Casualty insurance, also known as liability insurance, protects you and your medical practice from being responsible, or liable, for negligent acts. Worker’s compensation is a type of casualty insurance. Malpractice insurance can fall under this category as well.
It’s important to note that casualty insurance is not connected to other forms of insurance like life, health, and property insurance.
Instead, the sole focus of this type of insurance is to protect you from being held responsible for various acts or from a failure to act.
There are three main types of casualty insurance.
- The first is general liability, which protects you if an injury occurs in your office or on your property.
- The second is professional liability, which protects you in case a mistake is made while performing your professional duties as a physician.
- The third is product liability, which protects your practice in the case of products recalls and malfunctions.
Casualty insurance is an important addition to your other insurance policies, and will help protect your assets and your practice from financial ruin.