What Every Business Needs
When on the search for California insurance quotes, there are some basic policies that every business owner will need. This begins with general liability coverage that will often be your first line of defense against most standard injuries or legal issues. Typical liability coverage caps at $1 million and will help you cover expenses such as medical bills after a client is injured on your property. Business owners will also need workers’ compensation insurance as soon as they hire any employees. Property insurance will cover any losses from earthquakes, most forms of water damage, vandalism, and theft.
Is Your Company Expanding?
As your company begins to grow, you will need to take a fresh look at your California business insurance rates and see where you can cut costs and where you will need additional coverage. If any vehicles are used for company projects, then they must be covered by a commercial policy. Even an employee’s private vehicle will need to be added to the policy if they use it to run errands for the business or meet with clients. You may also want to consider investing in group health insurance policies for your employees. Employees that are safe and healthy will remain much more productive and actually cut our costs with improved efficiency. Business interruption insurance can also be an invaluable form of coverage if a major disaster forces you to stop working for a short period of time.
Bundling Your Policies
If all of this coverage appears to be too expensive, then you may want to consider bundling it all into a business owner’s policy (BOP). A business owner’s policy bundles together all basic coverage such as workers’ compensation, general liability, and property insurance. A BOP is typically available to businesses that generate $3 million or less in revenue per year, and larger companies may find it to be too expensive. When bundling basic coverage, business owners can expect to save anywhere form 25 to 50 percent depending on the provider.
These few types of coverage are only the beginning when it comes to commercial policies. While your company continues to grow, you will need to review and update your policy every one to two years to ensure that you have the absolute best coverage.