If you’re starting a business, here is a quick list of some of the most important types of business insurance you need.
When you’re getting your business of the ground, you want to do everything you can to protect it. So, of course, you’ve considered business insurance. A few minutes of research quickly reveals that there are a number of different kinds of policies. How do you decide which ones you should buy? Here’s a quick look at the business insurance you need to consider if you’re building a company.
As soon as you hire even one employee, you need workers’ comp. This policy is legally required in the state of California to cover medical expenses and lost wages for your employees if they’re injured on the job.
General liability insurance will help protect you against claims made against your business. It’s also a good idea to consider excess liability to add another layer of protection, directors & officers liability to protect your board, errors & omissions to defend against malpractice suits, and employment practice liability insurance to protect you if one of your employees claims his or her rights have been violated by your company. Talk to your agent to determine which kinds of liability coverage are right for your business.
Make sure your business location and the equipment and inventory you store in it are covered! Property insurance can also cover your signage, furniture, and more.
On top of these types of coverage, it’s important that you consider your business’s unique exposures and work to defend against them. A commercial insurance expert, like the ones at NorthStar Risk Management & Insurance Services, Inc., can help you figure out which other policies you’ll need to safeguard you and your business. Cover your company; contact us in Walnut Creek, California.