Business insurance is a type of insurance coverage that provides financial protection to businesses against various risks and potential losses that may arise during their operations.
Business insurance (commercial insurance) works by transferring the financial risk associated with certain events or liabilities from a business owner to an insurance company.
Any individual or entity that owns or operates a business, regardless of its size or industry, is eligible to get business insurance to protect against potential risks and liabilities.
Types of business insurance include general liability, property, workers' compensation, professional liability, commercial auto coverage, cyber liability, and product liability, among others.
Cost of business insurance is depending on the type of coverage, business size, industry, location, and risk profile, but it can range from a few hundred to several thousand dollars annually.
Business owners can buy business insurance from various sources, including insurance brokers, agents, or directly from insurance companies that offer commercial insurance policies.