Commercial Insurance Los Angeles
Commercial Insurance Los Angeles protects businesses, business owners and employees of the business. Having adequate insurance protects you from commonly experienced losses including property damage, theft, liability and employee injury. Examples are a fire that destroys your company’s property and a bodily injury claim that results from a slip-and-fall incident. Without Commercial Insurance Los Angeles, business owners have to pay out-of-pocket for costly damages and legal claims against your company.
What kind of commercial insurance policy do you need?
contractor liability insurance
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.
Is Business Insurance Required in California?
As a small business owner, you are responsible for protecting your business assets, your property, and your employees’ health. Failure to obtain the proper insurance means you are at risk facing hefty fines or losing your business license. Most types of commercial insurance are optional. However, there are types of business insurance that are required for all business owners in California.
It provides monetary benefits to employees for work-related injuries, diseases and deaths. It provides temporary and permanent disability awards to injured workers and protects employers from potential lawsuits.
It provides employees in the State of California with short-term payments in the event of a worker due to a non work-related illness or injury or when they are medically disabled due to pregnancy or childbirth.
Commercial Car Insurance
From pickup trucks used by general contractors to large fleets of trucks, small businesses that operate vehicles for business purposes need proper business auto insurance coverage. This pays for repairs to your vehicle or the other driver’s, as well as medical expenses and legal fees.