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Business Insurance Policy Definitions
We found a blog on the JVRC website that every California business owner should read. This blog includes detailed business insurance policy definitions
JVRC is your one stop shop for anythihg you may be wondering about businesss insurance and what that defines. If you own a business, Commercial General Liability Insurance is the first kind of coverage you should look for. The price of Insurance depends on whether you're a sole proprietor, head of a well-established company, or something in the middle.
Aquiring Errors and Omissions Insurance (commonly called E&O Insurance) can avoid small-business owners from lawsuits alleging that their professional advice caused injury or financial damage. E&O coverage is especially important for tech professionals, who often offer advice-based services and work with sensitive client data.
Umbrella Insurance coverage limits on broadens several of your existing business liability insurance policies. In most cases, buying a single Umbrella policy is more cost-effective than extending the limits on multiple policies individually. Typically sold in coverage units of $1 million, the cost of Umbrella Insurance can range significantly depending on the size of your business and the kind of work you do.
In much of the country, Workers' Compensation Insurance is mandatory for any business with employees. This coverage protects business owners against costs associated with workplace illness and injuries. The cost of Workers' Comp coverage depends on the number of employees a business has, tax classification.