Business Insurance Coverage Options

Business owners must do everything in their power to protect their organization. In doing so, you must have a comprehensive business insurance policy. With the array of coverage options surrounding business insurance policies, you may be wondering which you actually need and which are just wasteful. Gathered is a list of the basic coverage options your business needs to survive:

  • Business property insurance will provide the structure of your business, its inventory, and all business equipment with protection against a variety of covered perils. If your structure is affected by a damaging fire, your business property insurance policy will kick in to cover your business’ assets.
  • Business liability insurance allows you to receive peace of mind knowing nothing can bring your organization down. If someone claims that your product or service was not provided in the manner promised, your liability coverage will protect you from any lawsuits. Additionally, if a client is injured on your business property, your business liability insurance would provide you with legal defense and the injured client with medical expense coverage.
  • Worker’s compensation provides both employees and employers with a variety of benefits. Employers can rest assured that any injured or ill employees will receive medical expense coverage. This coverage extends to any injuries or illnesses that are caused by work operations.
  • Commercial auto insurance is a required insurance policy for any organizations that depend on the use of work vehicles for business operations. Some small business owners fail to realize that this is required even if your employees operate their own vehicles for work relations.

Contact Stromsoe Insurance Agency in Murrieta for all of your California business insurance needs. We understand that the various insurance options available for business insurance policies are complex and may seem confusing. Allow us to personalize a unique business insurance policy that will meet the exclusive needs of your organization.

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.