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Do you own your own business? Then you need business insurance. It may seem like an unnecessary expense, especially if you are just starting out, but if you are ever in a situation that has vast financial consequences, you’ll be glad you have it. Here are some essential policies that should be included in every business insurance package.
Property Insurance
Whether you own or rent the building where your business is located, you need insurance to protect your property. Theft, vandalism, fire or water damage can cause expensive losses. Look for business insurance Lodi CA, that can cover those losses and pay to have your property repaired or replaced.
Liability Coverage
It is possible that you will get sued as a business owner. When that happens, it’s helpful to have an insurance policy that pays your legal fees and any damages you have to pay. Consider a general liability policy as well as professional liability such as errors and omissions insurance.
Workers’ Compensation
If an employee is hurt on the job, you can be held responsible for their medical bills and lost wages. Workers’ comp insurance helps you by covering those costs, and it helps your employees by ensuring that an accident won’t become a huge financial burden on them.
Commercial Auto Policy
Just like your personal vehicle requires insurance to be driven legally, so does any vehicle you use for your business. If you have a company car or use delivery vehicles, you will need a policy that covers potential damage that the vehicles could sustain during an accident. Your auto policy may also cover any contents of the vehicle that are damaged.
When you have a business, you don’t want to leave its security up to chance. Your insurance agent can advise you about the policies that are right for your business so that your losses are covered in a variety of possible scenarios.