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Business & Commercial Insurance Information
You’ve worked hard to build your business. If you’re like most business owners, you’ve spent untold late nights and weekends at work and may have even invested your own money to make your business a reality. You can’t afford to take a loss in case of an accident, lawsuit, or injured employee—that’s where business & Commercial insurance comes in.
What Is Business Insurance?
In short, business insurance Inglewood refers to many different types of coverage that can help protect your investment in Inglewood & Los Angeles, CA. It helps minimize financial losses from events like natural disasters, lawsuits from customers or employees, or the death of a business partner.
Although business owners who have no employees are not always legally required to carry business insurance in Inglewood, at a minimum...they all should carry some liability insurance. Different types of business insurance in Inglewood include:
· Business Owner’s Policy (BOP): A BOP policy is designed for small- to medium-sized business owners, and typically includes liability and property insurance. A BOP policy may also include business interruption insurance, vehicle coverage, and crime protection. Many BOP policies can be tailored to a business owner’s specific needs.
Additional coverages business owners may need include:
· Professional liability insurance—Also known as “errors and omissions” insurance, this type of coverage protects a business owner against liability for improperly rendering services.
· Commercial auto insurance—This coverage protects a company’s owned vehicles used in the course of business.
· Worker’s compensation insurance—Provides coverage to employees who are injured on the job.
· Disability insurance—Protects workers in case they are injured and are no longer able to physically or psychologically perform the duties of their job.
· Data breach insurance—Protects businesses against data breaches that result in the loss of sensitive, non-public information about employees, clients, or customers.
· Directors and officers insurance—Protects directors and officers of a company against their own actions that result in loss of profitability to the business or other losses.
· Apartment owners insurance—Protects apartment complex owners for legal liability losses and property damage; these policies are typically customizable, based on the needs of the insured.
Why Do You Need Business Insurance in Inglewood?
If you’re a small business owner with no, or very few, employees, you may think it’s okay to forgo business insurance in Inglewood & Los Angeles. Not so! Even if your business has very few assets, you can still be sued, and a judgement against you can be collected in the form of wage garnishments and/or bank account seizures. Small business owners are especially vulnerable, since they can be held personally liable for debts. In short, all businesses need to carry some business & Commercial insurance in Inglewood, or risk potentially catastrophic losses down the road.
Things to Consider and Questions to Ask Your Inglewood Commercial Insurance Agent
Ask your agent whether a BOP plan alone is sufficient to protect your business, or whether you need additional policies, such as worker’s compensation and professional liability insurance.
Also, consider whether you need named-peril coverage, which covers damage only for certain events, such as fire, wind damage, and vandalism, or open-peril or “all-risk” coverage, which covers more—ask your agent which option is best for you.
Additionally, ask your agent:
· If the insurance company or companies being quoted has or have a good reputation for customer service, and paying claims fairly and promptly.
· What discounts are available to your business (multiple policy discount, etc.).
· About the process for filing and settling a claim with your chosen insurance company.
Call Cameo Inglewood business Insurance experts today, or use our contact form for a quote for comprehensive business & commercial Insurance Inglewood, to Culver City, to South Bay, to Santa Monica, we are your trusted Greater Los Angeles insurance agent.