Starting a Business? Learn Insurance Coverage Here

Starting your own business can be a monumental occasion and may unlock exciting opportunities and lucrative possibilities. However, doing so may involve inherent and extensive risks and exposures, as even minor or isolated incidents could quickly derail your company and destabilize its finances. Understanding and addressing potential threats and perils through appropriate business insurance can make all the difference.

Why is Insurance Important?

Investing in ample insurance is a critical step for all businesses, regardless of size, sector or other circumstances. Even if you’re an expert at your craft and implicitly trust every one of your employees, accidents and errors are inevitable. Failing to be prepared for such situations could represent a dire financial threat, as you’d potentially have to pay for resulting losses and expenses out of pocket.

Given how limited new businesses may be in their profit margins and financial resources, such unexpected costs could prove devastating.

What Insurance Do I Need?

Business insurance is a general term typically referring to many potential types of coverage. Your exact coverage needs will vary depending on the unique characteristics of your company, including its location, workforce size, and the industry in which it operates. Still, several types of policies may often prove valuable, including the following:

• General liability insurance

• Commercial property insurance

• Business interruption insurance

• Workers’ compensation insurance

• Professional liability insurance

• Employment practices liability insurance

• Commercial auto insurance

• Cyber liability insurance

• Commercial umbrella insurance

Is Coverage Required?

Your company should ensure compliance with any legal requirements and industry standards, as failing to adhere to such mandates could impose costly consequences. For example, most employers are required to carry workers’ compensation insurance. Additionally, industry-specific obligations, such as retaining commercial auto insurance if you use motor vehicles for business purposes, may apply.

We’re Here to Help

At Muzio & Rovero Insurance Services in Sausalito, California, our experienced team is dedicated to ensuring your new business is aware of its insurance needs and protects itself with appropriate coverage. Contact us today to learn more about business insurance or compare personalized quotes.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.