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