. Such lawsuits usually arise from situations such as traffic accidents, natural disasters or work-related accidents. These cases involve investigating the causes of the damage and identifying the responsible party. The prevailing party may demand a repair or replacement cost for the damage.

Product Liability Insurance

The term ‘Product liability’ identifies the manufacturer or the seller, who is the legally taken as the responsible party of the product, which causes damage. It may cause as a result of various problems such as design flaw, manufacturing defect, insufficient warnings and instructions in order to sustain safe usage. Product liability lawsuits can filed against any size enterprises. They can cause significant amount of financial losses, including legal defense, conciliation and court decisions. Companies can purchase product liability insurance that covers the costs of legal defense as well as any jurisdiction and reconciliation over the case that may result from an instance of product liability, in order to be protected against the risks. It is substaintial for companies to consider product liability insurance as part of their overall risk management strategy.

Product Recall + Product Warranty + Financial Losses

In order to be able to use the product recall insurance, the owner of the insurance should whether have a bodily injury/damage, or non-user error, in case of consuming or using the product. Policy coverage differs among insurance companies. Basicly, there has to be an accidental manufacturing defect that may result in a recall cost. Although product liability insurance covers bodily injury cases, it does not cover recall costs. Product Warranty Insurance provides solutions in case of a problem, regardless of being dangerous or not, with the product. Although Product Warranty Insurance can be purchased singly, it is not very common. Some product recall policies are extended to provide a specific reason for product warranty. For example, if a kind of food for a particular religious belief is mislabeled, the cost will be quite high.

Sudden and Accidental Leakage and Pollution

Sudden and accidental leakage and pollution accidents identify an incident that the pollutant person or people causing damage, injury or pollution to the environment suddenly, unplanned and unintentionally. These incidents occur as a result of an industrial accident, a natural disaster, or other unforeseen circumstances. It is essential to specify that the standard liability insurance policies generally do not cover pollution-related losses. ‘Bridge’ offers particular endorsements or stand-alone policies that provide coverage against sudden and accidental leakage and pollution.

Employer Liability Insurance

Employer liability insurance is a type of liability insurance that assures the employer in case of a work-related injury, illness or death of an employee. This type of insurance is generally mandatory in many countries. Employers seek to protect employees against the costs in case of an illness, injury or furthermore, death. Employer liability insurance usually covers medical expenses, forfeiture of the salary, and other costs related to an employee's injury or illness. In addition to all, if the employee prefers to sue the employer as a result of negligence, caution money for legal fees may be provided. It is important to attach importance to the fact that employer liability insurance will not cover the employee's own negligence or misconduct.

Group Personal Accident

Group personal accident insurance is a type of insurance that covers individuals in case of an accidental injury or death. Employers or organizations often purchase it. It includes a group of individuals, such as employees or members, rather than a single person. Coverage includes financial benefits in the event of accidental death, permanent disability or temporary disability. Group personal accident insurance also covers additional coverage such as health expenses, rehabilitation expenses, and expenses related to death and funeral. The amount of caution money and coverage offered within the scope of group personal accident insurance may vary depending on the insurance broker and the policy.

Incident Liability

As a term of insurance ‘Incident liability’ means that, the insurance company is the responsible party for the losses related to an incident. The incidents such as death of a person due to the products and services of a business or an individual. The insurance company makes a payment to the injured person or family in such an incident. However, liability is taken over only under some specific conditions. Liability payments may be limited depending on policy terms and legal limitations.

Completed Activity Liability

As a term of insurance ‘Completed Activity Liability’ refers to the possible liability of organizations or businesses after the completion of a project or service. This type of liability relates to work-related potential harm done rather than the actual work. Coverage usually includes protection for legal costs, settlements, or court orders resulting from litigation against the policyholder as a result of property damage or bodily injury resulting from the work done.

Media / Advertising Liability

Media / advertising liability aims to protect the insured against financial losses in case of that a person is harmed due to the content product or distribution. As examples of the claims to be covered in this type of insurance are slander, privacy infringement, copyright infringement and trademark infringement lawsuits. It may also include emotional distress, privacy violations, and other similar claims resulting from shared content.

Cyber Risks Insurance

Cyber-attacks and threats influence negatively every sector causing great problems and damages if not prevented. Potential financial losses that a business or an organization may face as a result of a cyber-attack or data breach can be covered by cyber risks insurance. This type of risk includes situations such as data loss, plagiarism, interruption of operations and damage to brand reputation. In addition, such situations can result in financial losses such as legal costs, regulatory fines as well as business interruption.

Cyber insurance policies provide coverage for data recovery, legal fees, and costs associated with restoring normal business operations after a cyber-attack. In addition, some cyber insurance policies offer different types of coverage to individuals who are influenced badly, in addition to the loss of income and extra expenses that the insured will face as a result of a cyber-attack.

Workers' Compensation Insurance

Workers' compensation insurance is also known as employer liability insurance. It is a type of insurance that covers an employer's liability in case of an situation that the employee’s injury or death which caused by and during employment process. This insurance covers employee’s medical expenses, loss of pay, and other circumstances, as well as providing the employer's legal defense in an injury-related lawsuit. Workers' compensation insurance is mandatory in most countries. It is applied in order to protect both the employer and the employee in case of work-related injuries.