If you’re interested in opening a new business, one of the decisions you’ll need to make is what kind of business entity you plan to open. Entity type affects taxes and liability, as well as State and Federal obligations. At Biddle-Shaw Insurance Services Inc. in San Francisco, CA, California residents can find experts in commercial insurance who can help clarify any questions you may have about how your entity type will impact your commercial insurance needs.
Types of Entities
Some common types of entities include corporations, sole proprietorships, limited liability corporations, and general partnerships.
A corporation is a group of people responsible for managing a company on behalf of the owners. Taxes can be charged to the corporation and the shareholders.
A sole proprietorship allows one person to own and run a business. That person is responsible for the company and is entitled to all the profits. They must pay all the taxes placed on the industry.
Limited Liability Corporation
A limited liability corporation has a structure similar to a corporation, but it’s taxed differently. One or more people can manage an LLC. Those who manage this type of company must file documents with the Secretary of State describing an operating agreement for the roles and responsibilities of each manager. A copy of that document must be kept by the manager(s.)
A general partnership is a partnership between two or more people. All the partners share liabilities and profits. Business profits are considered personal income. A partnership agreement must be filed with the Secretary of State.
Your Choice for Commercial Insurance
Choosing your business entity type is part of the many business decisions you’ll make when opening your company. For any questions about entity type or commercial insurance, San Francisco, CA residents can put their trust in Biddle-Shaw Insurance Services Inc. Since 1938, we at Biddle-Shaw have made it a priority to establish professional relationships with our clients. Call today for an appointment with one of our commercial insurance agents.
Are you renting for the first time?
While moving into your first rental can feel overwhelming, this checklist from Biddle-Shaw Insurance Services Inc. in San Francisco, CA makes it easy to ensure you’ve covered your bases. Remember that this checklist assumes you’ve already selected a property and signed a lease.
- Take an inventory of your personal belongings. As you’re packing, take an inventory of your personal belongings. It doesn’t have to be fancy; you can use a notebook or list your belongings out in a spreadsheet. Include model numbers and serial numbers when applicable. If possible, take photos of the items and the receipts if still available, and store them in the same place as the inventory. This will be helpful if you ever lose items due to theft or natural disasters.
- Complete a walk-through and move-in checklist. Before moving in, meet with your new property owner and complete a walk-through of the property. During this walk-through, carefully examine the unit and make note of any existing damage outside of normal wear and tear, like stains on the carpet, damaged sheetrock, doors that don’t fully close or lock, and broken or dented trim. Documenting any damage that exists at move-in protects you from being held liable for those damages when you move out.
- Secure renters insurance. While there is a common misconception that only homeowners need insurance, renters often have valuable personal belongings that are at risk of being lost, stolen, or damaged in a natural disaster, like electronics, jewelry, and more. Renters insurance can help you protect your valuables.
To start, visit Biddle-Shaw Insurance Services Inc. in San Fransisco, CA today. We’re experts in helping renters protect their personal belongings.
Many renters are under the incorrect assumption that if their residence catches on fire, their landlord’s property insurance will cover their personal belongings, and that is not true. A property owner’s insurance will only cover the structure tenants’ rent from the property owner if a disaster occurs. The agents at Biddle-Shaw Insurance Services Inc., serving the San Francisco, CA area are stressing the importance of renters insurance for tenants across California.
What Does Renters Insurance Cover?
Renters insurance will cover the value of tenants’ personal belongings, including appliances, furniture, electronics, clothing, and other valuable items that they purchased for the house or apartment that they rent if they are damaged or destroyed by a theft incident, a natural disaster, a fire, or even vandalism. This coverage is essential because you never know when a tragic event will occur, and trying to replace everything at once can be financially next to impossible for most people today.
Renters’ insurance also offers a certain level of liability protection. This will be useful if a visitor to your house or apartment is injured in a fall or some other type of accident. They can hold you legally responsible if an accident occurs inside your dwelling. This can help protect you against potential lawsuits and will help cover the medical expenses or property damage for the person affected.
Contact Biddle-Shaw Insurance Services Inc.
To create the best renters insurance policy for you and your family, contact the experienced and trustworthy agents at Biddle-Shaw Insurance Services Inc., serving the San Francisco, CA area today, and get your policy started!
As a business owner, you likely have assets that you want to protect. Many of these assets may be difficult to replace or cover out of pocket. Commercial insurance provides various benefits for business owners, regardless of how big or small their business is. These benefits can provide both financial and legal coverage for many areas of your business that would be difficult to cover out of pocket. Our Biddle-Shaw Insurance Services Inc. team is focused on providing education regarding commercial insurance for our San Francisco, CA business owners.
What are the Benefits of Commercial Insurance?
