Certain commercial insurance policies are required when you own a business in California. There are two types in the state that many companies are required to have to stay legal. If you have a California business, it’s essential to know what these are and whether your business needs them. Call us at Murvay Insurance in Newport Beach, CA to get your commercial insurance.
Workers’ Compensation Insurance
If your business has any employees at all, even just one, you are required to have workers’ compensation insurance for them. This is true whether the employees are part-time or full-time. This insurance gives your business coverage in case an employee has an accident at work and gets injured or develops a work-related illness. When this happens, this insurance will pay for their medical bills and other costs like lost wages so that your business won’t have to. It’s effective protection for your business, and it protects your employees as well.
Commercial Auto Insurance
When you have a business that owns a vehicle, you are required to have commercial auto insurance. This policy must have different amounts of coverage to give you different kinds of protection. A specific minimum amount is required for one person who becomes injured in an accident for your bodily injury liability. There is another amount required for bodily injury liability for all injured people in an accident you caused. There is also an amount required to pay for the damage done to the other party’s property for property damage liability. All of these minimum amounts are very low when compared to other states. Getting a higher amount than the state’s minimum is generally recommended.
Get Your Business Covered
When you need commercial insurance, we’re here to help. Call us at Murvay Insurance in Newport Beach, CA.