A business attorney Orange County can explain the various types of business insurance available and help you determine which is the most suitable.
Orange County Business Lawyers Can Give Advice On Insurance Options
If you own a small business, having insurance is important. The following kinds of business insurance are available and your Orange County business lawyers can help you to decide which ones are right for you.
- General Liability Insurance. This is a type of insurance that all business owners need to consider. It provides protection from claims that are alleged to have happened on your business property. An example is if someone slips and falls and decides to file a claim to be compensated. If you often have people visiting your business, you can undoubtedly use this type of insurance.
- Professional Liability Insurance. State law often requires certain professionals to have this insurance. Doctors, dentists, contractors and insurance agents are examples of professionals who are required to carry professional liability insurance, or what is sometimes referred to as malpractice insurance or errors and omissions coverage. This provides protection if a client files a lawsuit for being given bad advice or claims negligence. Some of the costs for defending such a claim will be covered by professional liability insurance as will the damages that might be awarded in the case.
- Product Liability Insurance. A business that sells or manufactures products should consider product liability insurance. If someone is injured or property is damaged due to an alleged defect in the product that your company provided, they might file a lawsuit. The kind of business you have will determine whether or not you should have product liability insurance.
- Business Owners Package. Also known as BOP, insurers can provide an insurance package to cover all basic needs of a business. In BOP, there will be a bundle of insurance protections that a company will likely require. It will have all the basic levels of insurance from property insurance to product liability insurance to vehicle insurance and more. If a business has unusual needs, these can be added to the package as well. This type of package might be less costly and more flexible than buying the different levels of insurance on an individual basis.
- Property Insurance. If an unforeseen event occurs, property insurance will protect your business property. That includes equipment and supplies. It will also cover computers, furniture and the physical building. If you lose income or your business is unable to function due to a disaster, you will be covered for that. With commercial property insurance, you will have the choice of all-risk and peril-specific. All-risk is for any disaster that is listed in the policy. Peril-specific is for damage that results from a specific occurrence such as a hurricane. This need might hinge on where your business is located and if certain events like earthquakes or hurricanes are frequent.
- Vehicle Insurance. Many businesses need vehicles for their business to function optimally. If that is the case, state law will make it necessary for you to buy commercial automobile insurance. This will provide protection if there is an auto accident. There can be coverage for bodily injury, medical costs and damage to property. It will extend to you and a third party who might have been involved in the incident. And if you have employees, you will need workers’ compensation insurance, state disability insurance and unemployment insurance for their protection and yours.
Call An Experienced Business Attorney Orange County
If you have questions about insurance options, call 949-861-2524 to speak to business attorney Orange County Daily Aljian LLP.