Business & Commercial Insurance in Los Angeles, CA
Liability insurance and Property insurance offer a wide range of protection for businesses of any size. Law Suits, Fire, Water, Robbery, and Vandalism are just a few that most people know.
Business liability insurance
Businesses typically need to protect themselves against a wide range of lawsuits, including personal injury, damage to business property, professional mistakes, product defects, and unfair hiring practices. The most common is general liability insurance, which protects from a host of lawsuits from outside the business and is related to either the business product, service, or premises.
Business property insurance
Commercial Property Insurance is the most common and covers a business's equipment, customer property, and the building the company is in. Fire, water, theft, and vandalism can render the companies "out of business," so most Landlords require it to protect their rent from that tenant.
Liability insurance covers the cost of lawsuits
Companies and their processes, products, and services come in contact with many people over decades in business, so it stands to reason that most companies will have to defend themselves or pay for damages if proved to be liable for the loss to the plaintiff. Therefore, a company will need to defend itself or pay legal expenses and restitution if found liable for the damages.
Here are just some expenses you want your insurance to pay on your behalf.
- Lawyer's fee
- Settlements (when you resolve the dispute out of court for a set sum of money)
- Judgments (the damages a judge orders you to pay when you lose a lawsuit)
- Miscellaneous court and legal fees
General liability insurance
General liability insurance is the most common form of liability most people know. A general liability policy protects companies from third-party lawsuits, such as a customer who sues your business over a bodily injury or property damage. It also covers lawsuits related to advertising, marketing, and the claims that can arise from their products and services.
Professional liability insurance
Professional liability insurance, also called errors and omissions insurance (E&O), is crucial for consultants and professionals who provide advice, such as accounts, lawyers, and doctors. This policy protects the professional from mistakes or oversight, including missed deadlines.
Cyber liability insurance
Cyber liability insurance is essential for businesses that handle credit card numbers and other sensitive data. It helps pay expenses related to cyberattacks or a breach of company databases.
Employment practices liability insurance
Employment practices liability insurance (EPLI) provides financial and legal representation to the ownership and management team if one or more employees claims unsafe working conditions, pay disputes, harassment, and discrimination. For example, an employee is passed over for a promotion year after year while others around them get promoted. As a result, they can claim discrimination, and now the company needs to defend itself.
Employer's liability insurance
This type of insurance is often called Workers Compensation Insurance, which will respond to employees who are hurt physically or emetically by the job's duties, equipment, or other factors.
Commercial umbrella insurance
This insurance provides excess liability limits to pay claims exceeding the primary insurance policy limits. Policies are not very expensive and provide from 1,000,000 to 5,000,000 or more in additional protection.
Business & Commercial Insurance in Los Angeles, CA
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