Most businesses acquire a solid foundation of insurance to protect their assets. Without proper protection, your business is at risk to a variety of financially devastating situations. When seeking Business Insurance coverage for your Los Angeles business, it’s helpful to first home in on the top coverages so your immediate needs are met.
General & Products Liability
General Liability insurance protects your business against financial loss resulting from claims of bodily injury, property damage, personal injury, like libel and slander, and advertising. A General Liability policy covers the cost to defend or settle claims. The amount of coverage needed depends on the type of business and perceived risks associated with it, business location, and contractual requirements from landlords, vendors, distributors or retailers. A risk consultant can analyze your risks and recommend the appropriate coverage.
If your business manufactures, sells, or distributes products, there’s the risk of being sued for product issues. Products Liability insurance protects your business from related claims. This policy covers medical costs, legal fees, and awarded damages, and can be extended to include the cost of recalling products as well as the resulting loss of business. Lawsuits claiming losses or injury due to defects, malfunction, faulty design, or a failure to provide proper warning or instructions can come directly from clients, their customers, or another third party.
Workers’ Compensation
Workers’ Compensation insurance is designed to cover businesses if a worker gets injured on the job. Since California, on average, has the highest comp rates in the country due to the frequency of permanent disability claims and a more prolonged pattern of medical treatments, this is a particularly important coverage.
Several factors determine your comp rate including:
- Your company’s loss history
- How your losses compare to other companies within your industry
- Job classifications
- Emerging issues impacting the frequency and severity of claims
Commercial Auto Insurance
A Commercial Auto policy addresses the vehicle insurance needs of most commercial entities. Automotive collisions present one of the most common occurrences for catastrophic claims. Due to the increased cost of vehicle technology, increasing claims frequency and the daily threat of distracted drivers, businesses must be more vigilant than ever in developing and implementing fleet safety programs.
Basic Business Auto insurance coverages include:
- Liability
- Medical Payments
- Comprehensive & Collision coverage
- Uninsured Motorists
- Underinsured Motorists
Commercial Property Insurance
Commercial Property insurance covers businesses for losses due to certain covered events, such as fire, theft, vandalism, or natural disaster. This coverage helps protect your valuable business assets, such as an owned or leased building, tools, equipment, machinery, or inventory. If your business involves servicing other people’s property, you’ll need protection while it’s in your possession. Additionally, beyond physical damage to property, you can protect your business from lost income resulting from a covered loss. A business insurance provider who specializes in providing diverse businesses with property coverage addressing your unique risk exposures can keep your business afloat.
About Arroyo Insurance Services
Arroyo Insurance Services was established in 1986, but we have roots that go back before 1950. Today, we are one of the leading independently-owned, client-oriented agencies in California, with 11 locations and over 140 employees with a combined experience of over 450 years. We provide insurance and risk management services to individuals and businesses, and are committed to providing each client with thorough, professional, and attentive service. Call us today at (877) 220-4769 to learn more about what we can do for you.