Business Insurance Policy

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A Business Insurance Policy is an insurance policy where the insured is a business entity.



References

2021

  • (Wikipedia, 2021) ⇒ https://en.wikipedia.org/wiki/Insurance Retrieved:2021-3-19.
    • Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.

      An entity which provides insurance is known as an insurer, an insurance company, an insurance carrier or an underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. ...

2021

  • (Wikipedia, 2021) ⇒ https://en.wikipedia.org/wiki/Insurance#Types Retrieved:2021-3-19.
    • Any risk that can be quantified can potentially be insured. Specific kinds of risk that may give rise to claims are known as perils. An insurance policy will set out in detail which perils are covered by the policy and which are not. ...

      Business insurance can take a number of different forms, such as the various kinds of professional liability insurance, also called professional indemnity (PI), which are discussed below under that name; and the business owner's policy (BOP), which packages into one policy many of the kinds of coverage that a business owner needs, in a way analogous to how homeowners' insurance packages the coverages that a homeowner needs.

2020

  • https://www.investopedia.com/terms/b/business-insurance.asp
    • QUOTE: Business insurance coverage protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability and employee-related risks.

      Companies evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates.

      Key Takeaways

      • Business insurance refers broadly to a class of insurance coverage intended for purchase by businesses rather than individuals.
      • Businesses seek insurance to cover potential damage to property, to protect from lawsuit, or contract disputes.
      • Business insurance accounts for about half of the U.S. property casualty insurance industry, and includes many insurance products known as "commercial lines".