Types of Commercial Insurance

From the day you start a business as an entrepreneur, you expose yourself to specific risks. A firm is at risk even before the first member of staff is hired. Therefore, the right insurance is needed to protect your company from these risks.

Professional insurers like WPL Insurance Services located in Santa Clarita, CA offer a wide range of commercial insurance coverages that can protect you from different dangers. Listed below are some insurance types your company should acquire as soon as possible.

Property insurance

Whether you own or lease your business working space, you need property insurance to cover your inventory, furniture, signage, and equipment against theft, storm, or fire. Massive destruction events such as earthquakes are not covered in this policy.

Professional liability insurance

This plan protects the business against negligence claims as a result of performance mistakes. There isn’t a one-size-fits-all plan for this coverage. All industries have their own concerns usually considered when making a custom policy.

Workers’ compensation insurance

A workers compensation insurance coverage is designed to cover the disability, medical treatment, and death benefits in case an employee gets injured or dies due to their work. Even if you provide low-risk work, problems like slip-and-fall injuries can result in a pricey claim.

Product liability insurance

In case your company manufactures products for selling on the general market, it’s a must to have product liability insurance. Your company will be protected against damages caused by your products when someone files a lawsuit and is claiming compensation.

Business interruption insurance

When a catastrophic event occurs, business operations can be interrupted. Your business suffers from income loss because the staff wouldn’t be able to work in the office, make sales calls, or manufacture products. The policy compensates your company for its lost income due to these events.

By having suitable insurance in place, your company can avoid financial loss due to catastrophic events or lawsuits. Contact WPL Insurance Services, your Santa Clarita, CA insurer, today for more information. You can also visit our office or reach out to us by phone.