What Types of Business Insurance Do I Need?

Getting the right business insurance can make your life easier in the case of interruptions, accidents, and worst-case scenarios. But with so many different coverage options to choose from, how can you know what to include in your policy?

What Types of Business Insurance Do I Need?

The agents at Wallace & Turner Insurance specialize in providing business insurance policies that suit a wide range of needs. Contact us to learn how our personalized coverage can protect what matters to you.

If you want to have a greater understanding about the different types of business insurance, read this guide explaining the coverage available to Ohio business owners.

General Liability Insurance

General liability insurance protects your company from costs associated with customer injuries and property damage, as well as related legal fees.

Without general liability insurance, your business could be held responsible for third-party injuries, property damage, product liability and advertising injuries.

General liability insurance can help cover the cost of medical bills in the case of a customer injury on your commercial property, this includes mental and emotional distress. Additionally, general liability coverage will help with repair or replacement costs if you accidentally damage customer property. It can also cover your legal costs in the case of a lawsuit.

If you are sued for any reason because your products or service cause bodily injury or damage to property, general liability will cover the legal expenses. 

Additional personal injuries or advertising injuries that commercial liability covers include lawsuits concerning:

  • Libel

  • Slander

  • False arrest

  • Copyright infringement

  • Malicious prosecution

  • Use of another's advertising idea

Commercial Property Insurance

Commercial property insurance covers any tangible assets of your business's physical property. This includes:

The building — The structure, installed fixtures, machinery, equipment and other elements of the property. 

The building’s contents — Furniture, storage equipment, office supplies, inventory and certain other contents.

Third-party property — Items in your care including customer and employee belongings. 

This coverage applies whether you lease or own an office building, or if you work remotely from a home office. Most costs associated with theft, vandalism or fire are covered under this policy.

Commercial Umbrella Insurance

Commercial umbrella insurance is an extension of liability coverage. It helps business owners in lawsuits or catastrophes that result in property or asset damage. 

Coverage can include:

  • Legal fees

  • Damage expenses

  • Medical bills

  • Other expenses that exceed the limits provided in your coverage

Umbrella insurance can be used only when you have appropriate underlying coverage and when that coverage has reached its maximum.

Commercial Auto Insurance

Commercial auto insurance is important for businesses whose employees operate vehicles for the company. This can include:

  • Employees who drive company-issued vehicles

  • Employees who use their personal vehicles for business purposes

Commercial auto insurance can apply to a variety of vehicles and can include additional coverage including:

  • Auto liability

  • Medical bills

  • Property damage

  • Comprehensive coverage

  • Collision

  • Uninsured and underinsured motorists

  • Borrowed or rented vehicles 

  • Employees' personal vehicles used for business purposes

Business Income Insurance

Business income or interruption insurance helps to protect against disruptions to your business that cause delays or prevent you from operating.  

Coverage can help recover lost earnings due to fire, theft or other events stipulated in your policy. This type of insurance can offer coverage for business expenses, lost revenue, payroll, temporary relocation, and other bills based on the company's records. 

Professional Liability Insurance

For service-based businesses, errors and omissions insurance can protect your business from lawsuits from dissatisfied clients or customers. This covers financial losses resulting from lawsuits and professional grievances.

Professionals covered under this type of policy can include:

  • Accountants 

  • Architects 

  • Contractors

  • Doctors

  • Engineers

  • Salons

  • Veterinarians 

These policies reflect the risks associated with particular professional services and should be tailored to the needs of your business.

Workers’ Compensation Insurance

Workers' compensation insurance provides coverage for employee illness and injury. It can help recover costs associated with medical bills and lost income. 

Data Breach Insurance

Cyber and data liability insurance protects your business from costs and lawsuits associated with data breaches and cybercrime. Did you know that 43 percent of all cyberattacks target small businesses and 60 percent of small businesses that are victims of a data breach permanently close their doors within six months of the attack? These stats provide hard evidence that all businesses operating online should have cyber and data liability insurance to cover the expenses associated with cybercrime. Operating online can be something as simple as accepting a credit card payment or storing customers’ personal information.

A cyber insurance policy can provide coverage for the following expenses:

  • Notifying customers, clients or employees about the breach

  • Monitoring credit

  • Identity restoration for impacted third-parties

  • Compromised data recovery

  • Defense against state regulator claims 

  • Repair and replacement of computer systems

  • Any fees or penalties

Find Business Insurance in Ohio

Whether you’re working from home or running a large business from a bustling office space, you’ll need business insurance to protect yourself, your employees and your clients or customers. 

Wallace & Turner Insurance offers a commercial package that includes two or more coverages in one policy, so you can get a policy that suits your exact needs.

Contact our experienced insurance agents in Springfield and Urbana for more information about how we can provide you with a tailored business insurance policy that protects your assets so you can focus on doing great work.