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California Business Insurance
Most successful businesses did not become prosperous overnight. They evolved from the tireless work and entrepreneurial talents of the owner that willed his/her ideas to fruition. Protecting the fruits of your labor is our priority at Schaedler Insurance. Whether your business is a local mom and pop, or well on its way to the Fortune 1000, our commercial team understands the risks California business owners face and we can develop an effective business insurance strategy that will help ensure the long term prosperity of your business. We specialize in several types of business insurance, with the more common types listed below:
Protecting Commercial Assets Through Business Insurance
As a California business owner, protecting your commercial interests with a comprehensive insurance policy should be a top priority in our litigious state. Below is a short checklist business owners will find useful in reviewing their commercial insurance. If you would like to schedule a free consultation with a Schaedler Insurance business insurance advisor, please complete the contact form at the top of this page and note “insurance review” in the comments section. We’ll contact you shortly to schedule a review.
Business Insurance Review Checklist:
1. Does your business have employee’s? If so, you will be required to carry workers compensation in California. Pay careful attention to any independent contractors you may employee to make sure they pass the governments definition of an independent contractor as the penalties for improperly classified employees can be severe.
2. Review your general liability limits at least annually with a focus on what types of exposures pose the greatest threat to your business and make sure these risks are covered by your policy.
3. If your business provides professional advice or services, these services will not be covered by a general liability or a business owners policy. This type of risk is typically insured by professional liability insurance, also called errors and omissions insurance.
4. Review your commercial auto policy with an emphasis on liability limits. Make sure all employee’s that drive company vehicles are properly rated. If additional liability is needed, consider purchasing an excess liability policy to provide increased coverage for other business exposures.
5. Does your business have physical assets or does it own the building used in its business operations? If so, commercial property insurance will be needed. Pay attention to deductibles and the average cost of tools or equipment used in your trade and plan your deductibles accordingly.
6. Does your business rely on one or more key individuals to ensure the business can continue to function as a going concern? If so, key man insurance should be a top priority. Key man insurance can protect a business against the death or disability of a key employee and it’s not included in a business owners policy.
7. The directors and officers of a business can be sued for their actions and this coverage is not standard on a general liability policy. Directors and officers should consider purchasing directors & officers coverage (D&O) to cover their actions.
8. Lawsuits stemming from alleged workplace improprieties such as wrongful termination are a hot topic as of late. If your business does not currently carry employment practices liability insurance (EPLI), you should carefully consider the cost and benefits of this coverage.