What kind of commercial insurance do you need?

Posted on by agentinsure

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.