California commercial insurance coverage protects your most important investmentyour business. If you own your own business, you must have coverage to fit your needs and to protect you and your employees as well as your investments. It would be madness to try doing business in any field in California without a strong commercial insurance policy, and Gregg Stapp can help you find the right one.
Business insurance is not a luxury. It is a necessity in today’s world in which businesses are routinely the subjects of lawsuits and liability issues. Protecting yourself and your hard-earned money is good business, and Gregg Stapp Insurance can help you find an affordable policy to meet your needs.
What Is Commercial Insurance?
The type of commercial policy you need is dictated by the type of business you have. If you own a small sole proprietorship with only yourself and one or two other employees, your insurance needs are different than those of a large corporation. You will need commercial coverage in either case, but the types of policies you choose will be quite different.
Commercial insurance policies usually do one of two things:
Protects the business owner individually. If you own your business, you may need personal protection for yourself and your assets. Many business owners have their homes, vehicles and other personal assets tied up with their businesses, making it critical to have coverage that protects these items.
Protects the business as a whole. A corporation can be protected by a policy, as can a sole proprietorship. The type of policy needed will be determined by the nature of the company’s business. For example, real estate agencies often take out errors and omissions insurance to cover their professional activities, while construction companies may require not only liability but also coverage for their work equipment.
The type of insurance you need is a decision you should make in conjunction with your insurance agent. Discuss the types of business you normally do with your agent to determine types of coverage that may be beneficial to you.
What Should My Commercial Coverage Do?
At a minimum, commercial coverage should include some form of protection for you as an individual as well as coverage for your company if you are personally liable in any way for your company’s activities.
California is a great place to live, but California businesses face some of the biggest regulatory and taxation codes of any business owners in the country. California is well known for its complicated regulation and tax structure that can cause business owners to suffer from costly errors, even when they are trying to follow California business law to the letter. It is hard enough to keep a business viable, but it is even harder if a business owner is faced with costly mistakes at every turn. A single misstep or lawsuit could potentially wipe away years of hard work.
Therefore, having business insurance coverage to cushion the damage caused when a California business suffers a loss is essential. Depending on the type of company you operate, there are several types of coverage you may wish to consider. Your Gregg Stapp Insurance expert can guide you through the process of exploring California commercial insurance and put your business on the road to confidence in your coverage. Some types of insurance you may want to explore are:
General Liability. The foundational policy for any business is a good liability insurance policy. This type of policy covers you for everything from something tripping on your property to an all-out lawsuit based on your alleged conduct. The amount you cover your business for will be up to you, but Gregg Stapp and his team can help you determine the ideal level of coverage to protect you from all types of lawsuits.
Errors and Omissions. Certain businesses require a special type of coverage known as “errors and omissions” or E&O insurance. This coverage protects you during your activities as a professional who has a duty of care to your clients. Real estate agents, for example, often carry E&O insurance so that if they accidentally make a costly mistake with one of their clients, they have coverage to pay for the damage.
Auto Insurance. Many businesses use vehicles as part of their normal work such as delivery trucks or vans carrying equipment. If this is the case for your business, it is critical that you have coverage for your vehicles and any drivers that may operate them.
Coverage for Workers. Every business with employees must have workers compensation insurance to pay for medical coverage and other costs if an employee is injured. This is not optional coverage; it is required by California law for your employees and any sub-contractors you hire. Worker’s compensation covers you and your employees when you need expensive medical treatments.
Sexual or workplace harassment. If one of your employees is accused of harassment, either of a sexual nature or some other type, you could be liable in a lawsuit. Harassment protection policies protect you if one of your employees is accused of this type of behavior.
Cyber Theft Insurance. Commercial bank accounts are not protected by the Commercial Deposit Insurance Agency as are individual depositors. Cyber theft is a growing problem and one for which there is insurance coverage available. A cyber theft policy can also protect you if your valuable data or information is hacked and you lose business or money as a result.
Gregg Stapp and his team of professional insurance agents are ready to help you find the right commercial coverage for your business, no matter what your company does. You need the protection of commercial coverage, so it is important to be sure that you have the right insurance policies for your business needs. Contact us today for a free insurance audit to determine the best way to protect your valuable assets and yourself through well-chosen insurance policies.