Business Insurance – What You Need to Know
Business Insurance is tricky to figure out, especially if you aren’t sure what type you need. American Heritage Insurance Group has a dedicated commercial lines staff that has worked with various types of businesses in the Cincinnati, Springfield, and Milford, Ohio area. From small freelancer coverage types to large corporations, we can help educate you on what coverage you need. We understand though if you are just curious on what types of insurance is out there. Below you will find different types with descriptions so you can be educated when reaching out to insurance agencies.
Business Insurance – Why You Need It
Insurance can save your business by minimizing your financial risk. Unexpected events happen every day and when owning a business, these events could come back to financially ruin your company, no matter how large or small. Being aware of the risks is the first part of figuring out your right coverage types.
Risks associated with owning a business include:
- Death of a Partner
- Injured Employee
- Natural Disaster
- Other Unexpected Events
States determine minimum insurance requirements for items such as:
- Workers’ Compensation
- State Disability
- Specialized Insurance Based on Business Activities
Financial lenders and investors might establish insurance requirements such as:
- Business Interruption
- Other Items to Protect the Investment
Now that you are aware of various risks and requirements, you need to have an idea of what type of Business Insurance you need. If you have more questions, do not hesitate to call American Heritage Insurance Group as we have a dedicated team that can help you through receiving the right coverage.
Types of Business Insurance
Insurance coverage is meant to protect your business from any risk it could potentially face. The cost and amount of coverage plus addtional specialized policies varies drastically depending on your line of work and the various insurance companies. Other factors could include previous claims/losses and a gap in coverage. American Heritage Insurance Group is affiliated with at least 20 different insurance companies so we can find specialized market discounts and run quote comparisons so you receive the most savings and the right coverage.
General Liability Insurance: This type of insurance will cover legal hassles due to accidents, injuries, and claims of negligence. It also protects against payments due to bodily injury, property damage, medical expenses, libel, slander, the cost of defending lawsuits, and settlement bonds or judgments.
Product Liability Insurance: This type of insurance will coverage manufacturing, wholesale, distribution, and retail of a product that may be liable for its safety. It protects again financial loss as a result of a defect causing injury or bodily harm.
Professional Liability Insurance: This is also called Errors & Omissions (E&O) insurance. It protects you against malpractice, errors, and negligence in provision of services.
Commercial Property Insurance: This insurance covers things related to the loss and damage of company property due to various events such as fire, smoke, wind, hail, civil disobedience, and vandalism. Loss is defined as lost income, business interruption, buildings, computers, company papers and money. It comes in 2 different forms: (1) all-risk policies covering a wide-range of incidents and perils except those noted in the policy (2) peril-specific policies that cover losses from only those perils listed on the policy.
Home-Based Business Insurance: Homeowner’s insurance policies will not cover a home-based business loss. This insurance would cover losses related to the business.
Ready to Buy Business Insurance?
If you are ready to purchase or need to purchase business insurance, we can start quoting you today. Give us a call at 513.984.5255. If you still aren’t sure or want to learn what to do before purchasing business insurance, follow these 5 steps:
- Assess Your Risks
- Shop Around
- Consider a Business Owner’s Policy
- Find a Reputable, Licensed Agent
- Assess Your Insurance Coverage on an Annual Basis
Hopefully we have helped you to understand the various types of Business Insurance and have made you aware of the various risks you face. If you need questions answered or if you want to start a quote today, American Heritage Insurance Group can help you through the process. We have experienced coverage with restaurants, food products, gas stations, apartment complexes, landscaping and more.
Sources: U.S. Small Business Administration – General Information, Types of Insurance, Buying Insurance
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