What is the purpose of insurance for business?

Business insurance can help you manage your company's risks. It provides you with financial protection against losses that may occur during normal business operations. When you purchase insurance coverage, the insurance company helps cover the costs of covered losses up to the limits of your policy. Insurance is a contract in which an insurer undertakes to pay the insured a sum of money if one or more specific events occur in the future, in exchange for small regular payments, known as premiums.

Almost all companies buy insurance, but the type and amount of coverage purchased will vary depending on the particular risks your company is exposed to and the risk you are willing to take personally. Unless you are obliged or obliged to take out a particular insurance, it's up to you to decide whether to buy it and what compensation limit (protection) is appropriate. Having business insurance coverage alleviates several important concerns and gives you more time to invest in the success of your business.

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