What Kind of Insurance Does A New Business Need?

What Kind of Insurance Does A New Business Need?

Starting or purchasing a business for the first time is a daunting effort. There are many things to consider when starting out, Insurance is one of them. Every business has different Insurance needs, but we will go over some of the basics to get you started.

What Kind of Insurance Does A New Business Need? General Liability

General Liability is the most common type of Liability Insurance you will find. For the most part, every business should carry some sort of General Liability Insurance policy. General Liability is affordable, and protects you against bodily injury and property damage that arise from your business operations. Included with most General Liability policies are coverages for medical payments, damage to a premises rented to you, and personal/advertising injury. Depending on your business operations, you may be able to get a $2,000,000 General Liability policy from an A Rated for as little as $350 annually.

What Kind of Insurance Does A New Business Need? Business Personal Property

Business Personal Property coverage is designed to cover losses you may experience related to your Business Property. This property can include computers, tools, valuable paperwork, and other various equipment that your business relies on. You can often purchase Business Personal Property with General on a single policy Liability, which is referred to as a Business Owners Policy. There are many additional options available to those who are interested in covering their property.

What Kind of Insurance Does A New Business Need? Workers Comp

Workers Comp in the state of California is required by law if you have any employees. As a sole owner, you can elect to exclude yourself and other owners from coverage. The rates for Workers Comp vary dramatically depending on the type of business you own. If you are purchasing Workers Comp for the first time, it is critical that you have a discussion with a broker to make sure your employees are properly classified, as you can overpay by thousands if you purchase a Workers Comp policy with the wrong classifications.
If you are starting a business and would like to learn more about Business Insurance, we are happy to help.

You can reach our Business Insurance specialist at 925-297-4829.

All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.