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.

 

 

What A Commercial Policy Covers In California

When you start a business in Santa Clarita, CA, there are a lot of insurance concerns to wrap your head around. Commercial insurance is only a starting point. Beyond that, you also might need to look at other forms of insurance relevant to your industry. Do you need professional liability? Additional auto policies? It depends on your field and the type and scale of your business.

What does commercial insurance cover? When you call WPL Insurance Services for a policy, what do they cover?

It covers three things: property, general liability, and your employees with things like workers’ compensation. For some businesses, maybe that’s all you need. For others, it’s more than you need, and you might need a full commercial coverage plan. But generally speaking, this is going to be the foundation for your insurance package.

Maybe the most important one is a general liability policy. When someone gets hurt on your property and decides to take the issue to court, their lawyer is going to look at your holdings and assets vs. your business’s holdings and assets, and chances are your business is a juicier target than you are. Without general liability, one slip and fall can completely sink your business.

If you call WPL Insurance Services in Santa Clarita, CA, we can advise you on exactly what kind of commercial insurance package you need, whether it’s basic liability policy or something more robust. You can’t do business without getting covered, so make sure your plan is sufficient enough to cover all of your assets and risks.

3 Commercial Insurance Policies Every Business Needs

Depending on your industry, services, and legal structure, you could need a variety of insurance policies to fully cover your assets. Only a professional agent can help you assess your requirements. However, there are three commercial insurance policies every business owner should have for basic protection.

General Liability

These policies protect you if you or your employees are responsible for damage or loss to someone else’s property. This can include medical expenses due to bodily injury, lawsuits involving slander or libel, and other legal fees.

For businesses related to the construction trades, general liability insurance can give you an advantage over your competition. Potential clients are more likely to choose a business with coverage. Many are willing to pay more for services when they know they’ll be protected if something goes wrong.

Property Coverage

Whether you run a one-man operation from your basement or you command an empire that covers several city blocks, commercial property insurance protects your business real estate. Your equipment, inventory, and furniture may also be covered from loss and damage.

For home-based business owners, your homeowner’s policy may not be enough to protect your commercial assets. The insurance experts at WPL Insurance Services in Santa Clarita, CA can help you decide if you need additional coverage.

Professional Liability

If you or your business is accused of negligence that results in loss or damage, professional liability insurance will help cover your costs. Coverage varies depending on many factors.

Medical professionals are often required to carry professional liability insurance. Financial advisors, tax professionals, and even beauty professionals can benefit from these policies.

Contact the agents at WPL Insurance Services in Santa Clarita, CA for more information on specific policies to protect your livelihood.