What Types of Insurance Do I Need for My Small Business

Your small business insurance needs will vary depending on the type of business you operate, the level of risks involved, and whether or not you employ other persons. Small business owners are wise to consult a professional insurance agent for guidance due to the complexities and various state regulations concerning various types of business insurance requirements. Meanwhile, here are the most common types to ponder.

General Liability Insurance offers protection again accidents, claims of negligence, and injuries. Such protection also includes legal safeguards.

Professional Liability Insurance is required of small businesses that provide any type of service to customers, which protects you against malpractice, negligence, or errors that inadvertently occur to your customers.

Product Liability Insurance is necessary if you distribute, manufacture, wholesale, and/or distribute any product. Its intent is to protect you against claims of injury to due product malfunction.

Home-Based Business Insurance is not typically covered by homeowner’s policies unless you have additional riders to your policy. This is a wise investment, particularly if you have heavy equipment investments in your home-based business.

Employer Businesses Insurance Needs & Requirements

Mandated by law, if you hire employees, expect these basic small business insurance requirements in California.

Workers Compensation is a requirement by federal law. You can purchase your own coverage or buy a policy from the Workers’ Compensation Program.

Unemployment Insurance Tax is a consideration if your state mandates it. Register your business with the state workforce agency to be within guidelines, and discuss coverage for unintentional violations with your agent.

Disability Insurance is mandatory in California and five other states. We can help you get your policy set up properly and affordably.

You can rely on the professional services of a top servicer of insurance in Murrieta, CA. Contact Stromsoe Insurance Agency for more information about affordable small business insurance coverage in California.

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