What Is the Purpose of Insurance?
As a business owner, your company faces different risks every day. The purpose of insurance is to help protect your business from these risks. Business insurance helps protect your business’ financial assets, intellectual and physical property from:
- Property damage
- Loss of income
- Employee injuries and illnesses
You can get different types of business insurance to help protect your business, including:
- Commercial liability
- Commercial property
- Commercial auto
- Workers’ compensation
What Is Business Insurance For?
Business insurance can help you manage your company’s risks. It gives you financial protection from losses that can occur during normal business operations. When you buy insurance coverage, the insurance company helps cover the costs of covered losses up to the limits of your policy. Without coverage, you might have to pay for the costs out of pocket.
Types of Business Insurance Policies
If you’re wondering, “What does business insurance cover?” We’re here to help. However, there isn’t one simple answer because there are different types of business and all of them help protect your company from various risks.
To determine what insurance you need for your business, earn what coverages suit you best. You can determine this based on your business’:
- Number of employees
At a minimum, you may want to have liability and property coverages. And if you have employees, you’ll likely need workers’ compensation insurance. You should review your business’ insurance needs regularly, because as it grows, your required coverages can change.
Atlas Insurance Agency can help you find affordable coverage.
Call us: 631-951-2038