If you own a business in Los Angeles or elsewhere in California, there are numerous legal issues you need to proactively address to ensure your business is not exposed to financial turmoil if an unexpected event or lawsuit arises. There are multiple forms of insurance coverage you could purchase for your business to protect certain aspects of your daily operations.
Here are some examples of the types of insurance policies that could benefit your business:
- Workers’ compensation insurance (required by law if you have employees)
- Business interruption insurance
- Property damage insurance
- Tenant coverage
- General Liability insurance
- Cybersecurity insurance
Benefits of Insurance Coverage
If you have a fledgling business and are bootstrapping the majority of your operating expenses, you may consider insurance a “luxury” or somehow optional and only to be considered at a later date. This is a big mistake. You need to ensure that your business is protected from the get-go. Insurance coverage helps minimize the financial risks assumed by your company and can shield your company from the ramifications of certain catastrophic events, including significant property damage or a workplace injury suffered by an employee. Further, there are some forms of insurance that are legally required, notably, workers’ compensation insurance.
Yes, workers’ compensation insurance is mandatory for all employers operating in California, even if your company only has one employee. The only exception is if the business is a sole proprietorship.
There is no doubt that effectively owning and operating a business in or around Los Angeles can be extremely complicated and rife with unexpected challenges and hurdles. This is why minimizing your risks through the attainment of sufficient insurance coverage is both the right and prudent decision for the long-term health and growth of your company. Having sufficient insurance coverage can ensure that a single emergency or unexpected setback does not cause irreparable harm to your business.
Need Help Determining What Insurance Policies Are Needed for Your Particular Business? Speak to an Experienced Business Lawyer in Los Angeles Today
If you are starting a new business or attempting to grow your business, the issue of proper insurance coverage is important to address sooner rather than later. That is why is makes sense to sit down with an experienced business lawyer in Los Angeles to discuss what steps to take in order to protect yourself and your company.
Afshin Hakim of Hakim Law Group, leading business attorney in Los Angeles, is ready to help. He possesses a unique combination of experience that enables him to effectively navigate the intersection of business and the law. For further information or to schedule an appointment please contact HLG at (310) 993-2203 or visit www.HakimLawGroup.com to learn more.
