What Every Small Business Owner Should Know about Insurance
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Essential Things about Insurance Small Business Owners Need to Know

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What Every Small Business Owner Should Know About Insurance in San Diego, CA

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Having the proper insurance policy for your business could mean the difference between success and failure in the coming years. In addition to being a legal requirement in many situations, business insurance is also going to protect your assets and employees in the event of accidents or injuries. Those are just a few of the reasons all small business owners should spend some time researching how business insurance works and what types of coverage they’re going to need.

Understanding Legal Requirements

In the vast majority of states, business owners will need to acquire a few different types of insurance. When you hire employees, workers’ compensation insurance will most likely be required by law, and failing to have that type of coverage is going to result in severe fines and penalties. Some of the other types of insurance you might need include commercial auto coverage and professional liability insurance. 

A Look at Basic Policies

Well before you make your first sale or acquire your first client, you should have a basic insurance policy in place. Even if you work from home and have very few assets, this type of coverage is going to be invaluable if an accident occurs, your property is stolen, or you run into any legal disputes. To simplify this process, many new entrepreneurs opt for a business owner’s policy. Also known as a BOP, this type of policy combines business property and liability insurance into a single product. It’s a great option for small business owners who want robust coverage at an affordable price. 

Upgrading Your Policy

A basic policy is a great start, but you’ll need to consider upgrading that policy as your business continues to grow or if you’re working in a unique field. Every business owner has slightly different needs, which is why it’s so important to meet with an experienced and reputable agent who can help you expand your coverage as you run into new risks. At least once or twice a year, consider contacting your provider to see if any changes need to be made to your policy.

How to Save on Business Insurance

While business insurance might seem like another major expense that’s eating into your profits, it’s a vital product that should never be avoided. That being said, there are a few steps you can take to keep your premiums at a reasonable level. In many cases, a package policy is going to be the most affordable option, and that will allow you to combine all of your coverage into a single expense. It’s also important to maintain a safe and secure workplace if you don’t want an accident to impact your premiums and deductibles.

Small business owners need to make sure they protect their companies and employees by purchasing the right insurance coverage. For affordable, reliable commercial insurance as well as homeowners, renters, motorcycle, and car insurance, San Diego residents call on the trustworthy professionals at Altra Insurance Services. Reach out to us today at (800) 719-9972 to learn how we can satisfy all your insurance needs.

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