Commercial insurance is an essential part of business, with its benefits often seen when a crisis occurs. To ensure you get the benefits of your policy, choosing the right commercial insurance will be the first thing you will be required to take care of. Below, KC Wilson Insurance & Financial Services details things to keep in mind when getting a policy within San Jose, CA.
Understand Your Legal Obligations
Each state requires its business owners to carry specific policies for operation, with insufficient coverage attracting fees or leading to business closure. Research what your state’s legal business requirements are to help you limit any legal issues. Some examples of policies that often fall under legal requirements include worker’s compensation insurance and commercial auto insurance. The first option will help you cover your employee’s costs of injuries when they experience physical bodily harm, while the second pays for expenses related to auto accidents.
Consider Risks in Your Area of Operation
Every industry has risks, with common examples being property damage, employee harm and cyber attacks. Based on your risk factors, consider getting commercial insurance that targets your scope of operations. In addition to this, your business’s location will be another factor to consider. If you operate within areas that experience constant flooding, make it a point to get sufficient coverage for such a risk.
Consider Policy Exclusions
While various commercial policies protect businesses against numerous hazards, not all emergencies will be covered. Natural hazards such as earthquake damage will often be excluded from various policies, requiring you to get different coverage for such an occurrence. Personal vehicles will also be excluded from your coverage, with commercial policies protecting cars registered in your company’s name. Ensure that you research what your policies cover and the exclusions that come with each coverage.
If you need help assessing the types of commercial insurance that your business could benefit from, contact KC Wilson Insurance & Financial Services today. Our San Jose, CA agents will help you evaluate commercial policies suited to your area of operation.