Getting started with your business? Well…finally you are about to live your dream. No matter whether you are beginning with a small, medium or large scale business, it is important to get all the things correct. I mean, while you are banking upon the best infrastructure, décor, employees, equipment and machines, it is also necessary to make arrangements for the unexpected crisis situation. We all know that doing business isn’t a child’s play. It involves a lot of risk and investment, therefore one should ideally protect the business from unforeseen situations, like: – third party’s claim, onsite accident of an employee/ labor, property damage, etc.
So, if in case you happen to face such kind of situation, you can seek the rightful claim amount from your chosen insurer carrier. It is to be noted that every insurance company has its rules and regulations, i.e. types of insurance policies offered, premium amount, coverages, benefits offered, etc. Aside from this, these service providers also have to abide by the laws and rules set by the respective state or city.
So that means if you are running your business in California, you should look for a business insurance company in California. Ask for quotes from some of the experienced and known service providers and read about the insurance coverages that they offer.
Following are some of the typical types of business insurance coverages: –
1. General liability
Ideally, liability insurance is customized according to the specific requirements of your company, risk tolerance and size of the company. Price of the policy is also decided accordingly. Property damage, personal injury, false advertising, bodily injury- are all included in the general liability claims. So when a company is litigated for anything it is responsible for, then this coverage acts a savior to protect the company’s assets.
2. Umbrella, or excess liability insurance
This type of protection is bought in addition to the general liability insurance, when the limit of your policy ends or perhaps if you want an extra coverage which is beyond the coverages included in your primary policy.
3. Pollution coverage
This type of insurance program aids in keeping the environment clean and green. Factories and other businesses producing hazardous substances need to buy one of these plans.
4. Property and equipment insurance
This policy essentially includes: your personal property, signage, buildings, equipment and personal property. Contract penalties for non-completion of the promised tasks before the installation of the property are also included in this. Expenses of the breakdown of your electrical system, computers, air conditioners, etc. can also be covered under this.
5. Commercial earthquake insurance
It is very important for all the business entrepreneurs in California to buy a commercial earthquake insurance policy. This is because earthquakes are very common in this place.
These are some of the most common yet important coverages for any business insurance policy.