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Business & Commercial Insurance Information
Commercial Insurance for California Businesses in Longbeach and Beyond
California offers great opportunity for businesses in almost every industry. With a huge wine scene and tourist destinations, California is a great place to start and own a businesses. Starting a business is easier said than done, however. It takes a lot of time, resources and dedication to bring an idea to life, and as a business owner, you want to protect that idea and investment.
Saferoad Insurance works closely with business owners from various industries to find the best policy for their business at the best price for their wallet. Our insurance professionals create a genuine bond with each client and provide fantastic customer service to match affordable, reliable business insurance policies.
Is Business Insurance Required?
Some insurance is required by state and federal law. Even if insurance isn’t legally required, lenders can require insurance themselves. Lenders often require businesses to purchase property insurance and general liability.
Two insurance policies that are required on a state level are commercial auto insurance and workers compensation.
Workers Compensation Requirements in California
Any business with full-time or part-time employees must offer workers compensation. The only exception is if the directors and officers of a corporation own said corporation, in which those directors and officers can be excluded from coverage.
Commercial Auto Insurance Requirements in California
Commercial vehicles in California must carry at least:
• $15,000 in bodily injury liability per person
• $30,000 in bodily injury liability per accident
• $5,000 in property damage liability
What Does Business Insurance Cover?
Three key coverages for every business include general liability, commercial auto insurance, and workers compensation. So what do these insurance policies actually cover?
General liability insurance protects the business against claims concerning bodily injury, property damage and personal or advertising injury. For example, if one of your contractors leaves out a piece of equipment and a client trips and injures themselves because of it, that client may sue the business for medical fees. General liability can provide compensation for medical expenses as well as legal expenses on behalf of the business in case of a lawsuit.
Commercial Auto Insurance
Commercial auto insurance offers a lot f the same coverages as your personal car insurance policy, including:
• Liability covers bodily injury and property damage a driver may cause while operating the insured vehicle.
• Comprehensive Coverage covers the vehicle from damages due to fire, hail, falling objects, theft, vandalism and more.
• Collision Coverage covers the vehicle from damages due to collision with another vehicle or object.
• Medical Payments Coverage covers medical expenses for the driver and their passengers after an accident.
• Uninsured/Underinsured Motorist Coverage covers expenses that arise out of an accident with another driver that does not carry insurance.
For personal vehicles used for work, or vehicles borrowed or leased by the business, you can purchase Hired or Non-Owned Insurance.
Workers compensation provides assistance for employees that are injured on the job. It can cover medical expenses, disability benefits, lost wages and more.
Protect Your Business
A business is an investment. Don’t risk that investment by going without insurance. Connect with a Saferoad Insurance agent today at 877-945-7233 to get started!
Frequently Asked Questions
How Much Does Business Insurance Cost?
The cost of business insurance varies wildly. There are many coverages, limits and other factors that can influence the cost of insurance for the business, such as the size of the business itself. Workers compensation, for example, is calculated based on a company’s payroll. Meanwhile, general liability may cause a California business anywhere between $300 and $5,000 a year.
Fill out an online quote form to find out how much you can save on business insurance.
How Does Business Insurance Work?
As with other coverages, business insurance is typically paid for through monthly premiums in return for coverage. If a claim falls under the scope of your business insurance policy, legal fees and other valid costs will be considered for compensation by an underwriter from the agency.
What is Commercial Liability Insurance?
Commercial liability refers to liability insurance available for businesses. While general liability often comes as part of a home insurance policy, other liability policies (such as professional liability) are geared specifically for businesses.
What Does Commercial Liability Insurance Cover?
There are many different types of liability insurance. Aside from general liability, businesses can also purchase:
• Professional Liability protects against claims concerning professional negligence.
• Cyber Liability protects claims concerning lost, stolen or damaged information kept electronically.
• Liquor Liability covers businesses that serve alcohol from claims concerning patron actions.
• Directors and Officers covers the directors and officers of a company from claims concerning their actions on the board.
Who Needs Business Liability Insurance?
Any business providing a product or service should have some range of liability insurance to protect against lawsuits.