Los Angeles is a tech-savvy melting pot that's attractive to small businesses. Protect your small LA business with these common insurance products.
A commercial general liability policy pays for legal costs from customer accidents, along with defamation and copyright infringement claims. Commercial leases in LA often require this coverage.
A professional liability policy covers legal costs related to claims of negligence, such as advice that caused a client to lose money. It's sometimes called errors and omissions insurance (E&O).
Cyber insurance helps small businesses in LA recover after a data breach or a cyberattack. Every business that handles credit card numbers or other sensitive data should have this coverage.
A business owner's policy, or BOP, is an affordable way to buy general liability and commercial property insurance together. It's recommended for all small, low-risk businesses in Los Angeles.
Workers' comp is required for all California businesses that have employees. It also covers work-related injuries for sole proprietors, which health insurance may deny.
All vehicles owned by Los Angeles businesses must be covered by commercial auto insurance. This policy primarily covers injuries and property damage caused by your vehicle.
E&O insurance protects consultants and professional services against legal defense costs from dissatisfied clients. It's also called professional liability insurance.
This policy covers physical damage to an LA business's building and its contents, including any computers and equipment. You can bundle it with general liability insurance in a BOP.
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
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State laws often determine the type of coverage you need. These policies help you comply with Los Angeles business insurance requirements.
California's workers' compensation law requires this type of insurance for all businesses that have employees, whether they work full time or part time.
Workers' comp pays for medical expenses when one of your employees is injured on the job or develops an occupational illness. It also provides disability benefits for injured Los Angeles workers.
California state law requires commercial auto insurance for all vehicles used solely for work purposes. This insurance policy covers medical payments, legal costs, and property damage from accidents involving your business vehicle.
Los Angeles businesses must meet the state's requirements for auto liability coverage, which are:
This amount of coverage is the least you need. It's worth considering higher limits, given the potential cost of a lawsuit. Trucking companies also may need more coverage to comply with regulations.
If you drive a personal, rented, or leased vehicle for business purposes, you may want to consider hired and non-owned auto insurance (HNOA) instead.
Review answers to frequently asked questions about LA business insurance.
Sometimes you need to get insured quickly to sign an agreement, such as a contract with a Hollywood studio or other client. With Insureon, you can get same-day insurance in three easy steps:
Our licensed insurance agents will help you get coverage for your small LA business that matches your risks and your budget. Most businesses can get their certificate of insurance within a few hours of applying for quotes.
Your business could be held responsible for a data breach, which is why cyber liability insurance is so important. Small businesses are a common target of cyberattacks, since they often have fewer security measures in place.
California's data breach laws require Los Angeles businesses to notify any residents whose personal information is exposed in a data breach. Your business could also end up paying for a data breach investigation, a PR campaign, and other costs related to a breach or cyberattack.
Cyber insurance covers these costs and provides resources so you can get back to business fast.
Yes, the city of Los Angeles may require you to buy business insurance or bonds, depending on your profession. You may also need a business license or permit to operate in LA or do certain types of work.
Here are a few examples of businesses with special requirements:
With more than a million sole proprietors, Los Angeles County is the nation's largest small business economy. However, the region's rich diversity is not well represented, with only a small percentage of Latinx and Black residents owning small businesses. Fortunately, there's support to help you get started:
Keep in mind that many lenders will require you to first obtain business insurance coverage, which is yet another reason to insure your investment.
Small business owners can save money on insurance by comparing quotes from different insurance companies. With Insureon, you can get free quotes from top-rated providers by filling out one easy application.
There are a few other ways to save, such as:
Learn more about how to find cheap business insurance.