Commercial insurance is an important component involved in running any kind of business. When you have the right insurance, you protect not only yourself but also your employees.

Are you unsure about your commercial insurance needs? Murvay Insurance, which serves Newport Beach, CA, can help you determine ways you can protect your employees.

Commercial Insurance Provides Business Coverage

When you operate a business, you may rely on commercial insurance to protect your company if there is a major disaster or you have some sort of liability for an injury. If you have employees at your business, your coverage does extend to them in some ways as well.

For example, if you have commercial coverage for your company’s cars, any employee driving them may be covered by your policy if they are involved in an accident. Your employees may not be held responsible separately, and your personal assets are not at risk either.

Your Plan May Include Health Insurance

Many commercial insurance plans also provide health coverage. You can add commercial health to your plan to provide for medical expenses and disability claims by your employees. If you are a small business, you can work with an insurance agent to determine what kind of coverage your state requires or recommends.

Your Plan May Include Workers Comp

Any business owner has concerns about what happens when an employee becomes injured or ill at work. With a commercial insurance plan, you may be able to secure workers comp insurance, which protects you if an employee is injured, ill, or disabled because of an incident that occurs at work. You are protected from financial loss, and your employee is protected too.

Get an Insurance Quote

Are you unsure how to provide the most commercial and employee protection? There are many ways to protect everybody involved. Contact Murvay Insurance if you are in Newport Beach, CA to learn more.

The essence of seeking insurance coverage is effective protection from unforeseen incidences. Commercial insurance is among the options that guarantee protection against various liability claims. Having a protection umbrella under commercial insurance is relevant to your liability claims and also comes with other benefits. As Murvay Insurance in Newport Beach, CA, we have broken down commercial insurance benefits for your understanding.

Capital for Business Growth

The most practical way to operate and grow a business is through the utilization of significant capital resources. The funding and financial support the business receives determines how far it will go. Through commercial insurance, the focus is on protecting the business from unforeseen incidences and offering a financing option relevant to its growth.

Less Uncertainty

It is practically impossible for any business in Newport Beach CA, to predict the number of property or liability losses and prepare well for the outcome. It is also difficult, especially for startup businesses, to create a long-term business plan to handle cases such as a property fire. This is, however, different when there is commercial insurance, as you can take the volatility of risk from the equation.

Attract Potential Investors

Any business that has commercial insurance is attractive to investors. The availability of a risk management program in a business is what attracts most investors. Through commercial insurance, there is reassurance, and investors find it important to back up your workmanship with the support you need.

Employee Protection

Employees are among the most valuable assets in any business. Despite the business plans and objectives, a company that lacks the right skills possessed by its employees is bound to struggle. Commercial insurance helps a company protect this skill set. In the long run, there is higher performance and increased productivity.

It’s the law

Commercial insurance included, most states require businesses with employees to provide specific types of coverage policies to warrant their operations. When you fail to consider these regulations, the results could be legal sanctions and criminal penalties that can affect the business.

If you are interested in learning more about commercial insurance, reach out to us at Murvay Insurance today.

Your business operations in Newport Beach, CA have been closed until further notice. Customers are willing to wait until you can once again patronize clients. Your revenue, however, suffers in the process. Commercial insurance offered by Murvay Insurance can cover your company’s financial loss. 

What is business interruption insurance?

Business interruption insurance is indemnity coverage that replaces income lost by a covered incident. This type of commercial insurance may also pay for additional expenses that are necessary to get the establishment back in operation. 

What does business interruption insurance cover?

A qualified incident for business interruption insurance coverage may include theft, fire, violent winds, and lightning. You may also receive coverage for large objects that cause damage to your establishment by falling on the structure’s rooftop. 

You may need additional insurance to reap the benefits of business interruption coverage when the cause is a natural disaster in Newport Beach, CA. An agent at Murvay Insurance can help you better understand how fires and inclement weather are handled. 

How do you receive compensation?

Business interruption insurance coverage can reimburse you for lost income as well as extra expenses. Lost income includes the amount you would have received for destroyed merchandise minus the cost of shipping. 

Additional expenses covered by business interruption insurance may include compensation for temporarily relocating until your primary location is again inhabitable. You should keep evidence (i.e., receipts and bank statements) to provide proof of the additional costs. 

Is there a deadline?

Business interruption insurance typically comes with a “restoration period.” This period, usually a maximum of 12 months, restricts the amount of time compensation is provided for a covered incident. 

It is important to fully understand your commercial insurance policy. Call Murvay Insurance today to schedule a consultation or receive a quote for coverage.

The Newport Beach, CA area is a densely-populated area of southern California that brings in many tourists each year. When you are in this area, the high consistent population base makes it an ideal place to own a company. While there is a lot of opportunity in this area of business owners, there are risks as well. One way that you can protect your company against these risks is by getting commercial coverage. 

Insurance Will Protect Business Investments

A reason that a lot of company owners should get commercial coverage is that it will protect their business investment. Starting a new company will take capital as you will need to purchase inventory and other assets. If you decide to get commercial insurance coverage, it will offer the protection that is needed to ensure you can repair or replace these assets if you do incur a loss.

Insurance Protects Against Liability

There will always be a risk that you could be sued for liability as a business owner. If this happens, it could put your company in jeopardy. However, this risk can be protected if you get commercial coverage. This type of insurance will include a provision for liability insurance coverage. This will come in handy if you are sued in a liability claim. 

Businesses that are in the Newport Beach, CA area will want to know that their company is properly covered and protected by insurance. When you are looking for your next commercial insurance policy, you should reach out to Murvay Insurance. There are a lot of complexities that come with picking an insurance plan for a company. When you call Murvay Insurance, you will get a better understanding of your insurance needs and options, which will help you pick your next policy.