Can commercial insurance cover lost income?

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.

How does commercial insurance protect a business in California?

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. 

What Kinds of Businesses Need Commercial Insurance?

If you’re starting up a new business, one of your questions may be whether you need a commercial insurance policy. The general answer is yes if you have a business. But that’s not always the case, and there are exceptions. That’s why it’s so important to work with us at Murvay Insurance, so you can get the answers and the policy you need for your Newport Beach, CA area company’s security and protection. Insurance can provide you with a lot of peace of mind, but only if you know you’ve got the right policy. You can do that through being an informed consumer, and working with a trusted agent you can rely on. We’re here to help you find the policy that’s going to meet your needs.

Overall, businesses that need a commercial policy are those that are open to the public, and those that have employees on site. If you have a brick-and-mortar establishment, you probably need insurance to protect that physical asset and the people who work for you. If you work online from home, though, you might not need to have any kind of additional insurance policy, beyond your homeowner’s coverage. That can vary if you have a lot of inventory and are selling goods instead of a service. With so many different types of businesses, working with an agent to sort out what’s right for you and carefully consider your options is very important.

At Murvay Insurance, you can get the policy that’s right for you, so you can feel good about the coverage your business has. We want all of our Newport Beach, CA area businesses to succeed, and we’re happy to help you get the protection you deserve. Reach out to us today, and we can get started on finding you a commercial insurance policy that can help keep your business safe and secure.

Should You Get Commercial Insurance for Your Home Business?

A home business needs insurance protection just as much as any other business. Your home or renter’s insurance, however, isn’t designed to cover your home business needs. At Murvay Insurance in Newport Beach, CA, we offer customized commercial insurance coverage for home-based businesses, enabling you to get the exact protection you need. What type of insurance protection does your home business need?

  • Commercial Property – If your business requires the use of business equipment like a computer, printer or fax machine for daily operations, property insurance will protect these items against theft or damage due to fire, vandalism or other disasters. Your homeowner’s insurance protects your personal goods, not business property. With commercial property protection, you can invest in your business without worrying about financial loss.    
  • Liability – If you host business clients in your home, you could be held liable for accidental injuries or property damage they may sustain while on your property. Your home insurance won’t cover liability claims related to your home business. Commercial liability covers business-related liability claims and protects you against lawsuits if a client decides to sue for damages.   

If you offer professional services such as business accounting or financial consulting from your home, professional liability coverage can protect you against claims of negligence in the services you provide. 

If your home-based business involves production or distribution of products, product liability can protect you against injuries or property damage a faulty product may cause to a customer or seller.

  • Commercial Auto – If you use your personal vehicle for delivering products or visiting clients, you’ll need commercial auto insurance to protect your business against accidents that may occur during working hours.

To learn more about home-based commercial business coverage for your Newport Beach, CA enterprise, contact your Murvay Insurance agent today.

3 Tips for Buying Commercial Insurance in Newport Beach CA

Newport Beach, CA is a great place to live and work. If you own a business in this area, it’s imperative to have the right commercial insurance policy whether you’re just starting out or have been in business for years or decades. Each year, it is important to update your commercial insurance as your business grows or reduces in size. This is also the perfect time to reconsider your current policy altogether and see if you can save money in the process. Read on to learn about three ways you can save money on your commercial insurance.

1. Work with a Reputable Agent

The purpose of commercial insurance is to protect your business, employees, and customers. Considering the necessary function of this policy, you’ll want to be sure you understand the coverage, rather than being left with any negative surprises down the road. For this reason, it’s important to work with a reputable agent from Murvay Insurance to help you navigate through the different policies and find the one that offers everything you need for your unique business.

2. Compare Several Quotes

Not all commercial insurance policies are the same. They cover different things and cost different amounts. That’s why it’s so important to compare several quotes before making a decision. Furthermore, don’t be hasty in your decision. Take your time, ask questions, get clarification and when you feel ready, then make your decision.

3. Bundle Your Policies

To save money on your premiums (and what business doesn’t LOVE to save money?) consider bundling all of your insurance policies under one carrier. 

To learn more about commercial insurance and getting the best policy for your business, contact the team at Murvay Insurance, serving the Newport Beach, CA area today. 

What do I need to know about Commercial Claims?

When it comes to making insurance claims for businesses, many people think they can just make a claim when a loss or catastrophe occurs and wait. However, there are certain things these business owners need to know, so they won’t be blindsided. There are some different details to be aware of with commercial insurance claims than there are with regular insurance claims. This is especially true when it comes to living in some states like California. Thus, the following include certain things you should know about concerning commercial claims when you live in Newport Beach, CA or other areas in the state of California:

1. Deductible 

You must pay this before the insurance agency will pay the claim. 

2. Loss of Control and Prevention

Loss control services are usually implemented into a higher premium account of higher risk as part of the total insurance package.

3. Other Information Concerning Premiums

To lower your premium, there are various things to do for a greater modification allowed that will lead to a better claims experience. Having a top-notch insurance agent will guide you with this.

Conclusion

For more information, Murvay Insurance is the one to turn to. Located in Newport Beach, CA, Murvay Insurance has highly trained agents that know the details concerning commercial insurance in the state of California.  They have a full array of top-notch insurance affiliations. Thus, this agency can get your business set-up with the right product. They will also customize commercial insurance accordingly to meet your needs. 

So, to make sure your business is properly covered, contact them today. They can be reached at their location, by phone, or via email.