What is 'Casualty Insurance'
Casualty insurance is a broad category of coverage against loss of property, damage or other liabilities. Casualty insurance includes vehicle insurance, liability insurance, theft insurance and elevator insurance.
BREAKING DOWN 'Casualty Insurance'
An important type of casualty insurance for businesses is workers' compensation insurance, which protects a company from liabilities that arise when a worker is injured on the job. For homeowners or car owners, it's important to have casualty insurance as damage can end up being a large expense.