What Is Business Insurance?
Business insurance coverage 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 refers broadly to a class of insurance coverage intended for purchase by businesses rather than individuals.
- Businesses seek insurance to cover potential damage to property, to protect from lawsuit, or contract disputes.
- Business insurance accounts for about half of the U.S. property casualty insurance industry, and includes many insurance products known as "commercial lines".