California has continued to be one of the best places in the country to own and run a company. If you would like to start a business, this state offers a wide range of benefits including a strong economy and a constant high population count due to both permanent residents and frequent tourists. While you have a lot of opportunities when owning a company here, there are risks that come with business ownership as well. Those that invest in a new commercial policy will receive the coverage that they need to protect their business here as it includes multiple types of coverage.
One of the reasons that you need to get commercial for your company is that it can protect your company assets. Business owners will have to invest money to acquire inventory, major equipment, and even office furniture and equipment. All of these assets are important and can help to grow your company. When you are going to get a commercial policy, it will give the protection that is needed to replace these assets if you incur a loss.
There is always a chance that a business owner could be part of a commercial liability claim. If you have a customer that gets hurt at your place of business or through the use of your products and services, you will be held responsible. Fortunately, this risk can be mitigated if you get a commercial insurance policy that will include a provision for commercial liability protection.
Anyone that is looking to get a commercial insurance policy in California should call CLS Insurance Services. Our team of professionals at CLS Insurance Services can give you the support and guidance that is needed to build and choose a policy. When you speak with us, we can answer any questions that you have and help you build a policy that will give your business proper coverage.
General Liability protects against Injury (except employees & subs), Property Damage, & Completed Operations (Examples include client tripping over your tools/materials, you breaking a vase/window, completed railing fails and someone falls causing injury)
Workers Comp protects against costs associated with Injury to your employees (Examples would be cutting off finger, straining back, etc)Learn More
Generally personal auto policies exclude all vehicles that are used for work or have advertising on them, which means no coverage if there is a claim. Commercial Auto allows for both Personal and Commercial useLearn More
Sometimes called E&O, protects against Advice you give (or omit) that turns out negativelyLearn More
EPLI protects against things like Sexual Harassment, Discrimination, and Wage DisputeLearn More
Cyber Liability protects against losses from Cyber attacks as well as Data BreachLearn More
An umbrella insurance policy is one that starts to work after your other insurance policy has paid out up to its maximum coverage.
Getting life insurance is becoming more and more popular. It is not considered a luxury anymore - it is financial protection and a guarantee that your beloved ones will not financially struggle after you pass away.
Similar to IM, Builder’s Risk protects a project from accidents during the time the project is being completed and includes supplies, equipment, and materials from incidents such as natural disasters, fire or theft
Inland Marine protects your tools, equipment, & supplies (Examples include theft from back of vehicle, or jobsite)
OCIP policies are used for specific project and covers all contractors and subs on project. Usually in place because the GL excludes that type of work, like building new Condos or Tract homesLearn More
Pollution is excluded from the GL and refers to contaminants like Asbestos, Lead, Oil, Mold, etc. (Examples include machinery leaking into ground, mold growth after poor install, and airborne affecting others while cleaning/working a site)
BID BOND – A Bid Bond guarantees you will take the job if awarded
PERFORMANCE BOND – A Performance Bond guarantees your clients of project completion within the terms of the contract. For instance, if you as the general contractor cannot complete the project due to cash flow problems or otherwise, the Surety may replace you.
PAYMENT BOND – A Payment Bond guarantees the Subs and Suppliers will be paidLearn More
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