The Difference Between Individual & Business Insurance

Business insurance protects the property of a business, and it provides protection when the business becomes legally liable for injuries that occur on the property. An individual may acquire insurance to protect his property that is unrelated to a business.

Coverage for Business

Business insurance provides coverage for expenses related to the business. These business expenses can result from damages to supplies, equipment, company vehicles and the premises of the company. The policy includes property insurance, vehicle insurance and liability insurance.

Personal Insurance for Business

A personal insurance policy can provide coverage for an individual to protect the assets of the business. It can cover expenses if the business owner or other significant employee suffers a disability that prevents him from performing essential duties of the business enterprise.

Individual Insurance

An individual or personal insurance policy can provide coverage and protection for an individual's personal property unrelated to a business. For instance, an individual insurance policy may incorporate a homeowner's policy, liability insurance and a personal automobile policy.

References

• Investopedia: Business Owner Policy
• Business Dictionary: Homeowner's Insurance Policy