Business insurance refers to a range of insurance products that protect your business from situations where you could lose money or be sued.
Business Insurance Basics
Generally speaking, any business insurance plan is going to be custom tailored to the firm that purchases it, but many businesses include some or all of the following types of protection in their policies:
Business owners should know that there are usually other forms of insurances specific to their industry. For example, restaurants may need liquor liability insurance, and retail businesses often need commercial vehicle insurance.
Regarding prices, the best way to think about the cost of any kind of business insurance is that you’re buying protection from a financial disaster. Unfortunately, no business owner wants to take out an insurance policy and hope for a loss to happen so they can collect on it. So while premiums will vary based on company size and industry, keep in mind that they’re just a small fraction of the potential cost of a disaster.
More About Business Insurance
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