Basic Business Insurance for Start-Up Companies
When you’re first starting your own business, it can be difficult to know what insurances you need. It can help you provide financial compensation to the people who work for you, should accidents occur, so you want to make sure you get it right. Emerging businesses have different needs than established entities and require a risk management plan that adapts as your business grows. Check out how to determine what business insurance in Glendale, CA your new company needs.
General liability insurance
Also, simply called liability insurance, this type of policy covers your business when certain claims are made against it. Injuries and property damage connected with your business can result in needing this insurance coverage, including non-physical acts like slander and libel. If your company handles personal information, you may want to consider cyber liability insurance, too.
Even if your business rents out space, you’ll need to protect the building you’re in. This insurance covers your business’ property and physical assets, including buildings, equipment, inventory, furnishings, and computers from loss or damage in the event of disasters like hurricanes, fire, tornadoes, and theft.
Workers’ Compensation insurance
Required by law in California, workers’ compensation insurance replaces wages and pays for medical care for employees injured while on the job in exchange for agreeing not to sue the employer. If an employee gets injured or died on the job, workers’ compensation can help to pay for medical treatment, rehabilitation, and death benefits.
Your business may also need commercial auto insurance, flood insurance, umbrella insurance, and more, depending on the industry and needs. The best way to know which business insurance policies to obtain is to talk to your trusted advisor at Massive Insurance. Contact us today for more information.