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| What is not included in my Commercial Insurance Policy? |
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Once you organize your commercial insurance for your business or commercial enterprise, it’s easy to tick it off your list and forget about it – but don’t do it too quickly. Check the fine print first. The last thing you need when you experience a loss is to discover that there was an exclusion you were unaware of and you are going to have to cover the costs yourself.
The best thing you can do is ask as many questions as possible of your insurance agent right at the beginning, when you are putting your insurance policy together. You need to assess your risks as accurately as possible because they are what determine whether or not you may need special cover that isn’t included in a basic policy.
Some things that aren’t part of a basic business or commercial policy include:
- Worker’s compensation – this is a separate policy
- Damages due to natural disasters – wild fires, earthquakes, floods, hurricanes, may not be covered.
- Vehicle insurance – your private auto insurance isn’t adequate; you’ll need a commercial auto policy
- Key person insurance – this can protect you financially in the event that someone your business can’t do without passes away.
- Equipment breakdown insurance – in case of loss of productivity due to machinery faults that halt your production
There may be other things to consider for your particular type of business. The important thing is to be aware that commercial insurance in California may not cover all the aspects of your business.
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