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Every company needs to purchase business insurance. Insurance will cover the cost of employee injuries or property damage if an accident occurs. However, business insurance is also a significant cost for many businesses. Make sure you find an affordable policy that suits your needs.

Mandatory Coverage

Government agencies, regulators and banks all require businesses to buy certain policies. Find out what types of coverage they require. Some of the things they require include:

  • General liability
  • Workers compensation
  • Auto insurance
  • Property insurance

You should talk to your insurance agent to learn what types of coverage may be required. They will help you buy a plan that complies with these provisions.

The types of coverage listed above cover employee injuries or property damages. Unfortunately, they don’t cover some lawsuits or other problems that may occur. You may also want to purchase the following types of coverage:

  • Professional liability
  • Employment practices liability
  • Directors and officers liability

You will want to consider the risks that your business may face and purchase a policy that covers them.

Choosing a Plan

Most businesses don’t purchase enough insurance. You will need to assess your needs before choosing a policy. Here are some things that you will need to do:

  • Understand regulations on what coverage you need
  • Assess the risks that your business may face
  • Understand the policy’s limits
  • Decide how long the policy should last

You will need to work with an underwriter to create a plan that fits your needs. They will ask several questions to create a good policy and determine your risk level. Make sure that you answer their questions truthfully. You don’t want to risk having future claims denied because you made false statements.

You will also need to decide how long the policy should last. Some businesses choose to terminate their policy as soon as they shut down their business. This isn’t a wise thing to do, because you could be liable for several years after your business closes.

Get in Touch

Finding the right business insurance policy isn’t always easy. There are many factors to consider when purchasing it. Businesses in Santa Rosa should call us when they need insurance. We will help you find a plan that suits your needs. We look forward to hearing from you.