What Does A Casualty Insurance Broker Do?

Casualty insurance broker represents his or her clients in negotiations with insurance companies. The broker helps his or her clients to either get a casualty insurance policy that best suits their needs or help their manage their existing policies and avoid unnecessary risks. Casualty insurance policies often overlap with property insurance policies, so casualty insurance brokers often double as property insurance brokers.

What Is Casualty Insurance

Casualty insurance is one of the more muddled concepts in the insurance industry. It is defined as insurance against damages that result from a company’s negligence. However, different insurance companies have different ideas about just how much casualty insurance covers. Some policies only provide viability coverage, while others may include everything from workers’ compensation to earthquake insurance coverage. In many cases, casualty insurance policies are tailor-made for certain businesses, such as aviation and manufacturing. This is why the services insurance brokers can provide very different types of services.   

The Role of Casualty Insurance Brokers

While the specifics vary between casualty insurance brokers, their services can be grouped into several broad categories. They include:

Insurance rates negotiation – the brokers try to persuade the insurance companies to give their clients the best rates and extend as many discounts as possible. This also includes persuading the insurance companies to extend coverage for damages that it otherwise wouldn’t cover.

Risk management – the brokers look at their clients’ finances and the way their businesses operate and try to find anything that may put their clients at risk. In doing so, they aim to prevent the damages that would require casualty insurance from happening at all.

Loss Control services – the brokers look at cases where clients may have to pay casualty insurance and work to find ways to make sure that this wouldn’t hurt the company’s bottom line.

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