Protect your company with Business Insurance in San Diego
Business Insurance in San Diego, California, is necessary for any business but can be particularly difficult for select companies. The risk associated with insurance premiums is greater than the typical business because of the potential size of a claim. If you own or operate this type of business, it is helpful to be aware of all your options so you can find the best coverage at an affordable price.
Business Insurance in San Diego, CA, is available in many forms. Some of the most common and popular include:
- Commercial General Liability Insurance.
- Commercial Property Insurance.
- Commercial Umbrella Liability Insurance.
- Workers’ Compensation Insurance.
The first form, Commercial General Liability Insurance (CGL), protects from claims of bodily injury or property damage to others that may result from your business operations. If a customer or client is injured on your business premises or as a result of your business, CGL can help protect you from those claims. In addition, CGL protects you from liability for bodily injury or property damage caused by your employees while acting in their employment course and scope.
Commercial Property Insurance covers buildings, furnishings, and equipment owned by your company. Commercial property insurance also covers loss of rents. If you own your building, this coverage is required since it provides financial protection in the case of a fire or other insured calamity and income if rental earnings are lost as you restore.
Commercial Umbrella Liability Insurance offers additional liability coverage over and above what CGL typically provides. This policy pays for expenses tied to acts not covered by CGL or employee-related matters that fall outside your company’s non-ownership workers’ compensation insurance. Still, many small businesses carry umbrella insurance for peace of mind knowing they are covered by additional liability protection up to a specific limit.
Workers’ Compensation Insurance is required by law if any one of your employees is injured on the job. If you have employees, then you must carry some form of workers’ compensation insurance.
Other business insurance categories include:
- EPLI (Employment Practices Liability Insurance) which is used to protect against claims of sexual harassment, civil rights violations, wrongful terminations, etc.;
- Directors & Officers (D & O) insurance that protects business executives from negligent acts on the job;
- Employer’s Liability Insurance – protects employers against legal responsibility for injuries suffered by their employees while at work, whether or not it is the employer’s fault.
- Professional Liability Coverage covers a business’s legal liability for damages related to its work with a client. When a company-issued, either by a customer or a third party, the insurance helps pay for attorneys’ fees and court costs. A keynote here is that Professional Liability Coverage will not cover criminal acts sought against the insured business, nor does it protect any of the business’s more high-risk areas like product liability or bodily injury.
- Business Interruption Insurance – business interruption insurance (sometimes referred to as business income insurance) provides coverage if the business’ operations are significantly disrupted by a covered loss like fire, flood, or theft. This can be helpful for small businesses that rely on their location to provide goods and services to their customers.
- Business Auto Coverage – business automobile insurance can protect a company from financial loss due to uninsured or underinsured drivers, defective automobiles, and other covered situations like vandalism and theft. The policy also extends to accidents caused by motorcycles and RVs (if stated explicitly in the contract). It is important to note that commercial trucking companies need separate trucking insurance, which is more extensive.
Business Insurance in San Diego, California, can be tailored to meet the specific risks and liabilities your company faces. There are many options available; if you own or manage a business facing any one of these liability issues, make sure you understand what is required by law or policy for your state, then determine the best option to meet that requirement.
It is also essential for you to have an insurance agent that can help you find the business insurance in San Diego, California, or wherever your business may be located, at a price that makes sense for your company’s budget. Insurance agents spend their days talking with other insurance agents and brokers so that they can access the best insurance companies in San Diego, California. When you need business insurance, it is well worth your time to seek out an agent with experience helping businesses just like yours.
There are many insurance agents available who can provide good service for your company no matter what type of business insurance you require, but it is worth your time to make sure you find the right agent for your company. A good starting point is to ask trusted business associates, friends, and family members for referrals. When seeking an insurance agent specializing in commercial insurance, make sure they are willing and able to provide all of the coverage required by law or policy and any optional coverage you may need to meet your company’s liabilities.
When you need business insurance in San Diego, California, or anywhere in the US, you really should find an agent that specializes in commercial insurance. The time and effort expended to research and connect with a great commercial insurance agent will pay off many times over when something goes wrong, and your business needs help. However, if you plan by choosing the best policy for your company’s specific needs, you are much more likely to have a positive experience when something goes wrong.
Keep these tips in mind when it comes time to shop for business insurance in San Diego, California, or anywhere else in the US. The time invested into this research will pay off many times over should an accident or other incidents happen that requires your business to purchase its insurance policy. Working with an agent specializing in commercial insurance but still has contacts at all types of insurers ensures you will have access to the best policy for your company’s specific needs at a price that makes sense.