There are nearly 3.5 million businesses based in California. Some are large multi-million dollar companies like Netflix and J.D. Power and Associates, while most are small privately owned businesses like Rasta Taco. To protect your investment in time and money, you should consider getting business insurance whether your company is a multinational firm with thousands of employees or a sole proprietorship with just a few employees. If you are on the fence about purchasing business insurance, compare commercial insurance quotes, weigh the costs against the many benefits and then make an informed decision.
Whatever industry your California-based business falls into, there is a commercial insurance policy to meet its coverage needs. Business insurance policies are fully customizable so that they can meet the diverse needs of different types of companies.
If you take out a mortgage or a large loan to finance the startup of your company, your financial institution will likely require you to carry a business insurance policy. Otherwise, this coverage is generally optional, particularly for very small businesses.
Commercial insurance policies come in all sizes and customizations. Thus, they are suitable for both large multi-million dollar companies and small privately owned businesses. Whatever the size or nature of your business, if you are at risk for liability costs or excessive financial expenses as a result of a disaster, you should invest in business insurance to protect your company.
A business insurance policy can mean the difference between success and bankruptcy for your company. If you are still uncertain about whether you should get business insurance, it may benefit you to speak with a financial advisor or qualified independent insurance agent to learn more about how coverage can help you and to discover how affordable it can be.
Business insurance policies offer several different coverage options. This enables business owners to purchase fully customized policies that meet their companies’ unique coverage needs. The main coverage categories are liability, property and income coverage:
Before you can receive accurate quotes for a policy, you will need to know which options you plan to purchase and how much coverage you wish to buy. Frequently, commercial insurance companies will offer industry-specific business insurance plans. For example, you may be able to find recording studio insurance or restaurant insurance. These policies will still be fully customizable, but a standard policy will come with all the coverage that a business in your industry would need.
It is important to keep in mind that nearly all business insurance policies exclude coverage for damage related to floods and earthquakes. For this reason, you will need to supplement your policy with separate flood insurance and earthquake insurance policies if you wish to have full coverage against all threats to your company’s financial well-being.
You can protect yourself against flood damage by purchasing up to $500,000 in structural coverage and $500,000 in contents coverage through the National Flood Insurance Program. Earthquake insurance coverage may be available as a separate rider with your business insurance policy or as a standalone policy through one of the many participating providers in this state.
When putting together a suitable business insurance policy, be sure to consider all the possible risks that your California-based company may encounter. That way, you can properly shield it from any unnecessary financial losses. An independent insurance agent in the Trusted Choice® network can help. These agents can answer your insurance-related questions, offer advice about sufficient coverage amounts and provide you with a selection of policies and quotes that you can review.
Contact a local agent to get more information and to start comparing commercial insurance quotes for your California business.