Tips to Help You Buy Small Business Insurance 

Business insurance is a financial product that may help cover costs related to unexpected events affecting a company’s operations, assets or employees. Small businesses and contractors need policies to manage risks that could otherwise lead to significant financial setbacks. Here are some practical tips to guide you through buying small business insurance in California:

Identify Your Risks and Legal Obligations

Each business has its own set of challenges. Common exposures include property damage, liability claims and employee injuries. In California, certain policies like workers’ compensation may be legally required if you have at least one employee.

Explore Available Coverage Options

Contractors and small business owners may benefit from combining different types of insurance, including the following:

• General liability insurance may provide financial protection against third-party claims involving injury, property damage and personal and advertising harm.
• Workers’ compensation insurance may provide wage and medical benefits to employees who suffer from work-related injuries or illnesses.
• Commercial auto insurance may cover vehicles used for business-related tasks.
• Professional liability insurance may help with claims related to mistakes or oversight in your professional services.
• Tools and equipment insurance may pay to repair or replace movable tools and equipment in case of loss, theft or damage from covered events.

Compare Providers and Policy Details

Insurance offerings can differ significantly. It’s important to review coverage limits, exclusions and pricing across multiple providers. Compass of California Insurance Services works with various carriers to help you find options that align with your business goals and financial plan.

Keep Your Coverage Current

As your business evolves, your insurance needs may shift. It’s a good idea to revisit your policies each year or after significant changes, such as hiring staff or expanding services. This can help you stay financially prepared for new challenges.

Consult with a Local Insurance Advisor

The experienced team at Compass of California Insurance Services can help you secure suitable business insurance. Contact us today to get started.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.