Business Insurance: A Complete Guide for 2025
What is Business Insurance? Business insurance is a contract between a company and an insurer, providing financial protection against specific risks that businesses face. In return for premiums, insurers cover costs associated with liability claims, property damage, employee injuries, and operational interruptions. Types of Business Insurance Type of Coverage What It Covers Who Needs It General Liability Insurance Protects against lawsuits for bodily injury, property damage, and advertising mistakes All businesses Property Insurance Covers buildings, equipment, and inventory against risks like fire, theft, and storms Companies with physical assets Workers’ Compensation Provides medical and wage benefits to employees injured at work Businesses with employees (mandatory in many regions) Professional Liability (Errors & Omissions) Covers negligence or mistakes in professional services Consultants, lawyers, doctors, IT professionals Business Interruption Insurance Compensates for...