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California Small Business Insurance
Of the 3,622,304 small businesses in California, about 696,239 have employees. That might not sound like a lot overall, but in reality, the small businesses in this state employed about half of the private workforce as of 2012. (Source: SUSB). An additional fact to get familiar with is that the top industries in California include professional, technical and scientific services; health care and social assistance; and real estate and rental and leasing. No matter which type of business you’re in, you should learn why you need California small business insurance.
California Small Businesses Need The Following Insurance
Protect your business (GL): If anyone gets hurt at your small business location, you will have to pay out of pocket for his or her medical expenses, unless you have the right California small business insurance. More specifically, you need general liability if you want to make sure all expenses, such as the ambulance ride, hospital bills, and rehabilitation, are covered. This coverage can also pay to fix the personal property of anyone whose belongings were damaged while at your business.
Insure Your Property (BPP): Even if your business is in a safe location in California, and even if it’s locked up properly, there’s a chance it will be damaged in some way. Someone could throw a rock at the window and break it, or a burglar could break down a door and steal your inventory, computers, or furnishings. If this ever happens, you will be happy to have included business personal property coverage with your California small business insurance policy. That’s because this coverage can pay for repairs to your business property, and it will even replace any lost or damaged items.
Employee Protection (WC): The millions of small businesses that are located in California are responsible for employing 6,471,608 people, all of whom deserve to be protected with workers compensation. This type of coverage is meant to pay for the medical expenses that may come up when an employee is injured on the job. Those might include hospital bills, transportation to the hospital or clinic, and physical therapy costs. This part of your California small business insurance policy will also pay out missed wages when employees need to take time off to recover from their injuries.
Umbrella/Excess Liability: Your general liability policy is meant to cover the medical expenses of people who get hurt while at your business. However, in some cases, those expenses are so high that they exceed the limits of the policy. When this occurs, you will likely be responsible for the excess costs, but you can avoid this by adding excess liability coverage to your California small business insurance policy.
Cyber Crime Liability: If your small business uses technology for any reason, there is a chance that cyber criminals will use it to cause problems for your company. This might include a data breach, fraud, or other expensive issues. You can try to avoid these problems by including cyber crime coverage on your California small business insurance policy.