Every business comes with its own share of financial risks, losses, and hazards that may harm your business. Since risks are an unavoidable part of a business, you may secure your business against certain risks by buying business insurance. You simply have to pay a premium for a specified tenure to insure your business for a sum of money (sum assured).
Business insurance is a type of insurance that allows the policyholder to secure his/her business against natural calamities, thefts, loss of income, death or injury of employees, damage/loss of equipment, or any form of judicial proceedings.
Types of business insurance:
- Professional liability Insurance
- Home-based business insurance
- Product liability insurance
- Vehicle insurance
- Property insurance
- Worker’s compensation
- Business Interruption Insurance
Who can purchase business insurance?
Business insurances cover all sectors and business types including start-ups. some of the major buyers of business insurance are as follows:
- Restaurants
- Retail stores and wholesalers
- Trading companies
- Distributors and contractors
- Production units