Whether your business is a large company or a small start-up, it will face risks capable of causing financial losses. Just one aspect of your business being unprotected can put the entire operation at risk. There are two categories of commercial insurance, first, coverage for your business and second, coverage for employees.
At a minimum, most small businesses will need a business owner’s policy. A business owner’s policy is a package policy that combines business property and business liability insurance into one business insurance policy. If you have employees, you’ll need Workers’ Compensation, State of California requires it. If you have a car that is used for work purposes, you should have Commercial Auto Insurance.
Remember, these are only primary coverage. You have to determine the risks that are unique to your business and add coverage to fill any gaps that your primary policies don’t cover.
As a business owner, you need to gain a basic understanding of different types of commercial insurance coverage in California. It is the only way you can fully cover all your assets, reputation, as well as personnel. Whether it be the threat of property loss or an employee injury. There are certain risks that are more common than others.
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