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Types of Insurance Every Business Needs in CA

Regardless of the size of your business, risks are inevitable. Business insurance policy aims to cover business owners against losses that might be incurred in their day-to-day operations. While standard business insurance includes coverage for property damages and legal liability claims, there are other specialized forms of coverage as well.

The following are a few types of business insurance policies that will compensate you if you suffer a serious loss and provide the financial support needed to keep your company from going out of business after a catastrophe.

Commercial General Liability Insurance

Commercial general liability insurance is essential for any business regardless of the industry in which they operate. This policy covers your business against legal action if held responsible for bodily injury or property damage to third parties.

Professional Liability Insurance

Professional liability insurance protects your business against possible negligence and malpractice lawsuits. This type of insurance is essential if you are working in the legal and medical fields.

Workers’ Compensation Insurance

Workers’ compensation insurance helps you take care of your employees. It covers any medical benefits or lost salaries if there your employee sustains an injury or falls ill at the workplace. In exchange for coverage, your employees have to waive the right to pursue legal action against your business.

Commercial Umbrella Insurance

Umbrella insurance adds an extra layer of protection if you are facing a serious lawsuit where the desired compensation exceeds your business liability limits.

Commercial Auto Insurance

Commercial auto insurance covers any vehicles that you use for business-related endeavors. The policy protects your business against possible injuries and accidents. You can also add storage insurance to protect your vehicles against non-driving issues such as possible theft or vandalism while they are parked.

Business Owner’s Policy

Business owner’s policy includes property and liability insurance to protect your business against possible liability claims and interruptions.

Commercial Property Insurance

If you own an office or store, property insurance covers your business property against possible damage from natural disasters and other covered perils.

Individual Life Insurance

Life insurance is a policy that provides benefits to an individual or a group of people and is designed to meet the financial needs of the insured’s family once they pass away. You can purchase a group life insurance policy for your employees. Life insurance policies are essential for people who work in high-risk industries.

Inland Marine Insurance

Inland marine insurance is a unique type of coverage that protects your business or assets while they are in transit. This policy is essential if you ship products to different places.

Other Things to Consider

Remember that different businesses have unique needs. For example, if you operate a farm, consider buying farm insurance. To add another layer of protection to your business, you can also add extra expense coverage to your business insurance policy. Extra expense coverage takes care of the necessary costs to remain open or to help reduce downtime before reopening your business after an emergency such as an accidental fire or power outage.

Regardless of the industry you are operating in, business insurance can prevent you from losing your most valuable resources. To find the right policy for your business, contact our experts at McCarty Insurance today. We will help you find the right policy for your unique needs.

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