Personal line insurance includes property and accident insurance products that protect people from losses that they couldn't cover on their own. Even a small home-based business may need one or more lines of business because homeowners insurance offers limited or no insurance for business activities. Accident insurance provides coverage primarily for exposure to liability by a person, company, or organization. The buildings that you own or lease as part of your business, the personal assets of your business, and the personal assets of others constitute the basic coverage sections of commercial property insurance.
Whether you're just starting out in the business world, are a new business owner, or have owned a business for many years, commercial insurance is an essential financial investment for your company. To get started, it's best to contact a licensed insurance brokerage agent who specializes in commercial coverage. This initiative is especially beneficial for businesses owned by California's minorities, women, disabled veterans and LGBT people. Business owners insurance includes essential policy options, so you only have one bill to pay for all your business insurance needs.
Business interruption insurance compensates for lost income if the business is unable to operate due to covered losses, such as property damage or workplace injuries. The company's personal property consists of furniture, accessories, machinery and equipment that are not permanently installed; inventory or any other personal property that is owned and used by your company.
Business line insurancehelps keep the economy running smoothly by protecting businesses from potential losses that they couldn't afford to cover on their own, allowing businesses to operate when, otherwise, it would be too risky to do so. For example, a home-based business might need commercial auto insurance for a company-owned delivery vehicle, workers' compensation insurance for the employee who drives the vehicle, property insurance to cover commercial property stolen from the house or vehicle, and liability insurance to protect against claims from any customer who claims that the company's product has harmed them.
The business contacts you have established are excellent sources of reference for recommending a commercial line brokerage agent, especially if the contacts are in the same industry as your company or in a closely related sector. Initially, a stockbroker will meet with you to discuss your business operations and the risks (the possibility of losses) that are specific to your industry and type of company. Designed specifically for small businesses, a Business Owners Policy (BOP) is a combined commercial policy that covers ownership, general liability, and business interruption.