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Types of Commercial Insurance in Folsom, CA

Business owners need to protect their companies with the right commercial insurance policies in Folsom, CA. There are many types of coverage available, and each one serves a specific purpose. T.D. McNeil Insurance Services offers you this guide in navigating commercial insurance.

Types of Commercial Insurance

Commercial Property Insurance

This type of coverage protects your company’s property from damage or theft. It can also help cover the costs of repairing or replacing your property if it’s damaged in a covered event. You’ll need to have a detailed inventory of your company’s property so your insurance provider can assess the coverage you need. A T.D. McNeil Insurance Services agent can help you create a property insurance policy that fits your needs.

Commercial Auto Insurance

If your company uses vehicles for business, you’ll need commercial auto insurance. This type of policy covers the costs of repairing or replacing damaged cars in a covered event. It can also help protect you from lawsuits if someone is injured in a car accident while driving your vehicle.

Commercial Liability Insurance

Commercial liability insurance is a must-have for any business. This type of policy covers you if someone is hurt or your company’s activities damage their property. It can also help cover the cost of litigation if you’re sued.

Product Liability Insurance

If you sell products, you’ll need product liability insurance. This policy type offers coverage for the costs of lawsuits if the products injure a customer. Review your product liability insurance policy to make sure you’re fully protected against potential lawsuits.

Errors and Omissions Insurance

This type of policy protects your business if you make a mistake that costs your customer money. For example, if you give them the wrong advice or provide them with faulty products, this policy can help cover the costs of the resulting lawsuit.

If you’re looking for commercial insurance, contact the experts at T.D. McNeil Insurance Services in Folsom, CA.

What commercial insurance is required in California

California is a beautiful state and many businesses have chosen to call it home. Like all states, some types of commercial insurance are required by most businesses. Having an independent insurance agent who helps you to make sure your business is in compliance is important for keeping your business free from fines and legal issues. At T.D. McNeil Insurance Services in Folsom, CA we focus on our customers. We believe in providing personal service. Our customer’s needs come first, and we will make sure you have the coverage that is mandated and what you actually need. 

In California, two types of business insurance are required commercial auto insurance and workers’ compensation.

Commercial auto insurance

If your business owns any vehicles you need to cover them with commercial auto insurance. In California, the required liability coverage is 15/30/5. You must have $15,000 for one person who gets hurt in an accident with a total per accident of $30,000. The property damage amount is $5,000 which is painfully low. 

Workers’ Compensation

California requires employers to cover their workers with workers’ compensation insurance. Even if your business only has one employee and even if your main office is not in the state, if you have people working in California, they must be covered. 

It is good to be in compliance with the law and have the required coverages, but there are other types of commercial insurance that most businesses should have to be protected. 

  • Commercial building insurance protects a lot more than just the building your business occupies. It is something that even a renter should have. It protects your machinery, inventory, raw materials, records, and office equipment.
  • Commercial liability insurance protects your assets from legal actions. Businesses are particularly vulnerable to being sued, and you really need this protection.   

If you have commercial insurance questions or needs, contact T.D. McNeil Insurance Service in Folsom, CA.

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