Are you thinking about your small business insurance police because the renewal is soon? Are you thinking about starting a small business? Are you looking for the best small business insurance and wondering, “Do I need business insurance?” You may have heard of “business insurance”, “commercial insurance”, “liability insurance”. These names practically refer to the same umbrella of insurance lines that exist to protect your business, your property, your employees, and you.
Yes, if you’re in business, you probably need some form of business insurance.
Business insurance—commercial insurance—comes in many types. We like to think of these lines as the foundations of your insurance program: general liability, worker's compensation, professional liability, and commercial auto.
What is Commercial Insurance?
If you are leasing space as a commercial storefront, office, or warehouse, the owner of the property will want you to have Commercial Business Insurance. If your business does not have that type of Commercial General Liability Insurance, any lawsuits brought against your business may affect the property owner’s insurance. There are other entities in your business's sphere that may require you to purchase insurance (like your bank, your investors, a supplier, or a retailer). While there are several specific reasons you may need business insurance, it is genuinely a good type of insurance to want. Many of our current clients believe business insurance is just another good business practice. You can visit our page describing Commercial General Liability Insurance to learn more about this particular kind of business insurance.
How much does Commercial Insurance cost?
The cost of business insurance generally depends on your area. Golden Benchmark Insurance Services typically advises companies located in or around the San Francisco Bay Area, concentrated in the Fremont area of the East Bay. We generally advise clients on the costs of business insurance within our geographic region. Apart from geography, the kind of business you run influences the cost of your insurance. Insurance companies take great effort in determining the rates for your particular kind of business. In part, the rates you pay reflect the actions of the entire pool of insureds within your industry. If there were a sudden uptick in claims among floral shops, due to some scifi-esque creation of a man-eating hydrangea breed, then the insurance companies would likely raise rates on floral shops in general to offset the risk they take. While we hope something like the "Little Shop of Horrors" stays fiction, the reality is insurance adapts to the changing and often unpredictable conditions of the business world. Regardless of your industry, you want to work with a broker who understands the fluctuations in the insurance market in order to ensure you find the best price for the best coverage according to your needs.
What kind of insurance policy should I buy?
Business insurance differs from personal lines, like auto and home insurance, in the stakes involved and in the intricacy of the policies. While much can be done researching on the internet, the services of a good broker are paramount to the creation of air-tight policies. Golden Benchmark practices a broker's philosophy based on our values as a company. We only insure using the most reputable companies. We only recommend insurances our clients need.
We personally recommend you give us a call, send us an email, or throw a brick through our window (don't?). Let us know what your needs are.