The minute you start a business, you are immediately exposed to certain risks. The importance of having the right business insurance cannot be overstated. Our knowledgeable agents at Integrity Commercial Insurance Services in Murrieta, California can help you fully assess your business insurance needs and find the right coverage at the best available rates.
Types of Business Insurance
Businesses today have a wide range of insurance options to protect them against a number of potential risks. The following are types of insurance that many businesses need to have in place as soon as possible after the entity is established.
Property Insurance
This is a must, whether you lease or own your space. Property insurance covers your place of business, equipment, inventory, furniture, and signage in case of a fire, storm, or theft. Many property insurance policies also cover costs such as debris removal after a fire and funds to continue operating until the damage is repaired.
Workers’ Compensation Insurance
This coverage should be added to your business policy when the first worker is hired. Most states require employers to carry workers’ compensation insurance. It covers medical expenses, disability, and death benefits in case a worker is injured or killed in a work-related accident.
Professional Liability Insurance
Also known as Errors and Omissions (E&O) insurance, professional liability insurance is essential if your business is involved in rendering professional services. This type of business insurance provides protection against negligence claims based on harm caused by mistakes or a failure to perform. Each industry has its own set of concerns to be addressed in a professional liability insurance policy tailored to that specific industry.
Product Liability Insurance
This business insurance is a must for any business that manufactures products for sale in the general market. Consumer product liability claims can arise no matter how careful you are to ensure your products are safe. Manufacturers in certain industries may need more product liability coverage than others. At Integrity Commercial Insurance Services in Murrieta, California, our agents can help ensure that your enterprise is protected with adequate product liability coverage to suit your business needs.
Commercial Vehicle Insurance
You will need commercial vehicle insurance for any vehicle used in the operation of your business. This includes company vehicles and may include employee-owned vehicles, as most personal auto insurance policies exclude vehicles used for business purposes. Within policy limits, this insurance covers bodily injury or property damage caused to others by the operation of your business vehicle. It is possible to customize your commercial vehicle insurance policy to include other coverage, such as replacement of a vehicle damaged in an accident.
Business Insurance Rates
Many factors affect the cost of business insurance, from the industry you are in, to the size and location of your business. Generally, the riskier your business is, the higher the rate you will pay for insurance coverage. Our experienced agents at Integrity Commercial Insurance Services in Murrieta, California can help you find the coverage you need to fully protect your business at the best available rates.