For those who are starting a business you should factor in the cost of insurance. Aside from the cost of the insurance the coverage should be examined. Business Insurance is not like auto insurance. It could contain up to 50 different coverages such as loss of income or loss of property. There are always exclusions and coverage sublimits for certain business types.
If you are entering in a a commercial lease the landlord requires several types of commercial insurance. The policies that they may require are General Liability, Workers Compensation and Commercial Auto Insurance. Before you purchase these policies make sure to negotiate with the landlord before entering into a lease. If you will be the only person working in your office, you will not need workers compensation.
As the broker/owner of Calco Commercial Insurance I will be happy to review a lease for anyone on this forum contract at no cost.
Business.gov is an excellent knowledge base for start up businesses.
Welcome to the Business.gov Community, Sarkis!
I am sure that your business insurance knowledge will provide a great resource to other community members - thank you for volunteering your expertise!
Please also let us know how we might improve Business.gov to better serve small businesses. What can we add to the Business Insurance page?
Please also share your ideason what you would like to discuss in this community.
Regards,
Erin
Message Edited by erinirving on 03-03-2009 02:48 PM
We can create forums on different types of Commercial Insurance. As a commercial insurance broker the major issue facing independent contractors/small business owners are insurance requirements. Everyday we see a long list of unnecessary insurance requirements from contract providers.
For example: a client who makes candles and wants to sell them at a local farmers market may be required to carry a $5,000,000 liability policy. This makes no sense. If the clients gross sales are about $10,000 per year, but the cost of the policy is $5,000+. The underwriter at the insurance company will not offer those high limits.
The process is similar to that when qualifying for a home loan. Your senario just has to make sense.
If anyone has any questions regarding Business Insurance, http://www.calcocommercialinsurance.com/prod_professional_liability.php or Property Insurance I will be happy to answer them. Our website offers a live chat feature, email or you can call me.
I look forward to hearing from anyone out there!
Sarkis Kaladzhyan
Commercial Broker
CA Department of Insurance License #0C84309
(877) 225-2699 Ext.119
sarkis@calcocommercialinsurance.com
www.calcocommercialinsurance.com
Message Edited by erinirving on 02-20-2009 03:50 PM
erinwhaley | Contributor | 2/19/2009 - 7:45 pm
Calco | Performer | 2/20/2009 - 12:09 am
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