Commercial or business insurance has many benefits. It provides protection from many common pitfalls that business owners may encounter. From natural disasters to employee protection and business insurance, this insurance provides coverage for a wide variety of situations that would be difficult for many business owners to cover on their own. Commercial insurance also provides protection from lawsuits and coverage for contracts and other related situations. For example, commercial insurance provides coverage for liability, loss, property damage, theft, and injuries. Commercial insurance can be the difference between your business going under or remaining afloat due to the helpful coverage provided.
Is commercial insurance beneficial if I don’t have any employees and I work from home?
Yes. Commercial insurance has benefits for any business owner, regardless of the number of employees they have. If you are your business’s sole employee and owner, you still have assets to protect. If you sell products or services, you can benefit from liability coverage. If you drive a car for business and have a wreck, commercial auto insurance is beneficial by providing coverage for accidents that have higher coverage limits than personal auto insurance typically. Commercial insurance provides options to meet the needs of business owners. If you have more questions regarding commercial insurance, call us. We’re standing by.
California Commercial Insurance Basics
Owning a business comes with a long list of responsibilities, including one new business owners often forget: securing the proper insurance coverage.
In California, several types of commercial insurance policies are available for business owners.
Talk to the experts at Biddle-Shaw Insurance Services in San Francisco, CA, to learn about the best commercial insurance policies to help small business owners protect their businesses!
Five Things You Need To Know About Commercial Insurance in California
#1. The type and amount of commercial insurance coverage you need will depend on the specific needs of your business.
Find the best commercial insurance coverage for your needs by talking to a licensed and experienced insurance agent about your goals.
#2. Commercial auto insurance is required if you own or operate a vehicle for business purposes.
California business owners who use a vehicle for day-to-day business operations (including deliveries) must be covered by the proper commercial insurance policy or have auto insurance.
#3. Employer’s liability insurance may be required for any businesses with employees in California.
Commercial insurance policies with liability coverage can help protect your business from financial loss or lawsuits if an employee is injured.
#4. If you lease or rent commercial property, you will need to carry commercial property insurance.
A commercial insurance policy can protect your business belongings and office equipment in the event of damage, theft, and unexpected financial loss.
#5. Product liability insurance is vital for any business that manufactures, sells, or distributes products to consumers.
This commercial coverage protects your business against claims arising from injuries or damages caused by a defective product.
Contact Biddle-Shaw Insurance Services Inc. for a free San Fransico, CA quote!
Every business owner has a story of where they started and are heading. Unfortunately, in all this planning, a disaster can strike and cause a standstill to the smooth progress of your business. As a business owner, you should protect the things that bring success to your business by mitigating unforeseen disasters through commercial insurance. It’s, therefore, paramount to understand the significance of commercial insurance in your risk mitigation strategy.
Tons of commercial insurance policies exist. Finding the ones that suit your business can be challenging. However, Biddle-Shaw Insurance Services Inc. narrows down to must-have business insurance policies for your business.
- General liability: Unexpected injuries or damage can occur on your premises while running a business. If the accidents result in bodily injuries or damage to a third party, the insurance takes care of the expenses. Additionally, liability coverage covers the legal fees if the injuries result from negligence and the business gets sued.
- Workers’ compensation: California requires every employer to have employee compensation insurance, even if it’s one employee. If an employee gets injured in the workplace, the policy covers medical or related legal costs if you get sued. The policy also compensates for lost wages if the employee cannot work anymore due to injury or sickness.
- Property insurance: You could suffer a substantial loss if a disaster strikes and destroys your business building and the items inside. Property insurance pays for the loss of your business assets, reducing your financial burden.
- Product liability insurance: Product liability insurance is a must-have if your business sells or manufactures products. It protects your business in case of harm caused by your product.
Commercial insurance in San Francisco, CA
Only in a perfect world will commercial insurance not be required. As a responsible business owner, you need to plan ahead of time in case of an unfortunate event. Commercial insurance gives you peace of mind as you focus on your company’s goals. If you live in San Francisco, CA, and want to insure your business, look no further than Biddle-Shaw Insurance Services Inc. for all your commercial insurance needs.
Biddle-Shaw Insurance Services Inc. understands the challenges of living in San Francisco, CA and the surrounding area. If you live in the area, choosing a comprehensive renter’s policy often makes sense. Our team is here to help you find the right policy for your needs. Call or stop by the office today.
Benefits of a comprehensive renter’s policy
While a basic policy is better than no insurance, a comprehensive renter’s insurance policy is often the right way. There are many benefits to carrying out such a policy, as they typically provide a wider range of coverage and offer policies with higher limits.
With a comprehensive policy, you can often have protection for higher-priced items like personal electronics. If you are in a work from home situation, your employer may require a certain level of coverage, especially if you have company-owned devices in your home.
Comprehensive policies also often come with more robust liability protection. This is important coverage for anyone who has others working in their home or who entertains regularly. If someone is injured in your home, you will have protection to shield you from liability. Please find out more about the comprehensive renter insurance policies currently available in our area.
