Types of business insurance to consider

Business insurance coverage is available in many forms and can cover your company for various risks. Although, costs and coverage limits will vary from business to business. There isn’t really a one policy fits all type of business insurance coverage. Which makes it important to speak to an agent about customizing a business insurance policy that will fit your companies individual needs and risks. One of our amazing agents will advise you on the exact types of insurance you need to protect your company and help you to find all the discounts that may be available.

Different types of business insurance in Sacramento

A very common starting point is a Business Owners Policy (BOP). A BOP will combined 3 common forms of business insurance into one convent policy;

General liability insurance; This coverage will help to protect your business from claims that are the result of the following;

• Bodily injury to someone else
• Property damage to another person’s belongings
• Personal injury, like libel or slander

Commercial property insurance; This portion of the coverage will protect the actual structure of the building you’re in and the equipment inside the building used to run the company. Please note; this coverage does not protect you from earthquakes and flooding. If you need protection from these risks you will need to add additional coverage.

Business income insurance; Often referred to as business interruption insurance, this part of your coverage will help to replace lost income if you can’t run the business due to property damage. It can help to cover ongoing expenses, such as rent, utility bills, & payroll. 

Professional liability insurance coverage; Professional liability insurance is often referred to as errors and omissions insurance (E&O). It will help to protect your business from lawsuits claiming that the company may have made a mistake within the services provided by the business. 

Workers compensation insurance; Often referred to as workers comp insurance. This coverage allows your employees benefits if they happen to get injured or sick on the job. Some of the benefits workers comp can provide are;

• Pay for their medical bills
• Replace most of their lost wages if they miss work to recover
• Cover funeral costs if they lose their life due to a work-related injury or illness
• Pay for ongoing care, like physical therapy

If you have at least one employee, there’s a good chance your state will require you to carry workers compensation insurance. If you don’t have coverage you can run into penalties, fines, and potential criminal charges.

Data breach insurance; Often referred to as cyber insurance. This form of business insurance will help your business to respond to a data breach if personal information is stolen due to a data breach or hacker. A standard data breach insurance policy will help to cover costs to pay;

• Notify impacted individuals
• Offer identity theft monitoring services
• Create a public relations campaign

Commercial umbrella insurance policy; A standard commercial umbrella policy will extend coverage limits for some of the liability coverage you have in place. If you run into a claim that exceeds the limits in your regular policy, commercial umbrella insurance can help to cover the difference. 

Commercial auto insurance; Business auto insurance is designed to protect your company and your employees while they’re on the road. This form of business insurance is especially important if you have company vehicles used for day to day business operations. Commercial auto insurance can help to protect your business from property damage and bodily injury claims from accidents your company may cause. This coverage is very important due to the fact personal auto insurance coverage will not protect you for third party claims if an accident takes place in a business owned vehicle.

Home-based business insurance; Most may think your homeowners insurance will cover you for home based business losses. Depending on the risks your company is venerable to, you may want to look into adding additional coverage. Coverage such as general liability coverage and professional liability coverage could be a great idea to insure you’re protected. 

There are many forms of business insurance and various policy types to review. This is why we suggest speaking to a local business insurance agent to go over your options. They can help you to locate discounts available and go over the risks your company may run into.

At Eugene C Yates Insurance Agency we make getting great business insurance easy and affordable. All you have to do is give us a call and you’ll be directly connected to a professional and friendly business insurance agent. They will answer all of your questions and help you to secure the business insurance policy you need.

To be connected with an agent now, please give us a call at 916 313 6100