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  • Sharknado isn't covered by my business insurance...so what is?

    Business Insurance & General Liability Insurance

    Business insurance is a set of insurance policies designed to protect a business from losses that could happen during the day-to-day business practice. So unless you live by a beach with daily sharknados, it’s a risk that will not likely be covered by your insurance. Every business is different and has their own distinctive set of risks, so coverage may vary from company to company. That said, there are basic insurance coverages to be aware of, some that are required, some that are needed and some that may just be a good idea.

    First, how does business insurance work in San Diego?

    When you place your business coverage with an insurance company, the insurance company is agreeing to share the risk with your company in exchange for money (aka the annual or monthly premiums you pay to the insurance company).

    If your business suffers a loss (say there is a water leak that damages part of your business building), the following would happen:

    • You file a claim with your insurance for the business loss (the water damage to your building);
    • An insurance company adjuster will assess the damage to your business and process your claim;
    • You will pay a pre-set deductible amount for the loss, meaning you pay a certain amount out-of-pocket for a business loss before your insurance coverage picks up the tab;
    • Once your deductible is paid, your insurance company will pay for the financial loss up to the policy limit.

    So, what is covered by business insurance in San Diego?

    Business insurance can cover the following policies and more, based on your company’s specific needs, you can change what is included in your business insurance package:

    General liability insurance

    protects your business from alleged bodily injury or property damage to a third-party (another person) that was caused by you, your employees, or business products or services. Classic example is a slip-and-fall on your property, the person who falls turns around and sues you because it happened at your business establishment and therefore you are liable; this insurance helps you fight claims such as these.

    Business Interruption aka Business Income insurance

    Protects against loss of business income due to a disaster while your business is rebuilding.

    Commercial vehicle insurance

    Protects your commercial vehicles and drivers for collision, property damage, liability, property damage, and personal injury.

    Property insurance

    Protects against loss and damage to your commercial or business property due to certain causes, such as vandalism, fires, storm, etc.

    Professional Liability aka Malpractice insurance aka Errors and Omissions insurance

    Protects professionals against liability claims for failure to or improperly performed services that lead to another person’s loss or injury

    Product liability insurance

    Protects against faulty products as well as damage, illness, injury or death that occurred from using a faulty product.

    Workers compensation

    Protects your employees if they become ill or injured while on the job.

    Key person insurance

    Protects a business’ loss of income due to the head of the business or other key person becoming disabled or passing away.

    Records retention policies

    Protects your company from loss of financial records and important data.

    What Insurance Coverages are Legally Required in California?

    Laws vary state by state so it is best to determine state laws for where your business is located in order to figure out which insurance coverages are legally required. However, the following business insurance coverages are required by many states.

    Workers compensation insurance

    If your company has employees, it’s highly likely that you are legally required to carry workers’ compensation insurance.

    Unemployment insurance

    If your business has employees, your state may require you to pay unemployment insurance taxes; you should check with your state’s work board.

    Disability insurance

    Several states require businesses to have partial wage replacement coverage for employees who qualify for non-work related injury or illness.

    Property insurance

    protects against loss and damage to your commercial or business property due to certain causes, such as vandalism, fires, storm, etc.

    Professional liability insurance

    Many states require specific professionals, such as doctors, lawyers, architects, etc., to carry professional liability insurance.

    What Business Insurance Coverages are Actually Needed?

    The essential coverages your business actually needs are: general liability, commercial property, business interruption, product liability, and if required, professional liability.

    What Business Insurance Coverages Might be a Good Idea?

    Here are some other coverages that are good to ask about and see if they are specific risks for your business:

    Increased Cost of Construction aka Building Ordinance Insurance coverage

    If a disaster hits and you must rebuild part of your business property, oftentimes there can be additional costs in order to rebuild according to the most recent building ordinance codes; this coverage helps cover some of those costs.

    Equipment Breakdown aka Boiler and Machinery Insurance coverage

    Covers the expensive physical and financial damages that can result from a company’s equipment breakdown; be careful, be sure to review the covered causes because many policies can exclude risks that are actually relevant and you want to be sure you are covered correctly.

    Electronic Data Insurance coverage

    If your company’s data has been destroyed or corrupted from a covered loss, then this policy will help pay to replace or restore the electronic data.

    Want to know what business insurance package would work best for your company?
    Give us a call at elpe and let us help you walk through it. Call at 1-800-685-7176

    Published ~ May 2016