Whether you’re starting your own business or taking one over after purchase, it’s important to know that every business has its own unique risks and insurance needs. Businesses come in many shapes and sizes, and what works well for one business may not work well for another – even if they provide a similar product or service. Knowing your business’ specific insurance needs is crucial if you want to both save money and keep yourself protected.
In California, every business with at least one employee (other than the owner) is going to require workers’ compensation insurance. Beyond that, discovering your businesses’ insurance needs will take a little bit of work. Most everyone in the business world agrees that that general liability insurance is necessary for most business owners. It’s not mandatory, but it’s highly-recommended. General liability insurance covers third-party damages, (property damage, injuries, or other things that may occur on your business’ premises), certain legal fees if you’re sued, as well as losses due to libel, slander and copyright infringement.
After taking a look at general liability business insurance, you may want to consider buying a business owner’s policy. These are like insurance package deals that include several different types of insurance into one convenient policy. They usually include things like general liability coverage as well as property coverage – a type of coverage that protects your place of business and your inventory – and can allow you to get more coverage for less money than buying business policies a la carte.
Last but not least, in our increasingly technological world, you should probably look into cyberliability coverage. When businesses use online platforms to conduct transactions, they must take extra care when collecting, managing, and protecting their customers’ data. Hackers are targeting more and more businesses as time goes on in an effort to steal their clients’ personal info, which they can in turn sell on the black market or use themselves for fraudulent purposes. If your business, or one of the online platforms you use is hacked and your customer data is stolen, cyberliability insurance can protect you.
If you have any additional questions regarding business insurance, give Carol a call at 661-803-3803 or stop by InsuranceSCV.com for a FREE quote!