Kuenssberg will take up the newly-created role in September and will contribute to ITV News and ITV1 current affairs strand, Tonight.
She joined the BBC in 2000, starting out on the BBC's north-east and Cumbria programmes and winning a Royal Television Society award for her work as home affairs correspondent. She moved from regional broadcasting to join the Daily Politics as a reporter in 2003.
During her time at the BBC, Kuenssberg has also reported for BBC News, Newsnight, the Today programme, and BBC Breakfast.
Before joining the broadcaster, she worked for Channel 4 News and NBC.
Kuenssberg said she was "delighted" to be moving to ITV.
"The BBC has been an integral part of my life for more than a decade and I will always be grateful for the experiences I have been given. But while families round the UK cope with the squeeze and the country grapples with making its living, moving to cover British business is an even more exciting prospect.
"I'm really delighted to be joining ITV, and thrilled about the range of opportunities I'll have as the ITV News business editor – from being a part of the team on the award winning ITV News at Ten, to working with some of the best journalists in the country on ITV1's Tonight programme."
ITV News editor Deborah Turness said: "Laura has an impressive track-record and I’ve admired her sharp journalism and drive. I can’t wait to see her talent flourish and grow with us in such a key position."
Kuenssberg's professional Twitter account, @BBCLauraK, has almost 60,000 followers but she will be transferring to @ITVLauraK when she begins her new job.