I don’t have any major business assets. Why do I need insurance?

Every business has some property. And, when you think about it, your business is your property. In
addition, your business is your source of income, so you need protection from the potential loss of
that income. Generally, there are two types of insurance - property and liability. Property insurance
covers damage to or loss of the policyholder’s property. And if somebody sued for damages caused
by you or your possessions, the cost of the suit - both defending it and settling it if necessary - would
be covered by your liability insurance.

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