One of the most common things small business owners have misconceptions about is their business insurance needs. Some business owners are overly cautions and secure every coverage imaginable to protect against what they perceive to be their greatest risk exposures, while more commonly others choose to forgo vital coverage options out of financial necessity, misconceptions, misinformation or other factors. The first misconception is that small businesses don’t really need much insurance.
This is completely false. The truth is, a strong Lake Tahoe business insurance portfolio is one of the most important financial precautions any business can make to protect themselves, their workers, and their whole operation from property and liability losses. A business or their employees don’t actually have to make a mistake for their operation to face legal complications. Luckily the right insurance policy will cover the cost to defend your business reputation.
As such, the real question is what policies are appropriate for your operation and how much coverage do you need?
No two businesses have the same insurance needs, however there are a number of basic policies no business can afford to be without. These include:
- Commercial Property which protects your operation’s physical assets and properties from losses due to damage, theft, vandalism, natural forces and other events.
- Commercial Liability which helps cover the cost of a third party lawsuit against your operation for injury, property damage or other losses cause by your business or employees. However these policies are limited in scope.
- Worker’s Compensation is required for most businesses with employees by state and federal law.
- Product Liability is designed for businesses that partake in manufacturing, distributing and selling products. This insurance protects against financial loss as a result of a product defect that can cause injury or losses on the part of consumers.
- Professional Liability will protect professionals in the event of allegations of breach of contract, professional errors or omissions, and other failures to preform services.
These are just some of the most essential pieces of any Lake Tahoe business insurance portfolio, however there are countless more nuanced policies available to meet the specific and niche needs of your operation. At Cal-Nevada Insurance Agency, we go beyond product sales, applying our years of professional experience to your loss-control needs. We offer risk management services and programs that help you protect your business, prevent loss and secure the best premiums available. To learn more about our operation and all our business solutions, contact us today at (866) 670-5948.