You know you need to buy insurance. But where do you start?
Business insurance should be one of the first purchases you consider after you decide to start your own business. However, it’s not enough to simply buy ‘business insurance.’ California business owners need to buy the right kind of coverage for their company.
To help you get started, we’ve listed a few key points for when you’re shopping for business insurance.
Select the Right Business Insurance
Depending on your company and industry, you may need several different business insurance policies. Business insurance policies are written to cover specific types of situations. The type of business you’re in will determine if you need additional coverage and higher limits.
Abide by State Rules
Every state has rules on the minimum coverage, and California is no different. Find out about the specific types of risk and the coverage your state requires with your independent insurance agent.
Acknowledge Liability Risks
Even if your business is small, there’s still a chance you could be sued. You could be in an accident while driving for your business, a customer could slip and fall on your property, or a client could claim your work was negligent which cost him or her money. General liability business insurance can protect your business against these types of claims.
Insure Against Interruptions
Business interruption insurance covers business-related expenses during downtime after a covered peril. This coverage can also reimburse you for lost profits.
Know What Isn’t Covered
It’s important to know what exactly your business covers, and what it doesn’t. For example, many standard policies exclude protection from flood and earthquake damage. Separate riders should be purchased for this coverage.
For the business insurance to protect your company from financial strain in the event of a disaster, visit the Glendale professionals, Young Insurance!