Business & Commercial Insurance
Business & Commercial Insurance Information
Protect your Investment
How Much Business Insurance Do I Need?
The amount of business insurance you require depends on several factors, such as whether you finance or lease vehicles, buildings or equipment. Your lienholders have insurance requirements that you must meet.
If you use vehicles during daily business, you must carry the minimum amount of commercial auto coverage according to California laws.
If your business has employees, California also requires you to carry workers’ compensation insurance.
Your agent will help you evaluate your business insurance options and put an insurance plan in place that provides appropriate coverage for your organization.
What Business Insurance Do I Need?
The business insurance policies you need to provide the right coverage for your company varies according to your property, risks and exposures faced by your organization, California’s insurance requirements and your lienholders’ requirements.
Working closely with an experienced business insurance agent is crucial to get the best possible combination of value and coverage. Depending on the needs of your company, your agent may recommend that you purchase the following coverages:
- General liability insurance helps protect your business against the financial effects of lawsuits or claims resulting from third-party allegations of bodily injury or property damage, reputational harm, negligence or advertising injury.
- Professional liability insurance, also called errors and omissions (E&O) insurance, helps provide financial protection if a client sues your business for incomplete, unsatisfactory or late work.
- Workers’ compensation insurance helps cover your employees’ work-related injury or illness expenses, including lost wages and medical bills.
- Commercial property insurance helps protect your company from damages or losses of property or buildings after a covered event such as a fire, theft or severe storm.
- Business interruption insurance, also called business income insurance, helps replace lost income if your company must close after a covered event to allow for repairs.
How Often Do You Pay Business Insurance?
- Commercial auto insurance helps cover liability claims for third-party injuries and property damage after an at-fault accident. Depending on the coverage you choose, it may also help cover accident-related injuries and damage to your company’s vehicle.
The frequency of your premium payments depends on your insurer’s requirements. Your agent can help you understand whether your business insurance premiums are due monthly, quarterly, bi-annually or annually.
Your business insurance provides valuable financial protection for your company. Contact INM Insurance Services today to get started building your customized business insurance plan.