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Business insurance is spreading and managing the risk among many business owners. Insurance companies take in premium payments from covered businesses, invest those payments, and create a pool of money to pay out to a covered business if that business has a covered loss. Insurers have developed mathematical models to determine what chance there is of a risk occurring and, in so doing, what premiums the insurer must charge to stay in business and make a profit.
Business insurance is a broad description that can be broken down into a list of nine types of insurance policies.