What is Business Insurance?

DEFINITION of Business Insurance

   

                Insurance coverage that protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability and employee-related risks. Companies evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates.

   Business insurance protects businesses against losses suffered in the course of their normal activities, particularly when the business faces a compensation claim. Covers include professional indemnity insurance, public liability insurance, and employers’ liability insurance. 

Business insurance helps companies protect their financial assets, intellectual and physical property from a covered loss due to risks such as lawsuits, property damage, theft, vandalism, loss of income and employee injuries and illnesses. Standard coverage include Commercial Liability, Commercial Property, Commercial Auto and Workers’ Compensation. There is also a wide variety of other business insurance coverage available to address the more unique risks different businesses face.