What Types of Commercial Insurance Does California Require?

Commercial insurance protects a business against several types of losses. Since each business is unique, the risk factors that the business will potentially face will vary. Commercial insurance in Glendale, CA is divided into two different categories. Property insurance protects a business against losses and damages to property, while casualty insurance protects against liability claims. Meeting with an insurance agency such as Voi Insurance Solutions, LLC can help determine what types of coverages are best for each unique situation. The agency can also review minimum coverage requirements that the state of California determines. 

Casualty Insurance

Businesses that operate in Glendale, CA, may not be required to carry general commercial liability insurance from the state. However, your business can still be held accountable for liability claims due to accidents on the property or other hazards that might occur. Other forms of casualty insurance can cover claims related to fleet or commercial vehicles and workers’ compensation. Commercial umbrella insurance also falls under the casualty category, as it can help supplement policy limits or take the place of a basic liability policy. 

Property Insurance

Commercial property insurance can help cover losses and damages to buildings and business personal property. There are also policies related to coverage for boilers and machinery, boating and marine transportation, and crime. Building coverage is set to cover the estimated value of the building structure itself along with permanent equipment, fixtures, and machinery that would need to be replaced in the event of a total loss. Most businesses in California need to be prepared to cover the full value of the building and its permanent equipment, fixtures, and machinery. 

Interested in learning more about commercial insurance policies for your business? Contact an agent at Voi Insurance Solutions, LLC today!