Definition: Limited liability business insurance (LLBBI) refers to a type of general liability insurance that covers risks associated with companies conducting business activities, such as manufacturing, construction, and marketing. The basic principle behind limited liability business insurance is that each entity within an LLC or LLC's parent company is responsible for its own financial responsibility in the event of losses. This means that if a business fails to pay its debts or make timely payments on its loans, it can be held liable by the LLC or its parent for those debts and costs. In other words, the insurance policy will cover the losses that an individual or entity incurs due to their negligence or carelessness in the business they operate. The coverage provided under limited liability business insurance is designed to protect the members of a company from financial loss. The definition of "limited liability" means that the legal responsibility of each party within an LLC or LLC's parent company is distributed among those entities. As such, if a business fails to meet its obligations as set forth by the LLC or its parent, the other entities within the company may be held responsible for any losses incurred. In summary, limited liability business insurance refers to a type of insurance that provides financial protection to companies that engage in business activities and may cover losses due to their negligence, carelessness, or mismanagement.
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