Commercial insurance is a necessary part of running a business. Insurance protects business owners when losses occur. Whether it is property damages, theft, negligence, or an injured employee, commercial insurance can help a company continue to operate with minimal disruptions. Also, insurance is critical to avoiding large financial losses. After all, cash flow is incredibly important to a business’s viability and if it is impeded, a company is at increased risk for going out of business.
Some insurance policies are required to operate a business in the state of California. Other policies are not required but could be advantageous for a business. The Los Angeles corporate formation attorneys at the Leiva Law Firm can help you determine the types of coverage that your business can benefit from having along with what the appropriate amount of coverage for your business would be.
Types of Insurance Coverage for Businesses in California
Purchasing the right insurance policies is essential for business owners and it does not have to be expensive. Considering the many ways that a business can incur costly losses, it is vital that a business is properly safeguarded with the right policies and coverage. Some of the most common types of insurance that are offered to businesses in California include:
General Liability
Any business that has customers or other patrons coming and going should think about general liability coverage which offers protection from common risks associated with foot traffic. Customer injuries and property damages, as well as slander lawsuits, are covered.
Workers’ Compensation
All businesses that have employees must have California workers’ compensation insurance.
Commercial Auto Insurance
This is required for all businesses that have commercial vehicles. It covers the aftermath of traffic accidents, vehicle theft, and vandalism.
Professional Liability
For protection against lawsuits that may arise when errors while conducting business occur or if services or products are not rendered professional liability coverage can be helpful to have.
Cyber Insurance
With all of the cyber threats that exist, having cyber insurance can be beneficial should a business suffer a cyber attack or data breach.
Commercial Property
Should theft, fires, or other disasters damage a commercial building, commercial property insurance not only can help pay for those physical damages but also for everything inside the building that may have been destroyed such as furniture, inventory, and products.
There are several forms of insurance that serve specific purposes. When a business can benefit from more than one policy, bundling is a strategy to get the best price. Other times, a policy may have options and levels that you can choose from for the most affordable coverage.
Speak to an Attorney at the Leiva Law
The legal team at the Leiva Law Firm is experienced and dedicated to helping protect you and your business. If you would like to learn more about how a California corporate formation attorney can assist you in obtaining the right type and amount of insurance coverage or for another type of incorporation service, then please call the Leiva Law Firm today at (818) 519-4465. Initial consultations are always free.
