Business Insurance Coverage

 

There are many different types of business insurance to help protect your company from the complex risks that are presented each day.

Business insurance can be broken down as follows:

Property and Casualty Insurance

Insures against damage to a location its contents and the business itself. The insured location can be owned, leased or rented.

Liability Insurance

This very important coverage insures against any legally imposed liability on your business because of negligence of the business and/or employees.

Commercial Auto

Any business which owns vehicles and uses them in the course of business operations should carry commercial auto insurance. Your personal auto policy would exclude these types of vehicles.

Workers Compensation

Mandated by law, you must carry this coverage to insure your employees against on-the-job injuries. In California, you may purchase this insurance through the state run program or through private carriers. This coverage guarantees the employees will not have to pay for their medical bills for those on-the-job injuries.

Business Interruption Insurance

This insurance covers against loss of cash flow and profit caused by a business interruption from a covered peril or loss. For instance, a restaurant cannot operate if there was a fire on site and they had to close down until repairs were completed. The “loss of income” would be covered until they were able to open their doors again.

Group Health Insurance

Many employers will offer health care benefits to their employees which will also cover the owner of the business.

Life and Disability Insurance

Another extra benefit which may be purchased to protect “key employees” of the business.