As a business owner, it is important to protect your company from any liability issues that may arise. Every industry has unique risks, let our agents help you design a plan to cover your specific needs. We can even find coverage for new endeavors and High Risk business. We understand that owning a business can be overwhelming. New Redwood will make finding the right protection easy while avoiding the costly price gaps. We will break down how additional insurance services can benefit your company.
Commercial Auto Insurance
Commercial Auto Insurance can help pay for repairs to your vehicle for business if the physical damage occurs by theft, collisions, or weather events. Lawsuit costs, such as medical and legal expenses associated with accidents may also be covered. Depending on how you may use your vehicle for work, a policy that helps protect your business against lawsuits over car accidents may be valuable.
General Liability Insurance
General Liability Insurance coverage protects your company’s assets against risks or unexpected events. This policy covers your business against claims of damage to third-party’s property or bodily injury. As data goes digital, your company’s electronic data is becoming even more important to protect. Electronic data liability covers incidents resulting in damage, or loss, to electronic data. In the event your company commits an offense in the course of your advertising, this policy will help with legal fees, settlement or judgment costs, and other court expenses. General Liability Insurance is usually the first policy small business owners purchase because they often need it to sign commercial leases and client contracts.
Business Owner’s Policy
A Business Owner’s Policy, or BOP, couples commercial property insurance with general liability insurance, typically at a lower cost than if they were purchased separately. This package can protect your business from liability, advertising injury, and business property for your home business, small business, and freelancers. A BOP is flexible with how you can customize it to fit your business needs. You may add endorsements to your BOP that cover risks such as, business interruption, cyber liability, hired and non-owned auto, and liquor liability.
Worker’s compensation insurance is, by law, required for California employers to have, regardless of the number of employees. When an employee suffers a work-related accident or becomes ill due to conditions on the job, the insurance company pays for the employee’s medical treatment, lost wages, and possibly compensation for a permanent impairment and job retraining.If you have employees and you don’t have workers compensation insurance it may be a misdemeanor violation subject to major fines. This liability insurance policy can help you as a business owner protect you and your employees while on the job.
Professional Liability Insurance (E&O)
Management & Professional Liability Insurance, also known as errors and omissions insurance (E&O), will cover your legal expenses in the event your business is sued due professional mistake and things you may have overlooked. Professional service industries, such as insurance, medicine, accounting, lawyers, software development, and architecture, benefit most from E&O Insurance. An E&O lawsuit can be expensive, so it is important to cover your business in the event an error is made.
Surety Bonds work as a form of insurance to the obligee, the recipient of the obligation. These bonds also help the principal, typically small contractors who are competing for contracts, by reassuring the potential customer that they will receive the contractual obligation. The surety financially secures consumers and government entities from malpractice and fraud. To comply with the rules and regulations of various government entities, California businesses are subject to more surety bond requirements than any other state. With over 50,000 varieties of bonds, it is important to know which bond applies to your business.
Inland Marine Insurance
Inland Marine Insurance can cover a range of items that move from location to location, which subjects them to more opportunities for loss, damage, or theft. Standard Property Insurance policies don’t cover these certain kinds of moveable property and other specialized items. Inland Marine policies can also cover rented, leased, and loaned equipment. Protect your business while shipping equipment, tools, and materials with this policy. Customize your policy to cover a wide variety of damaging events, or “perils.”
Builder’s Risk Insurance
Builder’s Risk Insurance protects your construction projects from unexpected accidents. Covering you from incidents such as fires, theft, vandalism, and earthquakes, this policy protects building materials, supplies, equipment involved, labor costs, and more. These types of policies typically range from 3 – 12 months, but may be extended until the project is completed. A new policy is needed when the project is completed.
Umbrella & Excess Insurance
Umbrella and Excess Insurance covers beyond your base policy. Liability claims can exhaust your underlying policy coverages through bodily injury, property damage, and lawsuits quickly. Excess Insurance allows for additional limits while an Umbrella policy broadens the coverage and covers claims exceeding the limits of the primary policy’s terms. These kinds of policies adds an extra layer of protection for your business.
Product Liability Insurance
Product Liability Insurance protects your business in the event a product that you sell is defective resulting in injuries, damages, and expensive legal costs. This type of policy is most useful to retailers, restaurant owners, distributors, and manufacturers. Accidents occur, even with your best efforts to have the best products and services, it is important to cover recalls or withdrawals that could be very costly. We can help you find the right product liability coverage that fits your business risks.
Landlord Policies and Homeowners Insurance may sound similar, but cover different liability portions. Landlord insurance helps cover the building and other structures on the property from lighting, hail. wind, fires, and over losses. Homeowners insurance covers the same, but to apply, you must be living in your home and renting a room to tenants. In short, landlord insurance provides liability coverages surrounding the rented premises while a homeowners policy typically covers you and relatives who live with you in the home. It is important to know which policy applies to your particular circumstance. We will work one on one with you to learn about your property investment endeavors and recommend the right coverage for you.