What type of insurance provides coverage for businesses and individuals against various risks, including property damage and liability?

The correct choice is property and casualty insurance, which is specifically designed to provide coverage for both businesses and individuals against a range of risks, including property damage and liability. This type of insurance encompasses policies that protect physical assets, such as buildings and vehicles, from losses due to incidents like fire, theft, or natural disasters. Additionally, it includes liability coverage, which protects against the risk of being sued for damages resulting from negligence or accidents that cause injury to others or damage to their property.

In contrast, life insurance focuses solely on providing financial support to beneficiaries upon the death of the insured individual, making it irrelevant for covering business-related risks. Health insurance provides coverage for medical expenses and health-related issues, rather than property or liabilities. Travel insurance is tailored to cover risks associated with traveling, such as trip cancellations or medical emergencies while abroad, but does not encompass the broad range of property damage or liability risks that businesses and individuals face.