If you have a Retail or Store front Business You Need Business Insurance ~ AKA Commercial General Liability
Unfortunately this little Restaurant had a fire start inside around 2AM in the morning when no one was around. The restaurant is in a small strip mall. A Coffee shop that was open 24 hours across the street had a customer who saw the fire and alter the LAFD and all was saved around the restaurant and some things inside. Plus, the restaurant was covered with Business Insurance and Income Replacement.
When you are working with the Public, it's your Life Savings, and you Income – you need Business Coverage. If you have Business Insurance – then you need to requote your Premium annually. Look —- Insurance Agents are lazy to not say most people are who keep receiving a check without having to do anything after the initial set up.
The average policy is approximately $1,000. I have seen some as low as $300 and I am sure if something did happen you would have barely any coverage, plus not income replacement coverage. Depending on the type of business some Insurance Companies figure the policy dollar amount by sales and others by your payroll. If you are underinsured and have a fire your neighboring business could go after you for being under insured. If you are underinsured and in a strip mall your Landlord's Insurance will more than likely have to come up with the extra Insurance Coverage. Business Insurance also covers, theft, someone tripping, or getting hurt in your place of business.
I would say almost every Company I have sold Business – Commercial General Liability Insurance has had to use the Insurance and it more than paid for the policy.
If you need to re-evaluate your Business CGL Policy or would like a quote please contact me. We can only help with quotes in California.
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