It’s 2018 and that means it’s time for California business owners to start thinking about what types of insurance they should have in the new year. The following is a list of the top seven types of insurance business owners will need to conduct business in California:
Insurance business owners will need in 2018
1. Commercial Property Insurance
Commercial property insurance covers your building or contents if your business is damaged or if theft occurs. This policy can replace your business products and possessions in the event of a loss. This policy can also pay for the lost income caused by your business being closed after a covered loss.
2. Commercial Auto Insurance
Just as individuals insure their private vehicles, businesses need to do the same. Commercial auto insurance protects your vehicle and liability when it is used for business.
3. General Liability Insurance
A customer can sue your company for negligence from third-party damages, whether they are injured on premise or injured by your property. General liability insurance protects your business against these types of lawsuits.
4. Workers’ Compensation Insurance
If you have any employees, you’re required to have workers’ compensation insurance. This insurance plan covers your employees in the event that one of them gets hurt while on the job. In most states, including California, workers’ comp insurance is mandatory.
5. Professional Liability Insurance
This type of insurance is known as Malpractice and E&O, or errors and omissions, insurance. It covers your business in the event that a negligence claim is made against you for failure to perform or a mistake in your business practice. Naturally, your business will have its own concerns in this arena, so Brashears Insurance will work with you to get you the coverage you need.
6. Cyber Liability Insurance
If you have personal information about clients or employees you need cyber liability insurance. Cyber liability insurance is especially important if you have a website that collects this personal information or you sell a product through your website. We’ve seen data breaches in the news for companies like Cottage Hospital and Equifax where the hacked company had to spend hundreds of thousands of dollars to notify all people who were potentially affected and fix any issues that arose from being hacked.
7. Employment Practices Liability Insurance (EPLI)
If you have employees or interact with the general public as part of your operations you need EPLI Insurance. EPLI insurance covers claims against your company for wrongful termination, discrimination, and sexual harassment allegations from employees or the general public. Employment Practices Liability policies pay for both the legal defense costs and the indemnity payout if you are found liable for the allegation.
Who Should You Go With for Insurance?
When it comes to deciding on an insurance company to go with for your business insurance, the decision can certainly be difficult. However, one thing is for sure: you should always go with one single insurance provider for all of your insurance instead of choosing individual policies from different insurance companies.
Why? The answer is bundling. The best insurance companies will offer comprehensive plans for businesses that incorporates all of the essential types of insurance. That’s what we do at Brashears Insurance when we take our trademark “synchronized” approach to providing insurance for local businesses. We know that “one size doesn’t fit all” for your business, which is why we ask the key questions that other agencies routinely miss.
Your business means the world to you. Let us help you protect it. Contact us today to find plans for all of the above types of insurance. One of our experienced and skilled agents would be glad to sit down with you and discuss your options.