Enterprises should have business insurance that protects their final assets, intellectual properties, and physical locations from unexpected incidents that can cause financial losses. It supports the insured business against any damage or loss that arises from incidents, such as natural disasters, thefts, vandalism, lawsuits, and other incidents.
There are types of business insurance California that you might need to learn as a business owner.
Professional liability insurance
Professional liability insurance covers common negligence claims, misinterpretation, and inaccurate advice. It helps violation of good faith and fair dealing. In an instance that a client sues you, this kind of business insurance covers the legal expenses.
Property insurance
Property insurance is a must whether a business owns or leases the space. The part of the coverage for this insurance is the equipment, signage, inventory, and furniture in the event of fire, storm, or theft. However, property insurance does not cover mass-destruction events like floods and earthquakes. It is better to check with the insurer if the area is prone to these problems. In that way, you can ask to price a separate policy. Also, property insurance protects against vandalism and theft that cover the structure and the contents.
Workers’ compensation insurance
Employees deserve to ensure their compensation for their hard work that contributes to the success of a business. If an employee gets hired, it is part of the business insurance policy to add the compensation insurance for workers, such as covering the medical treatment and other benefits that compensate the effort.
Business interruption insurance
Business interruption insurance covers the loss of income when a business gets interrupted by disasters or catastrophic events. This kind of insurance applies to companies that require a physical location for doing business, like retail stores.
Business Crime Insurance
Business crime insurance, also known as commercial crime insurance, is an insurance policy for businesses to protect from losses from business-related crime. This insurance policy covers cash, assets, merchandise, or other property loss when there are fraudulent activities, robbery, theft, or other business-related crime in the company.
If you have planned to open a restaurant business, insurance is essential to protect the people working for you. Restaurants are risky, especially for kitchen workers. Accidents like slip and fall injuries, incidents like damage or loss due to fire, food spoilage, and other possibilities in the restaurant should need to be covered by the types of insurance mentioned above.
ISU Armac Insurance Services has agents ready to get to know you, your family, your business, your lifestyle, and your needs. To get started, please call us at 760-241-7900.