Types Of Business Liability Insurance In California
As a business owner in California you spend most of your time on supporting and nurturing your business. Apart from the smooth functioning of the business you must ensure that your business is well-protected as well and this means- getting your business insured.
Business liability insurance is a phrase you must understand and implement accurately while running your business in the Sunshine State. In fact the ideal route for a business owner would be to take an insurance consultant on board right from the start- when you are setting up the business so that your business is in compliance with the rules and regulations defined by the state of California. In California, having business insurance is mandatory for every entrepreneur and you must consult expert insurance professionals who will guide you towards getting the required as well as the most suited insurance coverage for your business.
These are the broad categories of insurance covers that you can get in California. Remember that insurance laws and requirements are revised quite often by the state and you must keep up with the latest changes being introduced.
General Liability Insurance: The General Liability insurance has been designed to protect you against law suits that may be filed by people who were hurt while on your business premises or during your regular business operations. One such case of being sued may include a person visiting your office falls down and sues your business for causing them injuries. If you are protected by general liability insurance, you will be protected from such claims and will not have to pay from your own pocket. This insurance protects you against any suits filed for malpractice, or errors, or sheer negligence or omissions.
Public Liability Insurance: As the name suggests this insurance cover protects you in case of any damage your business or regular business operations cause to the public property. The state of California asserts that businesses running in the state have to be responsible for their actions and that is why you need to protect yourself from any property damage claims with public liability insurance.
Product Liability Insurance: The name says it all. What if your face cream causes the users skin to erupt in rashes and he sues you for a zillion dollars of damage? But businesses covered with product liability insurance are secured against any claims filed as a result of the damage caused by using your product or if your product fails to deliver. In case you are choosing for this cover, your insurance expert will guide you well on the amount of insurance you would need depending on the nature of your product.
Directors and Officers Insurance: Own a company in California? Or are you the director of an organization? Whatever position of power and responsibility you may be in your California based business, you are a sitting duck for law suits. The D & O Insurance is designed to protect you from direct lawsuits from irate customers or vengeful ex-client or angry and disgruntled employee. Get insured and forget worrying about having to pay from your own pocket.
External Damage Insurance: You also need business liability insurance against:
* Fire and Storm damage
* Water damage
* Electrical Faults and resulting damage
* Weather damage like leaks etc.
* Electrical faults causing damage
* Vandalism and Theft
These are the types of insurances available for business owners in California and all you need to do is sign up for the one most suited to your needs under the guidance of an insurance expert.
by: Ali Movahedi