Definition of Business insurance:

Business insurance is a commercial insurance contract that is crucial for protecting companies from various operational risks.

How does it work?

There are five common commercial insurance used to protect against specific risks.

• General Liability Insurance: Covers bodily injury, property damage, and personal injury claims like libel and slander.

• Commercial Property Insurance: Protects buildings and equipment from damages due to incidents like fire or theft.

• Workers' Compensation Insurance: Mandatory in most states, this covers medical expenses and lost wages for employees injured on the job.

• Professional Liability Insurance: Covers claims of negligence or errors in professional services.

• Business Owner's Policy (BOP): A bundled policy combining general liability, commercial property, and business income insurance, often at a lower cost.

Important:

Regularly review your insurance needs (every 2-3 years, more often if there is an increase in asset value or worth or before adding a new risk). Consulting with an agent can ensure adequate coverage tailored to your specific risks.