Business insurance provides protection for companies against financial losses stemming from unforeseen events, liabilities, or risks. It includes a variety of policies tailored to address different business needs, such as general liability, property, professional liability, and workers’ compensation insurance. The main purpose of business insurance is to protect assets, maintain financial stability, and reduce the risks involved in running a business.
Business insurance protects against the costs of property damage and liability claims. Without it, you might face extremely high out-of-pocket expenses for damages or legal claims against your business.
General liability insurance is usually a smart choice for most businesses. If your business uses a company vehicle, having commercial auto insurance is essential.
Business insurance comes in various forms, and the coverage of your policy will depend on the type of business you operate and the options you select. Typically, business insurance is intended to cover bodily injury or medical costs, defamation (such as libel and slander), legal defense, and court settlements.