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Business insurance is the coverage that protects business owners from financial losses. Financial losses can occur due to unfortunate events such as property damage, legal liability, and employee-related risks during the business process. Business insurance protects everyday risk associated with running the business. The premium of business insurance depends upon several factors including nature of business, type of insurance, location of business, and coverage level. In business insurance, it is important to identify risk associated with the business. The risk can negatively impact on the growth of the business.
Business insurance provides coverage to the business losses associated with fire, theft, natural disaster, legal liability, automobile accidents, death or disability to an employee, and other losses. It provides coverage for physical damage, physical damage can occur due to server weather, accidents, and other natural incidences. It also provides coverage to customers for losses incurred because of a defective product or inadequately performed services. In addition, it provides coverage to an employee of the business organization if any medical injuries occurred during the employment. Unforeseen events such as recession can lead to financial losses in business organizations, this can be prevented to a certain extent through business insurance.
Promising business scenario observed in various industries such as finance and healthcare boosts the growth of the business insurance market. In addition, unemployment rate and saving tax associated with small business drives the market growth. Furthermore, breakdown business expensive mechanical machinery including air condition unit, computers, electronics due of unfortunate incidences during the business process fuels the growth of the market. However, lack of awareness regarding the business insurance policies is expected to restrain the market growth. Moreover, many insurance companies are providing a policy package for small business. Therefore, surge in business formation is an emerging opportunity for the growth of the market.
The global business insurance market is segmented on the basis of insurance type, application, and region. Based on insurance type, the market is classified into professional liability insurance, property & causality insurance, product liability insurance, vehicle insurance, and others. On the basis of application, it is divided into larger corporation and small & medium corporation. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players in the global business insurance market include Allianz SE, State Farm, Liberty Mutual Insurance, Allstate, The Hartford Financial Services Group, Inc, Hiscock, Chubb Limited, The Progressive Corporation, Nationwide Financial Services, Inc Nationwide, and Zurich Insurance Group. The other players in value chain analysis (not included in this report) are Farmer Insurance, The Hanover Insurance Group Inc., AmTrust Financial Services, Inc, Auto Owner Group, American Family Insurance, American Insurance Group, and Assurant
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