TUESDAY, JANUARY 31, 2023
Business liability insurance provides crucial financial protection and is typically part of a company’s business insurance package. However, it does not offer protection from the financial ramifications of theft or damage to your business property.
What Does Business Liability Insurance Cover? 
General liability insurance for businesses typically provides coverage for the following risks and perils:
- Bodily injury to a third party not employed by your company for which your business is legally liable
- Property damage for which your company is legally liable
- Copyright infringement claims
- Reputational harm to another business or entity
- Advertising injury to another person, business owner or company
Your agent may recommend extending your business liability coverage with an umbrella policy. This type of insurance may help pay claims that exceed the limits of your company’s other liability coverage.
What Type of Business Insurance Covers Theft?
Business crime insurance may help cover multiple loss types, including:
- Fraud
- Embezzlement
- Forgery
- Theft of assets, cash and merchandise
A typical business crime insurance policy doesn’t cover crime-related losses. Your agent can help you purchase a stand-alone business crime policy to help cover your company’s vulnerabilities.
What Business Insurance Is Required for California Companies?
California companies must carry minimum amounts of specific business insurance coverage, including the following:
- Workers’ compensation insurance may help pay accident or injury-related medical bills if they are hurt on the job. It may also provide wage replacement if an employee can’t work due to job-related illnesses or injuries.
- Commercial auto insurance is required for companies using vehicles to conduct everyday business activities. California requires that all drivers carry a minimum amount of liability coverage to help pay for third-party accident-related bodily injury and property damage claims.
While general liability insurance isn’t required for California businesses, it’s crucial to understand that the state does not limit liability lawsuit rewards, which can be financially devastating for companies.
How to Get Business Insurance
Business insurance is highly customizable, so it’s crucial to work closely with your agent to determine which coverage might be a good fit for your organization. Your agent can help you get personalized business insurance quotes from multiple reputable insurers to get the best possible rates.
Contact Germani Insurance Services in Los Angeles, California, to start building your company’s business insurance package.
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.
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