Business insurance is a type of insurance that protects businesses against various types of risks and losses. It can help cover costs associated with property damage, liability and loss of income.
There are many different types of business insurance available, including:
General liability insurance: Covers costs associated with third-party claims of bodily injury or property damage caused by the business or its employees
Property insurance: Covers costs associated with damage to or loss of the business’s property, such as buildings, equipment and inventory
Business interruption insurance: Covers lost income and expenses resulting from a covered interruption of the business’s operations
Product liability insurance: Covers costs associated with third-party claims of injury or damage caused by a product sold or manufactured by the business
Workers’ compensation insurance: Covers medical expenses and lost wages for employees who are injured or become ill as a result of their job
The type of insurance that a business needs will depend on the nature of the business and the risks it faces. Businesses should consult with an insurance agent or broker to determine the appropriate coverage for their specific needs.