Business insurance helps business owners protect their businesses from risk. This could include insuring key employees, such as founders of companies or products; and risk to property, as well as protecting business owners against being personally liable for harm to a customer.
- The main type of business insurance is professional liability insurance, also known as professional indemnity insurance. Individuals can also purchase a business owner policy which bundles various types of coverage.
- Business insurance helps protect the personal property of business owners. It helps them keep their personal funds and property from being attacked in a lawsuit.
- Professional liability insurance protects professionals, such as doctors and real estate brokers, from negligence claims. The insurance varies depending on the profession. For example, doctors carry malpractice insurance.
- Business insurance helps pay legal fees and lawsuit settlements and replaces damaged or stolen property up to a certain monetary amount.
- Many small business owners, even home-based businesses, should consider some form of business insurance because everybody can be sued and the insurance provides protection from even frivolous lawsuits.
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