If you are thinking about starting a business, one of your top priorities is to purchase the commercial insurance that you need to protect your assets. Today, it seems like new businesses are popping up everywhere. People are discovering untapped markets, profiting from their talents, skills, and knowledge on every level.
As a new business owner, there are several things to consider before you open your doors. One of those is decided on the types and amounts of commercial insurance you need in Newport Beach, CA. Fortunately, you do not have to embark on this journey alone. The professionals at Murvay Insurance are here to guide you through the entire process.
Why You Need Commercial Insurance
As a business owner, you have personal and business assets that you need to protect, such as your savings and your property. For some businesses, to obtain proper licensing to conduct business legally, you will need specific coverage in place. You must learn about all of these requirements before announcing that you are open for business.
Additionally, commercial insurance can help with covering the expenses relating to any property damage or lawsuits that you may face. When you own your own business, you are financially responsible for all accidents and mishaps, including attorney fees, settlements, court costs, and replacement or repair costs.
Types of Commercial Insurance to Consider
There are five main types of commercial insurance that you will want to focus on when starting a business, including:
- Business owner’s policy
- Professional liability insurance
- Cyber liability insurance
- Commercial auto insurance, if you or your employees use automobiles to perform work duties
- Workers’ compensation, if you have employees
If you are starting a business in the Newport Beach, CA area and have questions about the type of insurance coverage you need, contact the experts at Murvay Insurance. Call today.