Business insurance, as explained in the video, “Small Business Insurance: Managing Risk,” is a type of risk management that helps cover some or all of the financial loss incurred by a company. This article will cover some of the basics of business insurance by discussing the common types and what to look out for when looking at your insurance coverage.
Most people think of insurance as something that protects them if an accident happens, but business insurance is much more than that. This type of insurance is something to cover your business if a catastrophic event occurs, such as a fire that destroys the building.
Business owners also use it to protect their business in case of liability or violation of contracts or patents.
Knowing which business insurance your company carries is essential to ensure the coverage you need, as there are several types of business insurance. One type of insurance that businesses commonly use is workers’ compensation. This is essentially a policy that covers the cost of medical expenses for employees who succumb to injuries on the job. Other types of business insurance include general liability, which covers lawsuits and property damage, commercial auto insurance, and business interruption.
When choosing insurance for your business, there are several things to remember, such as what type of exposure and risk you are willing to take on, how your company is structured, and the type of policies you need. To sum up, business insurance is vital when starting a business. It will help individuals manage risk and provide protection in case of an accident or other loss that can happen with a company.
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