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Types of Insurance a Business Owner Should Have

As a Business owner, you have an obligation to yourself, your family and your employees to have the right kind of insurance coverage to protect your livelihood and personal assets.  Depending on how your business is set up, you may need to protect your personal bank account as well as your business account in the event of a lawsuit or other problem.  You will also want to have proper coverage for your business property and the contents of your office or store.  Knowing the types of business insurance in California will help you make a good choice of coverage.  An independent insurance agent, like those at EIS Insurance, can also help.

Here are some common types of commercial insurance California business owners typically choose to protect their companies:

  • Liability insurance is one of the most important types of coverage you can have.  Liability may protect you if someone has an accident on your property or if you are sued for other reasons.  Depending on the way your business is structured, you may want both personal and commercial liability coverage.
  • Property coverage pays for repairs if your building is damaged by a disaster, if you suffer a break-in or if things inside your business are destroyed or damaged.  As part of your property coverage, you may be offered options like loss of business coverage during the duration of cleanup or repair, as well.  Renter’s coverage can protect you if you rent rather than own your business property.
  • If you or anyone in your business drives a vehicle for any reason, it is wise to have coverage.  Your personal auto policy may not cover you or anyone else in your company if you are driving for business.
  • Workers’ compensation. You are required by law to have coverage for your employees in the form of workers’ compensation insurance.  This coverage pays if your workers are injured while on the job.
  • Errors and omissions. This special type of liability policy covers you if you make a mistake in the course of your business.  It protects you from lawsuits by disgruntled customers.
  • Today, it pays to have coverage to protect you if your data is breached.  This type of coverage can pay if someone hacks into your system and causes you liability or loss of information.
  • Life insurance can be incorporated into your business insurance plan to protect your company if something happens suddenly to you or another one of your key company leaders.

For the best in business insurance, San Diego business owners turn to the independent agents at EIS Insurance.  Call us today to learn more.

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Types of Insurance a Business Owner Should Have

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