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Managing Small Business Risk for the Small Business Owner – Time, 38:15

Purpose of insurance: The purpose of insurance is to provide financial protection against unexpected events or losses by pooling risks among many individuals or entities.

Methods of risk transfer: Risk transfer methods include insurance policies, contractual agreements, hedging strategies, and diversification of investments.

General liability: General liability insurance protects businesses and individuals from claims of bodily injury, property damage, and other liabilities arising from their operations or premises.

Cyber liability: Cyber liability insurance covers financial losses and liabilities resulting from data breaches, cyberattacks, and other digital risks faced by businesses and organizations.

Professional liability: Professional liability insurance, also known as errors and omissions insurance, provides coverage for professionals against claims of negligence, errors, or omissions in the services they provide.

Automobile: Automobile insurance provides coverage for vehicles against physical damage and liability resulting from accidents, collisions, theft, or other unforeseen events.

Worker’s compensation: Worker’s compensation insurance compensates employees for medical expenses, lost wages, and rehabilitation costs resulting from work-related injuries or illnesses, with the assistance of workers compensation lawyers, such as workers compensation lawyers brisbane.

Home-based business: Home-based business insurance provides coverage for businesses operated from a residential property, including liability, property damage, and business interruption coverage.

Umbrella liability: Umbrella liability insurance offers additional liability coverage beyond the limits of other primary policies, providing protection against catastrophic losses or lawsuits.

Employment practices: Employment practices liability insurance (EPLI) protects businesses from claims related to employment practices, such as discrimination, wrongful termination, and harassment.

Bonding: Bonding, in the context of insurance, typically refers to surety bonds, which are financial guarantees that ensure the fulfillment of contractual obligations or compliance with regulations by one party to another.

By: Linda A Christ
Linda A Christ Insurance Agency Inc.