Commercial insurance is a type of coverage designed to protect businesses, their owners, and their employees from potential losses through theft, liability, property damage, interruption of business, injured employees, or other unforeseen circumstances.
If you are starting a business, commercial insurance in San Pedro is required, so here’s what you need to know.
Types of Commercial Insurance in San Pedro
Many types of commercial insurance in San Pedro include the following basic coverages, and are considered essential to most businesses:
General, Product, and Professional Liability
The same as any insurance policy, the basics don’t cover every circumstance that you may find yourself in. Other types of commercial insurance that can be added to a policy include:
Of course, certain types of businesses carry more or different risks than others. A construction company deals with different insurance concerns than an accounting firm. Depending on your specific business and industry, you may want to consider the following commercial insurance products:
Builders Risk Insurance
Directors & Officers Insurance
Group Health, Dental, and Vision Insurance
Group Life Insurance
Inland Marine Insurance
Loss Control Programs
The Cost of Commercial Insurance in San Pedro
As far as the cost goes for commercial insurance, the following seven factors determine how much coverage is needed and how much you will pay:
Years in business
Gross annual revenue
Number of employees
Whether your business owns, leases, or rents its property
Whether your business owns or rents vehicles
These factors help an insurance agent know precisely what needs to be covered and what compensation would look like in the case that a claim is made.
Contact an Independent Insurance Agent
To get the proper commercial insurance in San Pedro, you need to do the research required to ensure you get the proper coverage at a fair price. Often, it’s best to consult with an independent insurance agent for a customized policy that accounts for your specific business’ needs.