Definition: Insurance costs for a business refer to the expenses associated with protecting the company from financial risks, such as loss of income or asset value due to damage, illness, fire, flood, etc. The term "insurance" refers to a form of economic protection provided by an insurance company. It is typically offered in the form of a policy or contract that outlines specific coverage and limits for potential losses. The cost of insurance can vary depending on factors such as type of coverage, location, size of business, and other factors. In summary, "insurance costs for a business" refers to the expense associated with protecting the company from financial risks, while "insurance" refers to an economic protection offered by an insurance company.
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