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?
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.