For those building a business, there is a lot to think about, and insurance, unfortunately, is the thing some business owners do not think about. However, if something catastrophic should happen, insurance can be the difference between keeping a business afloat or shutting down. This blog has analyzed general liability and commercial property insurance, but those are not the only options available to business owners. These additional options include boiler and machinery, casualty, crime inland marine, commercial automobile and commercial umbrella. Though, for this post, we will focus on California casualty, commercial automobile and umbrella insurance.
Business casualty insurance
This type of insurance is negligence insurance that covers negligence by employees and the entity itself, which results in property damage or injuries. This is a broad term that can refer to any type of casualty/negligence insurance, like automobile, general liability, umbrella and even workers compensation. Depending on one’s industry, there are likely laws that mandate minimum insurance levels, but one should consult with their attorney to determine what levels make sense.
Commercial automobile insurance
This type of insurance, also known as a business auto policy, is, essentially, the business equivalent of our personal car insurance, except it covers business vehicles. But, the business version coverages are usually higher, and they can be complex, depending on the needs of a business. And, these coverages can be custom tailored for each vehicle, and whether the vehicle is light, medium, heavy or extra heavy weight. It can also vary by the type of vehicle, like private passenger, service or commercial. Another difference between personal and business automobile insurance is that the bodily and property limits are combined for business policies with totals generally from $500,000 to $1,000,000.
Commercial umbrella insurance
An umbrella policy is like insurance for insurance because it kicks in if a claim is higher than one of the San Diego, California, business’s policy limits. Commercial umbrella insurance policies protect businesses and their owners from excessive judgments. Plus, it could cover in instances where another policy does not cover or where there are gaps in basic liability policies.