There is much to learn about business insurance, but this video highlights its four main areas. Business insurance is integral to protecting a business from financial losses that may result from lawsuits, theft, or accidents. The insurance policy covers four main areas: liability, property, workers compensation, and commercial auto.
Business liability insurance covers bad things that happen to people because of a business. That can include injuries, lawsuits, and medical bills. The insurance also covers product liability, cyber liability, professional liability, and employment practices liability.
Business insurance can also include coverage of damage done to the business’s physical assets. This can include building damage, business personal property damage, and data compromise. Additionally, it covers equipment breakdown, business income, and employee misconduct.
Similar to liability insurance is the workers’ compensation coverage. This is meant to cover employee injuries and sickness that may result while the workplace. It can also include employee premiums such as medical expenses, income replacement, and death benefits.
Lastly, business insurance includes coverage of commercial auto. This insurance policy covers business vehicles that have been involved in accidents or injuries of employees from them.