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What Is Business Insurance?

what is business insurance?

What Is Business Insurance?

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Historic Answer To What Is Business Insurance?

The concept of helping others when something bad happens has existed since the beginning of mankind and evidence of formal and informal social contracts that were structured around helping others in a  monetary and/or contractual manner can be seen dating back to the 3rd and 2nd Milennia B.C.  The concept of one party helping another is the core of what business insurance is all about and the most early forms of insurance were actually business insurance solutions in the form of commitments made by one or a few parties to reimburse another if a ship or it’s goods were damaged and/or destroyed during risky maritime voyages which is effectively what we call marine insurance today.  This early form of business insurance was fundamental to allowing merchants (i.e. business owners) to feel comfortable enough to take risks in pursuit of financial gain.  However,  like many other things  the answer to “what is business insurance?” has evolved considerably over time…

Current Answer To What is Business Insurance?

The answer to “what is business insurance?” hasn’t really changed much since insurance emerged thousands of years ago as it still involves one party transferring risk to another party or parties and is used by business owners (and/or their lenders) to lessen risk and feel comfortable enough to launch, buy and/or invest in a business.  However, the complexity, availability and amount of business insurance products available has, and continues to, rapidly evolve.  Today business owners are able to purchase numerous types of insurance products to specifically protect their balance sheet and their personal assets from a wide range of business risks.

 Below is a list of popular business insurance products that ALIGNED Insurance brokers can help business owners with:

Directors & Officers Liability Insurance
Employment Practices Liability Insurance
Crime / Fidelity Insurance
General Liability Insurance
Auto Insurance
Umbrella Liability Insurance
Errors & Omissions Insurance
Cyber / Privacy Insurance
Pollution Liability Insurance
Product Recall Insurance
Property Insurance
Cargo Insurance
Protection & Indemnity Hull & Machinery
Builders Risk Insurance
Boiler & Machinery / Equipment Breakdown Insurance
Kidnap & Ransom Insurance
Reps & Warranty Insurance
Surety & Bonding
Accounts Receivable & Trade Credit Insurance
Commercial Drone Insurance
Office Insurance
Professional Liability for Lawyers
Small Business Insurance
Real Estate Insurance
Retail Insurance
Professional Liability Insurance For Mortgage Brokers

For More Information On What Is Business Insurance?  Or For A Business Insurance Quote Contact One Of Our Many Licensed Canadian Commercial Insurance Brokers Today at 1-866-287-0448

ALIGNED Across Canada   100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.

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