What is business insurance?

Business insurance refers to a type of coverage that provides financial protection to businesses against various risks and losses. It is a contract between the business owner and the insurance company, where the insurance company agrees to compensate the business for covered losses in exchange for premium payments.

What is an insurance contract?

An insurance contract, or insurance policy, establishes the legal relationship between the insurer and the insured. A potential insured makes an offer to the insurer to purchase the insurers services. In the application, the insurer will reveal all information relevant to the insurance relationship.

How does business insurance work?

By having the right insurance coverage, businesses can safeguard their assets, manage liabilities, and ensure continuity of operations in the face of potential risks. Business insurance works by transferring the financial risks faced by a business to an insurance company.