Insurance is the protection against loss for which you pay a certain sum periodically in exchange for a guarantee that you’ll be compensated under stipulated conditions for any specified loss by fire, accident, death, etc.

When taking up something especially where there is some investment that will have cost the investor a lot it is a necessity to have a solution to the risks that may occur on the investment.  Let’s say someone invest a million dollars on fuel business and is expecting profits from that, the person who will have invested can only control what he owns and maybe a few individuals who will be on his payroll and maybe business partners but can not control a thug or his neighbor in the business environment and even some of his customers.

As it is well known that fuel is highly flammable someone careless might smoke near the danger zone and mistakenly start a fire, this will mean the business can burn down with the owner loading not only the fuel but the infrastructure too.

When such things happen that’s when insurance service providers come in. These cover the business against all the risk they may face in their operation but for a price. Most businesses have business property and inventory. If there is a fire, robbery or another type of accident leading to damage or property loss of business assets, a general liability policy covers the business to the policy limits. It also protects the building the business leases for operations. If a storefront window is broken by a vandal, the glass could be covered by the policy.

Business owners should do a thorough inventory of assets including computers, furniture, supplies and inventory to have adequate coverage.
Businesses are sued for a lot of different things. Business insurance protects against many types of lawsuits. Workers’ compensation covers employees from injury or illness at work. Business liability insurance protects the business if a consumer trips and falls in the office or otherwise is hurt. Professional liability insurance such as medical malpractice insurance protects professionals from mistakes that may result in harm to a client. Many insurance policies pay not just the settlement to the injured party but also cover legal fees incurred by the company when battling a lawsuit.

However there’s no return on investment. Though you’ll pay premiums for the length of the policy, it doesn’t build cash value. That means if you outlive the term you won’t see a cent of the benefit. And when the term ends, you’ll need to buy a new policy. When your term expires, so does your coverage. If you still need life insurance, you’ll need to purchase a new policy — but you’ll need to go through the underwriting process again, and you might be charged higher rates to reflect your age and health.