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Express Financial & Insurance Services

3222 Santa Monica Blvd
Santa Monica, CA 90404

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Commercial Liability Insurance: What Your Small Business Needs to Know

If you own a business, it’s a good idea to obtain adequate liability insurance to protect your assets and pay for any obligations you might incur. Legal obligations can refer to everything from someone getting hurt on your property to an employee causing accidental injury to a customer. Liability insurance can also cover your legal defense and settlement if someone takes you to court and receives a judgment award.

There are two different types of insurance for your business: commercial insurance and employee insurance. In most states, commercial insurance is not required by law, while employee insurance is. Every state has different insurance laws, so it’s important to contact us to discuss the individual needs for your company.

Whether or not you need liability insurance depends on what type of company you own and where your business is located. If you own a company that deals with contracting or general moving, you will need to purchase more liability insurance than if you own a consulting firm. In some cases, if you begin working on a project, the client will require you to carry liability insurance before they will sign a contract.

You should also talk to your agent about liability amounts. Some states offer larger rewards for personal injury than others, so it’s a good idea to ensure you are covered according to the law in Santa Monica, CA.

If you opt to purchase liability insurance, your coverage amount will outline the maximum amount the policy covers. For example, a $250,000 policy will only award up to that amount. If you feel you need more insurance than your policy allows, speak to your agent at Express Financial & Insurance Services about excess insurance or umbrella insurance that can increase your coverage limits.