Let us help you with all of your insurance needs.
Renters in the greater San Francisco, CA area can turn to the Biddle-Shaw Insurance Services Inc. team for all of their insurance needs. A comprehensive renter’s policy is an effective way to protect your home and your belongings. Give us a call or stop by our office today.
We look forward to working with you!
Do you rent your home or apartment in San Francisco, CA? If yes, you need renters insurance.
1. Your Landlord’s Insurance Doesn’t Cover You
Most people renting residential property usually dismiss the idea of getting renter’s insurance because they believe their landlord’s insurance covers them. This isn’t correct, as your landlord’s policy only covers your landlord’s property and liability, not his tenants. You need your own renters’ insurance.
2. Protection for Your Personal Belongings
A renters insurance will cover your personal belongings in case of theft, fire, or loss to natural disasters. This includes personal property like furniture, art, electronics, appliances, jewelry, and beddings. Ensure that you take an accurate inventory of your personal belongings when purchasing your renters’ insurance. At Biddle-Shaw Insurance Services Inc., we advise you to update your personal belongings’ inventory with your insurer whenever you make a big purchase.
3. You Get Your Own Liability Coverage
Purchasing a renters insurance means that you get your own liability coverage if someone gets injured in your home. The insurance policy will cover liability resulting from an accident such as your visitor tripping and falling or injury from a pet. The renter’s insurance will protect your savings, income, and assets from being used to settle a liability for injuries to other people inside your rented home.
4. Coverage for Additional Living Expenses
Once in a while, your landlord will need to do massive renovations on the property you are renting, and this means you will have to find somewhere else to live, for the time being, like a hotel. The cost of living in the hotel will likely exceed your typical monthly rent, and you will need to pay for storage space for your personal belongings. Renters’ insurance will take care of these additional living expenses.
Do you need top-class renters insurance in San Francisco, CA? Call Biddle-Shaw Insurance Services Inc. today.
If you own a small business in California, you’ll want to stay informed on any changes in state law regarding insurance requirements. Currently, California mandates that businesses have two types of insurance at all times – workers’ compensation and commercial auto insurance. The first type, workers’ compensation insurance, is required for businesses with any employees and helps pay for the medical bills and lost wages associated with a workplace injury or illness. The second type, commercial auto insurance, is needed for any business-owned vehicle. Additionally, if employees use personal vehicles for work, it is highly recommended that hired and non-owned policies be purchased because most personal auto policies exclude business use.
While none of the following insurance is required for your business, they are highly recommended as they provide additional coverage should an incident requiring insurance occur.
- Cyber Liability Insurance: If your business suffers a cyber-attack, this insurance can be used to cover the cost of notifying impacted customers, regulatory fines, extortion payments, and legal fees.
- Professional Liability Insurance: Covers the legal costs associated with a breach of contract, negligence, and other similar claims made by a customer.
- Crime Insurance: If your business is the victim of a theft or robbery, this coverage can help you recover from these losses.
- Business Income Insurance: Should your business be forced to close, this coverage contributes to paying rent and other bills.
- Commercial Umbrella Insurance: Provides excess liability coverage beyond your existing policy limits.
Call Biddle-Shaw Insurance Services Inc. in San Francisco, CA for more information on insuring your business. Our friendly and knowledgeable team of insurance professionals are happy to answer all your questions and can help customize a commercial insurance policy that best protects your business.
Cyber liability insurance protects businesses of all sizes from financial losses incurred by cyber threat actors, including theft, hacking, ransomware, denial of service, and data breaches. Cyber liability insurance is a must if you store sensitive information in the cloud or on a computer, such as social security numbers, health data, or bank account data. While it may be easy to think that small businesses aren’t going to be the target of cyberattacks, criminals seek opportunities. The reality is that the smaller the business, the more vulnerabilities that exist because many companies do not have the money to invest in robust cyber security defense technology.
With the number of cyberattacks on the rise, having cyber liability insurance can be the difference between surviving or closing your business after an incident. Generally, most cyber liability insurance policies cover the following:
- Cost of notifying impacted customers
- Legal fees and expenses
- Regulatory fines
- Costs incurred during the recovery of the compromised data
- Ransom extortion payments.
In addition to having cyber liability insurance, there are several low-cost steps a business can take to prepare for a cyber attack. Start by having a cyber attack response plan that outlines when customers will be notified and what teams will assist. Additionally, utilize data encryption technology and require robust security training for all employees that discuss their responsibility in preventing an attack.
To learn more about cyber liability insurance and how it can help your business, give Biddle-Shaw Insurance Services Inc. in San Francisco, CA a call to learn more. We’re happy to schedule a no-obligation consultation with a team member to discuss how we can help protect your business from cyberattacks with a robust commercial insurance policy.