How to Determine if a Business Risk is Insurable or Not
Business insurance is designed to protect your IT company against risk, or the likelihood of a loss. But it’s important to understand that even the most comprehensive insurance policies don’t cover every type of risk, and don’t offer unlimited compensation in the event of a claim.
When you buy commercial risk insurance, you pay premiums to the insurance carrier, which in turn agrees to pay a claim in the event you should suffer a covered loss. By pooling premiums from many policyholders at once, insurers are able to pay for the claims of the few who do run into problems, while providing protection to everyone else in the pool in case they need it.
Coverage provided on business insurance policies differ from insurance carrier to insurance carrier. Read more…