Business insurance is a kind of insurance that provides coverage to the company against unexpected event like natural calamities, thefts, income loss, employees’ sickness, death or injuries, any type of judicial proceedings, and sabotage. These event leads to severe damage of ongoing business and cause of huge financial s loss. Hence it becomes necessary to buy business insurance to safeguard ongoing business. Although pitfalls and challenges can’t be avoided, they can be mitigated with the proper precautions, planning, and insurance coverage.
There are many benefit of business insurance like risk management, safeguard from natural hazards, third party liabilities lawsuits cover etc.
It is very important for small enterprises who have started new business with a motive to achieve various goals and success should purchase business insurance as this will help them to secure their business from several risks. Business insurance protects the SMEs from fire, theft, professional liabilities, third party liabilities, compensation towards workers, medical expenses etc.
