- The act, system, or business of insuring property, life, one’s person, etc., against loss or harm arising in specified contingencies, as fire, accident, death, disablement, or the like, in consideration of a payment proportionate to the risk involved.
- In the case of Business Insurance, also known as Commercial Insurance, it protects businesses from the financial loss associated with unexpected events, including property damage, lawsuits, loss of income, theft, employee injuries and illnesses, and worker’s compensation.
EXAMPLE: It’s time to renew our business insurance policy, to make sure that we are properly covered.
