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Definition: Business Insurance is a set of policies designed to protect businesses from loss exposures, in return for paying a premium to an insurance company. It is a form of risk management to hedge against the risk of a contingent, uncertain loss.
BI is a way of insuring firms to minimize the risk of financial loss due to unpredictable events. To receive this provision, companies have to pay a premium that can be monthly, quarterly or annual.
See below for BI types.