Essential Business Insurance Policies for California Businesses

In any situation, too many options can be overwhelming. This can definitely be the case regarding your California business insurance coverage. With so many different types of commercial insurance policies available, some general while others more specific, deciding which coverages your business truly needs can be challenging. Here at JVRC Insurance, we can help! Let’s breakdown the Where, What, How, and Who of all things California business insurance and take a look at some of the common lines of commercial insurance that we offer so you can understand the best insurance quote options for you.

Where to Start

Despite the many different variations of business operations a company may have, there are a few lines of coverage that every California business should attain. 

General Liability Insurance

This coverage is essential for the survival of any business in our litigious society, as it protects against damages or injuries to a third party. This covers you and your employees in the event that the third party, such as a customer or vendor, sues for these damages or injuries. Your defense and settlement costs are also covered. Although general liability insurance is not mandatory in California almost every customer or vendor you work with will require you to have it.

California Workers Comp Insurance

If you have employees, it is California state law to carry workers comp insurance which covers medical and time-lost costs in the event that one of your employees gets injured while on the job. Whether you have one part time employee or 150 full timers, you will need workers comp insurance so why not pay the least for it. JVRC Insurance specializes in providing the most competitive quotes for any and all business types.

Commercial Property Insurance

Since most businesses require a work space and equipment/supplies, commercial property provides coverage for your company’s belongings, such as your building, furniture, inventory, and equipment. More personalized commercial property coverage quotes are also available such as equipment breakdown insurance for equipment failure costs, business interruption insurance which reimburses loss wages due to temporarily closing from a loss, builder’s risk insurance to cover building and property during the course of construction, and inland marine insurance to cover transported business personal property. 

Commercial Auto Insurance

If your business operations include delivery or requires you to drive to jobs or run errands, commercial auto coverage is needed. It covers company cars, trucks, vans, and trailers and can include both liability and property damage in the event that your company vehicles become involved in an auto accident. Just like personal auto insurance, California requires the same for business autos.

What to Add

You may also need to sign up for additional coverages based on your business’ specific needs.
  • Errors & Omissions (E&O) or Professional Liability - covers losses due to you or your employees’ mistakes that cause injury or damage to a third party such as a customer. 
  • Commercial Excess or Umbrella - provides your business with extra coverage limits that blanket other policies you have protecting your business.
  • Employment Practices Liability Insurance (EPLI) - covers any claims regarding employment issues, including hiring, firing, sexual misconduct, discrimination, wage and hour, and much more. 
  • Cyber Liability - provides coverage for losses from data breach, electronic issues, and cyber attacks
  • Special Event - covers losses from cancellations and weather delays while also providing liability coverage, liquor liability, and lost deposits. Special events include any function, ranging from a party to a concert or convention. 
  • Surety Bond - establishes a financial agreement between three parties in which the bond company agrees to pay one party in the event that the insured fails to provide finances and/or services they contractually agreed to. 
  • Group Health - provides health insurance coverage to your employees that can also be extended to their families as well. Depending on the details of your group health plan, you can offer to pay up to 100% of the employee’s plan costs.

How to Package

In some cases, it is more beneficial to package the line of coverages that you need into a business owner’s policy or BOP. Coverages that can be packaged into a BOP include commercial property, liability, and more. BOP’s are mostly catered to small businesses and offer discounts and convenience of bundling your coverages into one commercial insurance quote. 

Who Can Help?

You don’t have to make this important decision alone. Finding and asking for help from a brokerage that devotes all their services to commercial lines, such as JVRC Insurance, is the best place to start for guidance. We specialize in commercial insurance and can offer expert advice on competitive tailored insurance quotes that will fit your business’ specific needs. Call us today to shop for a California commercial insurance quote. Business insurance can be overwhelming alone, but with the help from a commercial broker like us, insurance can be stress-free and customized to ensure full and thorough coverage that you and your business deserve. Reach out to us today, we are just a click or a phone call away!