Enterprise Insurance Choices for Startups – Suggestions from Solvang Insurance Brokers – Benzinga – Benzinga

It is a fact that insurance is necessary to run a successful business. "Insurance is a smart practice because it protects the company and requires employee compensation and auto insurance," said Rick Torres of Solvang RW Torres Insurance Agency when announcing his recently released Business Insurance Options for Startups.

PASO ROBLES, Calif. (PRWEB) July 23, 2021

It is a fact that insurance is necessary to run a successful business. "Insurance is a smart practice because it protects the company and requires employee compensation and auto insurance," said Rick Torres of Solvang RW Torres Insurance Agency when announcing his recently released Business Insurance Options for Startups.

It's easy to put some decisions on hold during the excitement, cost, and stress of starting a new business, but insurance isn't one of those things to put off. The insurance protects the owner's business and personal assets, as well as the future of the owner's family. Even when starting a home-based business, things can happen that expose a business to financial liability. It is wise to start on the right foot and insurance is part of the first step.

While it's important to keep an eye on the bottom line at every stage of a company's growth, some of the seemingly innocuous shortcuts can open the door to problems later on. One of the most common ways the small business owner is shortening economic corners is with corporate auto insurance. The owner uses his personal vehicle for business a few times a week, as a special business vehicle is not yet required. "The small amount of money you can save if you do not use your personal vehicle for business purposes in advance puts you at risk of losing your auto insurance," said the Solvang insurance agent.

The insurance company can refuse to pay the damage if a private vehicle was involved in a business accident. In fact, the insurance company can cancel the entire policy, making it difficult to get affordable insurance coverage in the future.

In addition to securing private vehicles for business trips, such as deliveries of goods, trips to a business meeting, or picking up supplies, other types of business insurance include:

  • Professional and commercial liability to bridge legal disputes due to negligence or errors or omissions.
  • Insurance that protects the company from common causes of damage.
  • The disability insurance covers the income if an employee or partner is injured or ill.
  • Life insurance for owners, partners and other key employees to keep business operations going in the event of the death of key employees
  • Employee Compensation, which is mandatory in California, helps protect employees and employers from the costs of accidents at work.
  • Liability for employment practices helps protect a company from the legal costs arising from allegations of discrimination, wrongful termination, or sexual harassment.
  • "As soon as the company can afford to buy or lease a vehicle, take out corporate auto insurance," said the Solvang auto insurance agent.

One of the first things to do before starting a business is to sit down with your insurance agent and analyze the insurance needs from the start to the growth expectations in the business plan. Discussing the company's financial projections helps ensure the company is protected every step of the way. It is important to work with an agent who can ensure the company has the right insurance and the flexibility to meet any business need.

RW Torres Insurance Agency agents can ensure that the most flexible State Farm business and personal insurance coverage is provided for maximum protection.

Other insurance coverage can include group life insurance and group health insurance, as well as public liability insurance that protects against legal costs due to injury or property damage after a project has been completed.

Starting a business can be a huge risk and an economic challenge. One of the first things on the list is to sit down with your insurance agent and analyze your business, including the type of business, growth projections, and financial projections to make sure you are adequately protected every step of the way. It's important to work with an agent who can help you have the right insurance plans with the flexibility to scale with your business. Flexible insurance that can be easily scaled from the start-up to the various growth phases is cost-effective.

RW Torres Insurance Agency Inc.

540 Alisal Road, Suite 4

Solvang, CA 93463-2637

(805) 688-5418

The original version on PRWeb can be found at: https://www.prweb.com/releases/business_insurance_options_for_startups_tips_from_the_solvang_insurance_agent/prweb18086444.htm

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