Boiled down, it’s a contract between a business and an insurance company where the insurer will pay to repair, replace or recover the value of whatever the business has under coverage. These lifesavers (policies) will keep you afloat if a few waves of bad luck were to tip you over.
Every business, big or small, needs some form of insurance. Yes, certain types may not be required or seem relevant to you, but one little whoopsie could bring down your growing empire.
Instead of picking each policy separately, a small business (that meets certain criteria) can purchase a package that includes the protection of multiple policies. This makes the price and process more ideal for a newly budding business.