The Most Essential Business Insurance Policies in California

Responsible businesses must prioritize ample risk management and loss control measures, often including a robust and versatile insurance portfolio. In California, many types of insurance may transcend industry lines and other unique characteristics, holding significant value for employers of all sizes and across many sectors. At Academy West Insurance, our dedicated and knowledgeable team is here to help you understand your options and secure suitable policies.

Key Types of Business Insurance

When building your insurance portfolio, consider how the following types of policies may cover relevant risks and exposures:

• General liability insurance—Purchasing this policy can help your business manage risks related to third-party losses. Specifically, you may receive financial aid to curb the consequences of bodily injuries, property damage and reputational harm affecting others and for which you’re at fault.
• Business property insurance—Also known as commercial property insurance, this policy’s coverage may reimburse your business for losses involving its physical assets, including buildings, equipment, tools and electronics.
• Workers’ compensation insurance—Often required by law in California, this type of insurance can help manage the financial ramifications of workplace injuries and illnesses. Payouts may help with medical bills, wage replacement and legal costs should your business be sued.
• Commercial auto insurance—If your company uses automobiles for business purposes, you’re also legally required to have this type of policy, which can help with repair costs and other losses following incidents involving insured vehicles.
• Business interruption insurance—This coverage can help your business remain afloat despite delays or interruptions that might otherwise incur significant losses, such as reduced income.
• Cyber liability insurance—Given the prominence of the technology sector in much of California, this type of insurance could be critical for many companies and can help manage the fiscal repercussions of data breaches.
• Commercial umbrella insurance—Much of California has a high cost of living relative to other parts of the country. So losses for which your business is at fault could be particularly costly. This type of policy can offer additional liability coverage should losses for which you’re responsible exceed the limits of other policies.

We’re Here to Help

Contact Academy West Insurance today to learn more about key California business insurance options and build a sufficient coverage portfolio.

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.