Business insurance is one of the most important investments a business owner can make. It is designed to provide protection against risks associated with running a business, so it is important to understand the different types of insurance coverage that may be available when deciding on the right coverage for your business.
In this article, we will explore the basics of business insurance, what it covers, and what to consider before making a decision. What Is Business Insurance?
Business insurance is a type of insurance coverage that is designed to protect a business and its owners from risks associated with running a business. There are various types of business insurance available, ranging from general liability and property insurance to more specialized coverage, such as professional liability and employment practices liability. What Does Business Insurance Cover?
Business insurance can cover a wide variety of risks, depending on the type of policy and the insurance carrier. Common types of business insurance coverage may include:
- General liability insurance: protects a business from financial loss resulting from third-party claims of bodily injury, property damage, and personal and advertising injury.
- Property insurance:protects a business from financial loss caused by damage to, or theft of, business property.
- Workers’ compensation: provides injury and illness coverage for employees injured on the job.
- Professional liability insurance: protects a business from financial loss related to errors and omissions.
- Employment practices liability insurance: protects a business from financial loss resulting from claims of employment-related wrongful acts.
- Product liability insurance: provides financial protection for a business against claims for product defects or faulty workmanship.
