Business & Commercial Insurance
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Business & Commercial Insurance Information
Owning your own small business can be incredibly rewarding, but it also has inherent risks. No matter how careful you are, if your business experiences property damage or is accused of causing harm to a third party, you could face extreme financial losses (e.g., medical bills, legal fees) with the potential to bankrupt your business.
Finding the right insurance policy for your business helps provide financial security and peace of mind. Contact Affinity Global Insurance in Woodland Hills, California, to learn more about our coverage solutions.
How Does Business Insurance Work?
Businesses may secure several types of coverage to address a variety of risks. Once selected, a business pays a premium in exchange for financial assistance from an insurance company after a covered loss.
Here are some of the common coverages businesses secure:
· Commercial property insurance financially protects your business if your property, including your equipment and building space, is damaged by covered perils (e.g., fire and theft).
· Business income insurance helps cover lost income to pay for ongoing expenses (e.g., mortgage, loans) if property damage prevents your business from operating temporarily.
· General liability insurance pays for claims alleging your business has caused injury (e.g., your product makes someone sick) or property damage to a third party as a result of normal business operations.
· Employment practices liability insurance provides coverage if a prospective, current or former employee claims your business engaged in unlawful employment practices (e.g., discrimination, harassment or wrongful termination) during the employment process.
· Cyber liability insurance pays for the costs associated with cyber attacks.
· Commercial auto insurance provides coverage for your business-owned vehicles if they are damaged or in an accident.
· Professional liability insurance covers claims that your business made mistakes when providing your services.
· Workers compensation insurance pays for lost income, medical expenses and legal fees associated with an employee’s work-related injury or illness.
Some small- and mid-sized companies may be eligible to secure coverages in a single agreement, known as a business owners policy (BOP). BOPs are typically less expensive than purchasing each coverage individually and can provide broad, customizable coverage.
We’re here to help you understand your business risk. Contact Affinity Global Insurance today and let us answer your insurance questions.
How Do I Get Business Insurance?
We understand the importance of protecting your business. At Affinity Global Insurance, our insurance professionals are dedicated to finding the right insurance policy for your needs. Contact us today for more information and a free quote.