US General Insurance, USA General Insurance, Property and Casualty Insurance

By: EconomyWatch   Date: 26 May 2010

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US general insurance is typically any non-life insurance policy, such as homeowners, commercial, liability and automobile insurance policies. A USA general insurance policy provides financial security in case a policyholder suffers losses as a result of a particular event. This policy is also called property and casualty insurance.

Technically, property insurance protects a person or a business against the loss of property or the income produced from the asset. Casualty insurance protects a person or a business against legal liabilities that result from injury to another people or damage to someone else's property.

It is critical for everyone to have a suitable general insurance cover. Loss or damage to one's property can be quite debilitating, especially if the damage is the result of catastrophes such as cyclones, earthquakes and floods. Similarly, a health insurance policy can offer financial support to a person undergoing treatment for a disease or an injury.

US General Insurance: Types of Policies

US general insurance can be of several types:

  • Commercial insurance: This policy encompasses cover for commercial property, commercial automobiles (fleet), construction, product liability, intellectual property, inland marine and environmental liability.
  • Accident and health insurance: This policy provides cover for losses resulting from accident, ill health, sickness and disability to policyholders. Individuals and businesses can also receive specialty or supplemental cover under this insurance.
  • Homeowners and Renters insurance: Policyholders can receive financial cover against losses to their personal property as a result of theft and other damage through this policy.
  • Liability insurance: In this policy, one can receive financial security in case s/he is held liable for the damage suffered by another person. This policy covers protection against medical malpractice, errors and omissions, as well as specialty liability.

  • Personal automobile insurance: Through this policy, policyholders can receive financial protection against losses to their car, motorcycle, boat and other heavy vehicles.
  • Worker's compensation: Through this policy, a business is covered against compensation due to workers if they receive injuries on the job.

    • Most US general insurance policies are annual contracts and need to be renewed at the end of each year.


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