What is property and casualty insurance?
Often referred to as P&C insurance for short, property and casualty insurance consists of two parts: property and casualty. While the former is designed to protect your property and possessions from an array of losses stemming from natural disasters, theft, and other unforeseen incidents, the latter protects you from liability in the event of accidents, injuries, and damages to other people and their belongings.
In other words, property and casualty insurance is an umbrella term to describe many different types of insurance solutions. Depending on the nature of your business and the industry it operates in, Pacific Prime Hong Kong can help you design, implement, and administer a wide range of P&C insurance solutions that are tailored to meet your unique requirements and risk exposures.
Why do you need property and casualty insurance?
Property and casualty insurance is key to ensuring your business’ success both now and in the future. It ensures that you’ve covered all bases when it comes to business risks and exposures, and that any unforeseen incidents don’t cost you an arm and a leg. In business terms, this means you’ll avoid a dent in your balance sheet that ultimately causes you to cease your business operations.
Essentially, P&C insurance gives you the confidence to focus on expanding your business without having to worry about situations that are beyond your control. These situations include a fire destroying your warehouse, a cyber attack on your customers’ personal data, accidents involving your employees, and more. That being said, you’ll also need to ensure that you have adequate risk mitigation strategies to minimize likelihood of such incidents.
Our property and casualty insurance solutions in Hong Kong
Whatever risk your business faces, we can help you find suitable property & casualty insurance solutions in the SAR.
Business risk is any risk to your business that could threaten its operations and bottom line such as:
- Property All Risk covers any risk to property that the contract doesn’t explicitly omit.
- Money Insurance covers business money (cash, cheques, gift cards, etc.) whilst on the premises or in transit.
- Fidelity Guarantee covers direct financial losses or damages caused by fraud or dishonesty by employees.
Security risk refers to situations and people that pose security threats, usually involving political violence, terrorisim, or kidnap and ransom.
Technology risk arises from information technology failures (including computer crimes such as data breaches and cyber attacks).
Construction Risk is any exposure to potential loss during the construction phase. As each construction project is different, risks are also varying and include:
- Contractors All Risk covers all risks normally associated with a construction project.
- Erection All Risk covers the risk of loss arising out of the erection and installation of machinery, structures, etc.
- Contractors Plant & Machinery covers mobile plans and heavy equipment that aren’t licensed for road use.
Revenue risk is any risk that impacts future revenue. For instance, this may be due to business interruption, rent indemnity (or default of payments), and other losses of revenue/profit.
People Risk is the uncontrollable aspect of what employees do that could result in high medical bills (as well as compensation to employees) for incidents such as accidents in the workplace.
Liability Insurance protects against third-party claims, including Public Liability, Employers Liability, Professional Indemnity, Directors & Officers Liability, Events Liability, Products Liability, etc.
Other P&C insurance solutions
Other P&C insurance solutions that we can offer you are fleet, marine cargo, jewellers’ block, freight forwarders liability, and more.
Some of our property and casualty insurance partners in Hong Kong
We work with some of Hong Kong and the world’s leading property and casualty insurers, and have developed long-term, mutually trusting relationships with them.
How do I find the best property and casualty insurance plan?
Instead of scouring the web for the best property and casualty insurance deals, why not work with an experienced and reputable broker like Pacific Prime Hong Kong? With over two decades in the insurance sector, we work with businesses of all sizes and industry in the SAR, and have taken on the role of a risk management expert.
We take the time to understand the nature of your business and the industry it operates in, as well as help you identify potential risks and gaps in coverage. We then recommend suitable P&C insurance solutions, help you implement them, and provide on-going monitoring of the ever-evolving risk landscape to ensure that your insurance solutions are continually meeting your unique requirements and risk exposures.
To learn more about what we can do for you, please feel free to reach out to a member of our corporate team for a FREE consultation today!