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Business insurance
Business insurance, also known as commercial insurance, is a type of insurance coverage designed to protect businesses from financial losses resulting from various risks and liabilities. It provides financial security and peace of mind to business owners by covering costs associated with property damage, liability claims, employee-related risks, and other unforeseen events. Here are key aspects of business insurance:
- Types of Coverage:
- Property Insurance: Protects business property, including buildings, equipment, inventory, and furniture, against perils such as fire, theft, vandalism, and natural disasters.
- General Liability Insurance: Provides coverage for claims of bodily injury, property damage, and personal injury arising from business operations, products, or services. It also covers legal fees and settlements in case of lawsuits.
- Commercial Auto Insurance: Covers vehicles used for business purposes against accidents, theft, and liability claims. It provides coverage for both owned and leased vehicles, as well as vehicles owned by employees but used for business.
- Workers' Compensation Insurance: Mandatory in many jurisdictions, workers' compensation insurance provides coverage for medical expenses, lost wages, and disability benefits for employees who are injured or become ill on the job.
- Professional Liability Insurance (Errors & Omissions): Protects professionals and businesses against claims of negligence,
