Definition: Progressive business insurance is a type of insurance coverage that covers losses or expenses incurred by businesses in response to changes in market conditions or financial risks such as natural disasters, health issues, or economic downturns. The term "progressive" refers to how the coverage becomes more flexible and comprehensive over time based on changing risk levels and business needs. The term "businesses" includes all types of businesses, including sole proprietorships, partnerships, corporations, and government entities. Progressive insurance typically provides a mix of basic coverage such as liability, property damage, and workers' compensation with the option to add additional coverage for specific risks or losses that are identified by an insurer. This type of coverage can be purchased on a per-incident basis, monthly, quarterly, annual, or even term-based. The definition of "businesses" includes all types of businesses, including sole proprietors, partnerships, corporations, government entities, and individuals who operate or engage in the same business as another business within their own organization. Businesses that are subject to this type of coverage are typically those with assets, liabilities, and employees that are associated with one another. Progressive insurance can be purchased on a per-incident basis, monthly, quarterly, annual, or term-based, depending on the specific requirements of each insurer. The coverage may vary depending on the level of risk exposure to business owners, as well as the size and complexity of the organization involved in the risk exposure.
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