Business insurance is a type of insurance that protects businesses against financial losses arising from a variety of risks, such as accidents, injuries, property damage, and lawsuits. Business insurance can help businesses manage the financial risks associated with running a business and provide peace of mind to business owners and employees.
There are many different types of business insurance, each of which provides coverage for specific risks. Some common types of business insurance include:
• General liability insurance: This type of insurance protects a business from claims arising from accidents or injuries that occur on the business’s property, or from the business’s products or services. It covers legal costs and damages that the business may be responsible for, up to the policy limit.
• Property insurance: This type of insurance covers the physical assets of a business, such as its buildings, equipment, and inventory. It protects against damage or loss due to events such as fires, storms, and theft.
• Business interruption insurance: This type of insurance provides coverage for lost income and extra expenses incurred by a business when it is unable to operate due to a covered event, such as a natural disaster.
• Professional liability insurance: Also known as errors and omissions insurance, this type of insurance protects a business from claims arising from mistakes or failures to perform its professional duties. It covers legal costs and damages that the business may be responsible for, up to the policy limit.
• Workers’ compensation insurance: This type of insurance provides coverage for medical expenses and lost wages for employees who are injured on the job. It is required by law in most states for businesses that have employees.
In general, business insurance can help businesses manage the financial risks associated with running a business and provide peace of mind to business owners and employees. It is important for businesses to carefully assess their needs and consult with an insurance professional to determine the right coverage for their business.
Why Fortis?
As an independent insurance agency invested in and committed to improving the customer experience, Fortis Insurance Partners is making it quick, easy, and affordable to get the right insurance coverage.
The information on this page should not be construed as specific legal, HR, financial, or insurance advice and is not a guarantee of coverage. In the event of a loss or claim, coverage determinations will be subject to the policy language, and any potential claim payment will be determined following a claim investigation.
