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Your brief guide to property and casualty insurance in Hong Kong

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ORIGINAL POST
Posted by PSR_AXP 2 yrs ago

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Running a successful company isn’t easy. Besides the products and services you offer to clients, you must also guard against business risks. With property and casualty insurance, your company will be protected. Home and vehicle owners can also benefit from P&C insurance. Here, our friends at Pacific Prime Hong Kong dive into what it can do for you.
 
What is property and casualty insurance?
 
Also known as P&C insurance, this is a type of business insurance that protects business owners financially from liability or damages in case of accidents or disasters. It also safeguards your personal finances, reputation, and more.
 

For individuals, P&C insurance can be separated into two parts. Property insurance covers your possessions, such as your vehicle or home. Likewise, casualty insurance includes liability coverage. P&C insurance can often be found nestled within other insurance policies.

 
What does property and casualty insurance cover?
 
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It protects businesses from a spectrum of threats, losses, and accidents when it comes to property and possessions. Here are some of the most common types of P&C insurance solutions:
 
  • Liabilities (e.g. Products Liability)
  • People Risk (e.g. Workers’ Compensation)
  • Technology Risk (e.g. Computer Crime and Cyber Insurance)
  • Business Risk (e.g. Money Insurance)
  • And more.
 
Keep in mind that all business owners need to have P&C insurance coverage. There’s always a risk that your business may harm a customer or an employee. We recommend reviewing your plan with a trusted broker like Pacific Prime to customize one that meets your unique business requirements and risk exposure.
 
P&C coverage for individuals
 
As mentioned, P&C insurance is often part of other insurance policies. To avoid confusion, this section will take a look at car and home insurance in Hong Kong.
 
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Car insurance in HK
 
P&C insurance is a must for car owners. You’ll need a valid insurance certificate in order to receive a vehicle registration license. The two types of policies for cars are as follow:
 
  • Third party car insurance: A basic policy that protects you against liability to third parties in accidents that result in injury or death.
  • Comprehensive car insurance includes the above policy along with additional coverage for vehicle theft and damage. 
 
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Home insurance in HK
 
Home contents insurance is often enough to meet most expats’ needs. The two kinds of home insurance available in HK include:
 
  • Home content insurance: Also known as renters insurance, this covers household items and personal possessions against loss and theft.
  • Fire insurance: It protects your property’s physical structure against fire damage.
 
Meet your insurance needs with Pacific Prime Hong Kong
 
Insurance needs vary for companies of all sizes and sectors. The same goes for individuals and their unique circumstances. With over two decades of industry experience, our friends at Pacific Prime Hong Kong can help you identify the best plan for your needs.
 
Contact them for a free insurance review today!

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