Business Insurance Assistance

CPA Firm Los Angeles » Business Insurance Assistance

Any business can encounter unexpected expenses that they’re not prepared to pay for. Events such as natural disasters, theft, human error, lawsuits: all can saddle businesses with liabilities that are financially burdensome and may even threaten to shutter your doors.

That’s what business insurance is for. There are many different types of insurance to protect against various kinds of threats. A professional accountant such as Elias Aziz-Lavi CPA can help you find the insurance plans that are right for your business.

Types of Business Insurance

The six most common types of business insurance are:
  • General liability insurance: This is the broadest type of coverage, protecting against financial loss resulting from property damage, medical expenses, bodily injury, lawsuits, and more depending on the plan.
  • Product liability insurance: This is best for businesses that manufacture or sell a product, protecting against loss resulting from a defective product that causes damage or injury.
  • Professional liability insurance: This coverage is suited for businesses that provide a professional service (ie. doctors, consultants), protecting against loss resulting from malpractice, error, or negligence.
  • Commercial property insurance: This coverage protects businesses with significant amounts of property or physical assets in case of natural disasters, vandalism, and theft.
  • Home-based business insurance: Meant for business owners that run their business out of their home. This is typically added to homeowner’s insurance as a rider that protects business-related assets.
  • Business owner’s policy: The above types of insurance can be combined into one package that simplifies the buying process and saves money.

Every business has a different combination of insurance needs, depending on what you sell, what services you provide, what physical assets you own, and the degree to which normal business activity puts employees or customers at risk of bodily harm.

In general, a business should consider insurance that covers against any risk that you wouldn’t be able to pay for without help. Begin by assessing your risks, and then shop around for the best policies and deals.

Elias Aziz-Lavi CPA can assist you with this process, finding policies that work for your business, guiding you through application processes, and assessing how the cost of insurance fits into your overall financial plan. Contact us for business insurance assistance in the Los Angeles metro area.