Your business cannot afford to overlook these essential coverages.
As a business owner, you know how important it is to have the proper commercial coverages in place. However, with all the insurance options out there, it can be difficult to determine which policies best suit your company’s needs. To simplify things, here are some of the most basic policies that almost every business needs.
Commercial General Liability
One of the most serious risks that your business faces is the threat of a major liability issue. As liability events can take many different forms, having the right general liability insurance in place is one of the best ways to protect against this risk. Should a customer or third-party experience injuries, damages, or losses that your company is deemed responsible for; this type of insurance will cover the affected party’s medical treatment and repair costs. Additionally, should a liability issue turn into a lawsuit, then general liability insurance would help cover the costs of your attorney and settlement costs.
Your business also faces the risk of physical damage to your property. This is why it’s so important to protect your company’s building and all the supplies, inventory, equipment, and other property housed inside of it with the right commercial property insurance. This type of insurance will offer coverage for the damages caused by vandalism, break-in, fire, extreme weather events, and so on.
Workers compensation insurance is one of the few commercial coverages that is actually mandatory. In fact, almost every state has laws governing the amount of workers comp insurance that businesses are required to carry. This type of insurance will offer coverage for the medical treatment and lost wages of employees that get injured or become ill while on the job. Additionally, should an injured party decide to sue your company, your workers comp insurance can be used to cover your business’s legal fees.
These are some of the essential commercial coverages that your company cannot afford to overlook. Need help securing the right business insurance? Then don’t hesitate to contact the team at Weeks & Associates Insurance Services in Thousand Oaks, California. Our experts are ready to get you the coverage that you need today.