Let us talk plainly for a moment about business insurance. You have a business in San Jose, California, and that means you are asked are exposed to a number of potential liabilities. Even if you operate a one-person business, you still cannot rest on your laurels because accidents can happen at any time. Even your best intentions can have disastrous consequences.
Far too many business owners throughout San Jose opt out of insurance altogether. This leaves them not only personally exposed, but it can also cause them to take on an incredible financial hardship in the event that some unforeseen circumstance arises in the future.
Don’t let this happen to you. Make sure that you have the ideal level of business insurance at this time.
What types of business insurance could you consider?
General liability is a first type of business insurance it comes to mind for most owners. This type of general liability coverage will protect you from property damage, bodily injury, and other issues that arise at your property. Even if you operate a service where you go to customers’ homes or other businesses, you are exposed to general liability any time that you step foot on their property whether you have equipment or not.
General liability will help to mitigate potential losses that your business might incur in the event that something goes wrong.
You can also consider commercial property coverage. This would protect your property in the event of damage caused by certain unforeseen circumstances, including weather-related events. It can protect your building, signs that you have on the property, furniture, equipment, and even inventory. If you have a fence or landscaping enhancing your property, then that could be protected as well under commercial property insurance policy.
Basic business insurance can include property coverage, farmer’s coverage, liability coverage, and business interruption insurance. If there is some unforeseen circumstance that causes you to not be able to conduct business for any period of time, then you will struggle to pay your bills and keep your business afloat. With business interruption insurance, you would be able to cover your basic bills while you recovered from whatever situation caused your business to shut down temporarily.
Consider earthquakes. If an earthquake strikes San Jose or the surrounding area, and it is significant enough, it could cause your business to have to shut down for a period of time. The shutdown could be the result of broken gas mains, electrical service interruption, or even unsafe conditions for customers to be driving down the road where your business is located.
If you don’t have business interruption insurance, then every single day that you are unable to operate will be money that is lost. You will still have to cover your basic bills which could include a lease, electrical bills, and other expenses and that can place an enormous burden on you as a business owner.
Vehicle coverage insurance would be essential for you if you had any type of company vehicle. This could be your own car that you drive from one client’s home or business to another. While you may have auto insurance coverage on that vehicle already, that will usually only cover you as an individual driver. It will not likely cover you as a business.
For example, consider that you are driving down the road and are distracted. You run into the back of another car. You are in your personal vehicle, but you are also on the job. The individual may have suffered from some minor injuries and decides to sue you for damages. Once their lawyer finds out that this vehicle was part of your business, they can go after your entire business operation, especially if they see more significant money behind your business then your personal assets.
Don’t take that chance. Get the right vehicle coverage insurance that you need to protect your business at all times. If you have employees who drive vehicles for your company, then having proper coverage, including bodily injury, property damage, collision, comprehensive, medical payments, and other aspects will help protect you in the event of accidents while your employees are out on the road in your equipment.
Worker’s compensation is a must for any business that operates in the United States. If you don’t have the right level of worker’s compensation coverage, you could be on the hook in the event that an employee is injured while on the job. It doesn’t matter whether you believe that their injury is insignificant, minor, or made up, if an employee files a claim with worker’s compensation insurance, and you don’t have the proper level of coverage, it can cost you a significant amount of money out-of-pocket.
Finally, if your business or any of your employees offer prospective customers or regular customers advice or information regarding any products or services that you offer and it is incorrect, you could be on the hook for errors and omissions.
Whether you have done something that you shouldn’t or whether you didn’t do something that you should have, having errors and omissions insurance coverage is a good idea any time that you deal with the general public. Even if you deal with other businesses, having this level of coverage is essential to protect yourself and your assets.
Always assume there is risk involved.
No matter what type of business you operate, you always want to operate under the assumption that there are risks involved. If you assume that since you operate a one-man business and don’t rely on employees, and you go to customers’ homes to either tend to their property or provide them instruction with something, then you are opening yourself up to a potentially serious situation.
If you value your business and the investment you have made in it through the years, then you should make sure to have the proper level of commercial or business insurance that will protect it and you in the future.
If you want to find out what type of business insurance your San Jose company deserves, contact Agosta Insurance today.