What kind of commercial insurance do you need?

More than 20 commercial policy types exist. Which do you need?

At Murvay Insurance, we offer a wide array of commercial insurance to help you protect your Newport Beach, CA business. Commercial insurance sounds misleadingly like a single policy when it refers to a category of policies. More than 20 types of small businesses exist, but your business won’t require every kind of policy.

  • Business owner’s policy (BOP): nearly every business acquires this bundle of four common policies that costs less than the policies would separately.
  • Business interruption: reimburses a business’ lost income when a named peril causes temporary closure.
  • Commercial auto: the business version of auto insurance.
  • Builder’s risk/Construction: used when you need to renovate or remodel an existing business structure or construct a new one.
  • Crime policy: protection from loss due to burglary, theft, or robbery.
  • Debris removal: covers debris removal costs post-peril.
  • Directors’ & officers’ liability: covers a business’ legal costs and settlement if a party sues the board of directors or C-level officers.
  • Boiler & Machinery/Equipment Breakdown: covers equipment repair or replacement and the losses from business interruption.
  • Errors & omissions (E & O): covers court costs and settlements arising from mistakes in product manufacturing.
  • Glass: replaces plate glass and broken windows.
  • Inland Marine: protects third-party items transported by your business.
  • Liability: covers court costs and lawsuits from those injured at your business.
  • Malpractice/Professional Liability: covers court costs and lawsuits when an individual incurs an injury because a medical professional does not meet the "proper standard of care."
  • Law/Ordinance: covers the cost of a company to reconstruct a damaged property to meet building code standards after a peril caused irreparable damage.
  • Property insurance: pays for real property damage by a named peril.
  • Tenant’s insurance: pays for building repair when the leasee made building improvements, but the landlord’s employees damaged it.
  • Workers’ compensation: every state requires this medical insurance that protects employees when injured on the job.

Contact Murvay Insurance serving Newport Beach, CA to purchase the commercial insurance you need to protect your California business.

Required Commercial Insurance in California

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.

 

Benefits of Commercial Insurance In Newport Beach, CA

It is more important than ever to have commercial insurance in today’s world. All sized businesses can benefit from the coverage that commercial insurance provides.

Here’s a look at some advantages commercial insurance can provide for companies in Newport Beach, CA:

1. Protect Your Business Investment

The first and most apparent benefit of commercial insurance is that it protects your business investment. No matter what type of business you have, your equipment, inventory, and property are valuable investments. If something happens to them, commercial insurance can help you recover the cost of repairs or replacement.

2. Safeguard Your Business from Liability

Another significant benefit of commercial insurance is safeguarding your business from liability. If someone sustains an injury on your property or one of your products, they could hold you liable. This means you will pay any medical bills or other damages incurred by the injured party. Commercial insurance can help cover these costs, protecting your business from financial ruin.

A Murvay Insurance agent can help you find the right commercial insurance policy for your business. Contact us today to learn more about commercial insurance and how it can benefit your business.

3. Peace of Mind

Finally, commercial insurance can reduce stress. When you know your business is protected from the risks mentioned above, you can relax and focus on growing your business. Commercial insurance gives you peace of mind, knowing that you are covered in case of a disaster.

These are just a few benefits that commercial insurance can provide for businesses in Newport Beach, CA. If you’re looking for reliable coverage for your business, contact Murvay Insurance today. We’ll work with you to find the policy that fits your needs.

Commercial Insurance To Consider When Starting A Business

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.

Commercial Insurance & Employee Protection

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.

Benefits of Having Commercial Insurance

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.

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.