What Insurance Coverage is Right for Your Business?
Here at the Weiser Agency, we know that owning your own business can be exhilarating! …and super stressful. We also know that the last thing you want to worry about related to your business is insurance. Here’s a quick guide to help you understand the different types of business insurance options and what each might mean for you.
Workers’ Compensation Insurance
California state law requires all businesses with a minimum of 1 employee to carry workers’ compensation insurance. This applies whether your employees are part-time or full-time workers. The minute you determine an employee’s hours, they transition from being a contractor to becoming an employee. Workers’ Compensation covers things like medical bills for work-related injuries and illnesses.
Commercial Auto Insurance
All business-owned vehicles in California must be covered by commercial auto insurance. Yes, this coverage is often more expensive than a personal auto insurance policy. If you’re in an accident with a work vehicle, however, and it’s insured as a personal vehicle, the claim could be completely denied. We believe it’s our job to make sure the insurance you’re paying for is actually there to pay out for you when you need it. State law requires the following coverage amounts:
Commercial Auto Insurance can often be included as a part of a General Liability policy so let’s talk about that…
General Liability Insurance:
This is important for all California businesses. It protects your business if someone (i.e. a customer) trips and falls within your establishment.
It can also provide protection if you damage the property of others while in your care custody and control. As an example, we see this come in to play for a body shop responsible for client’s cars or a drycleaner responsible for client’s clothes.
Professional Liability Insurance:
Also called Errors and Omissions insurance, this coverage can protect professionals for their professional recommendations or work. It covers things like client lawsuits related to things like mistakes made and missed deadlines.
Cyber Liability Insurance:
Even if your business doesn’t rely heavily on technology, you may want to consider including this coverage for your business. If you take credit card payments or store personal information for your clients a Cyber Liability policy applies to you. This helps businesses survive data breaches and cyberattacks by paying for client notification costs, legal fees, and other related expenses.
Business Owner’s Policy:
Last but certainly not least, this is a great policy to consider. It bundles property insurance and general liability insurance in one plan. It’s often the most cost-effective type of commercial insurance for a California business and provides a wide variety of key protections. If you own a restaurant, for example, a Business Owner’s policy would protect your investment in the tables, chairs, kitchen supplies, etc. from covered perils and provides liability protection if a client slips and falls on your property.
We love working with business owners – big and small – and are always happy to help make sure you have the coverage you need. Please feel free to give us call at 805-984-3777 or send us a message at info@TheWeiserAgency.com. Our entire team at the Weiser Agency will work as your thought partners to ensure your business and lifestyle are protected.