The 1840s gold rush and the beautiful golden poppies that bloom in the state each spring gave California its nickname of the Golden State. As the most populous state in the U.S., with a gross domestic product that's larger than all but eight countries in the world, California could also be considered a land of golden business opportunities. Business insurance is an important element of business success, and savvy business owners know that comparing California business insurance rates helps ensure they have the right coverages at competitive prices.

The California Business Insurance Coverages You'll Need

There are two general categories of business insurance: property insurance and casualty insurance. Property insurance policies should include coverages for the building or buildings where your business is located, any fixtures, machinery or equipment that are permanently installed and items like desks, chairs, computers and other equipment that you use to run your business. If your business takes care of customers' possessions--if you're a dry cleaner, for example--you'll also require a business property insurance policy that includes coverage for the personal property of others.

When you're comparing California business insurance rates, make sure you understand what coverages are not included in standard policies. Suppose you're an ice cream store owner, and your freezers all stopped working one day. That's not the right time to discover that your standard building policy does not cover losses due to mechanical breakdowns. You'll want to make sure up front that your insurance policies offer that kind of protection.

As you compare California business insurance policies, check to see if they cover only perils that are specified (like fire, theft, vandalism, etc.) or if they cover all perils that are not specifically excluded (usually perils like earthquakes and floods). You may be able to purchase additional insurance to cover many of these excluded perils if you desire.

You'll also want to review the California business insurance rates for casualty insurance. This type of insurance protects your business against financial losses when it is legally responsible for someone's bodily injury or damage to someone's property. Liability insurance coverages usually include commercial auto (for vehicles used in your business); commercial general liability (covering your business location, the products you make and the work you've completed); commercial umbrella (additional protection above the limits of your regular policy); and workers compensation (when a worker has a job-related illness or injury).

Other business insurances you may want to investigate include group health, group life, disability insurance and business interruption coverages.

Save by Comparing California Business Insurance Rates

California's fields and streams still yield golden nuggets on a fairly regular basis, but business owners have a better to add money to their bottom line. You can save up to thousands of dollars on your insurance rates simply by shopping around. A good place to start is LocalInsurance.com. You complete a form about your business insurance needs and LocalInsurance.com will provide you with estimates from multiple business insurance agents in your area. Localinsurance.com is fast, efficient and effective, providing you with that golden opportunity to save money on your business insurance rates.