Avoid taking these risks when insuring your company.
If you run a small business, then you've undoubtedly invested a considerable amount of time, effort, and money into your company. To protect your investment, it's vital that you secure the right
commercial insurance in Los Angeles, California. Unfortunately, many business owners skimp on their coverage as a means of saving money and simplifying their business's insurance management.
If you do not want to leave your business vulnerable to serious threats, then here are three of the gambles you should never take with your business insurance.
Relying on Personal Insurance Coverages
If you are operating a small business out of your home, you may assume that your homeowners insurance will supply sufficient coverage for your commercial property and assets. Unfortunately, this isn't the case as many homeowners policies specifically exclude business coverages. So, if your business's equipment sustained damage or a third-party sustained an injury while in your home for business purposes, then your home insurance would not cover these issues. Rather than leaving yourself vulnerable to these major costs, make sure that you speak to your insurer about securing the right coverage for your home-based business.
Relying on Basic Policies Alone
Oftentimes, business owners carry basic general liability and commercial property policies and assume that they are sufficiently covered. While these two policies are a great place to start, relying on these base policies alone will leave your businesses vulnerable to many risks. Rather than allowing coverage gaps to derail your business's operations, you should speak to your insurer to determine your company's risks and secure the additional policies that you need to address these risks.
Forgoing Workers Compensation Insurance
While almost every state in the country requires business owners to carry workers compensation coverages for their employees, some small business owners try to get around these laws. Forgoing workers comp coverage is a bad idea for many reasons. Because it is illegal, forgoing this coverage could mean fines, lawsuits, and other consequences. Additionally, if one of your employees does get injured, then paying their medical costs could cut into your profits significantly. So, rather than leaving your business open to all these risks, it's better to simply secure the workers comp coverage that you need.
These are some of the risks that you should never take with your
commercial insurance in Los Angeles, California. Ready to secure the comprehensive coverage that your business actually needs? If so, then contact the experts at Fuller Insurance Agency in Southern California for assistance today.
