What Types of Insurance Should a Small Business Have?

Find Out What Kind of Insurance is Necessary for Your Small Business in San Diego, CA

Small business insurance is essential for both keeping your agency marketable and protecting your financial interests. When it comes to covering your commercial operations, however, you’ll find there are countless San Diego commercial insurance plans to choose from. Following are several of the top policies to secure when getting a new business endeavor off the ground.

General Liability

All small businesses should have general liability insurance, even if these agencies are operated in-home. General liability protects agency owners when third parties sustain property damages or bodily harm as the result of their products and services.

Professional Liability

Professional liability functions much like the malpractice insurance that doctors and lawyers use. Also referred to as errors and omissions insurance, professional liability coverage provides compensation for damages resulting from negligence or oversight on the part of service providers.

Commercial Building Insurance

Commercial building insurance is not just for agencies that own their properties. This coverage can also protect the contents rented commercial properties contain. If agencies own high-value equipment and other assets, this coverage will compensate for theft, damage, or other forms of loss.

Workers’ Compensation

When workers are injured in the workplace, this coverage will compensate them for lost wages and related medical expenses. In addition to being a valuable addition to the overall commercial protection plan, this type of insurance is also legally required. Not having this in place while maintaining W-2 employees can result in stiff fines and other legal penalties.

Commercial Auto Insurance

Businesses that have one or more agency vehicles should also invest in commercial auto insurance in San Diego. This coverage provides compensations for collision, theft, and bodily harm. Commercial auto insurance is also necessary for agencies that lack their own fleets, but regularly have their employees use their own cars to conduct agency business.

Business Owner’s Plan

One of the cheapest ways for agency owners to get all of the coverage they need is by binding a business owner’s plan (BOP). These customized coverage bundles feature an array of commercial insurance types best suited to the individual agency’s needs. The combined costs of all required policies in a BOP can be significantly lower than the combined costs of all policies when purchased separately.

Making sure your agency has some or all of these insurance types can give you peace of mind knowing you are protected, which gives you the opportunity to focus on your business operations. For more information on business insurance as well as affordable auto, homeowners, health, and RV insurance in San Diego, call American Tri-Star at 619-272-2100. One of our friendly representatives would be happy to answer your questions and provide a free quote.