By an Insurance Dummy
What is Insurance anyway?
In Part I we found that it is a system in which you pay someone else (usually an insurance company) to undertake the protection of the risks that you take Most simply, you transfer your risk to them for a fee. In this part, we talk about your actions.
You may do “stuff” that might result in someone being harmed in some way. Those things range from someone falling down in your business, being injured by your business vehicle, being harmed by your product or service or suffering from loss of reputation due to your actions.
There are many ways that you can harm someone as a result of your business activities and you can purchase an insurance policy that will protect you from most of them.
This type of protection is generally referred to as Liability Insurance and it too is usually available from a broad range of companies.
As always, consult with an insurance professional such as an agency that specializes in business insurance.
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