subject: Different Types Of Commercial Insurance In Los Angeles [print this page] Different Types Of Commercial Insurance In Los Angeles
If you own a business in Los Angeles, you need to have adequate cover for commercial insurance Los Angeles. Within the commercial insurance field are a number of different aspects that may apply to your own business. Whether you are renewing an existing policy or setting up a business for the first time, commercial insurance should be one of your priorities.
Commercial buildings insurance applies whether your business owns or lets the business premises. If it owns the building, commercial buildings insurance covers that property. If it lets the property, commercial buildings insurance covers improvements made to the property. Business personal property insurance covers the contents--such as office equipment--kept on the premises.
Workers compensation insurance is a legal requirement in the majority of US states and must be part of a policy for commercial insurance Los Angeles. It is a "no-fault" system that covers workers injured on the job, be it on the business premises or somewhere else, or injured in an auto accident during the course of business. Work-related illnesses are also covered. "No-fault" means that it does not matter who was responsible for the accident. Injured employees are compensated for loss of earning and medical expenses. Workers compensation insurance is crucial in order to minimize the risk of expensive lawsuits resulting from workplace accidents.
Professional liability insurance is important for businesses that provide certain services to clients, such as giving advice or representation and recommending products. If a client takes legal action on the basis that they feel your business has not performed in the right way and consequently caused them harm, you need to have sufficient insurance cover. If an employee takes legal action against you on the basis that you have violated their civil rights, employment practices liability insurance provides protection and covers legal defense costs up to the limit specified under the policy. Medical malpractice insurance is coverage specifically for professionals working in the medical field, who often find themselves involved in lawsuits alleging negligence.
Litigation is commonplace in today's business world and it is imperative that as a business owner you protect yourself from potential lawsuits. The only way to do this is to ensure that you have adequate commercial insurance coverage in place, and that it includes everything that your specific type of business needs. Because commercial insurance has so many different areas, with so much potential for error, using an insurance agent can really help you put together a policy that works for you. An insurance agent has the experience required to analyze all the commercial insurance policies available in the market, present you with a few that offer good deals and offer you advice on what one may be the best option. This makes the process less confusing and enables you to take advantage of the expertise of a qualified professional.
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