When you are starting a brand-new business in Bay Area, CA, you probably have a lot on your plate. However, the one thing that you don’t want to forget about is business insurance. Having the right coverage for your business is just as important as having the lights on in your building and having a sign-up outside that will attract customers.
Of course, there are numerous types of commercial insurance options available, potentially leaving you incredibly overwhelmed. For this reason, the team at Wai Cheng Insurance Inc. wants to share some of the basic types of insurance that your startup needs.
When a legal claim is made against your company, a general liability policy helps to cover any medical or legal fees associated with said claim. This type of commercial insurance coverage pertains to property damage, physical injuries, libel, or slander. In the event your business handles any kind of personal information or data, it may be a good idea to consider adding a rider in the event of a data breach.
If your business offers services, you will also need to invest in professional liability insurance coverage. This type of insurance policy is also referred to as Errors and Omissions (E&O). This coverage will provide protection for you and your business when a customer makes a claim against you for unsatisfactory, incomplete, or late work that has potentially negatively impacted them. In the event that you are taken to court, E&O coverage covers the legal fees and assists your business in keeping its doors open.
Commercial property insurance coverage will insure your business property and assets in the event they are damaged or lost as a result of a covered event, such as theft, fire, or natural disaster. However, some events, such as a flood, will require separate insurance coverage.
If you employ individuals, you will need to invest in workers’ compensation coverage. This type of commercial insurance will protect you in the event that an employee suffers an illness or injury while at work. The coverage will pay for the medical care for the employee as well as their lost wages if they’re unable to work. If a fatal accident occurs, workers’ compensation will provide the family with financial benefits.
If you are thinking about starting a business or have a startup in Bay Area, CA, make sure to invest in commercial insurance with a company like Wai Cheng Insurance Inc. Contact our team today to learn more about the commercial insurance options available to you.