From the day a business owner starts his or her company, they expose themselves to certain risks. Even before the first employee is hired, a business is at risk, so it’s imperative to have the right insurance in place. One lawsuit or catastrophic event could be enough to wipe out a small business before it even has a chance to get off the ground. Today we’re discussing the types of commercial business insurance in Salem OH that you need to protect you and your business.
Fortunately, businesses have access to a wide range of insurance types to protect them against potential dangers. Here are some insurance types that a business must have in place.
1. Professional liability insurance: Professional liability insurance, also known as errors and omissions insurance, covers a business against negligence claims due to harm that results from mistakes or failure to perform. There is no standard policy
for professional liability insurance. Each industry has its own set of concerns that will be addressed in a customized policy written for a business.
2. Property insurance: Whether a business owns or leases its space, property insurance is a vital component of your commercial business insurance in Salem OH to cover equipment, signage, inventory, and furniture in the event of a fire, storm or theft.
3. Workers’ compensation insurance: Once the first employee has been hired, workers’ compensation insurance should be added to a business’s insurance policy. This will cover medical treatment, disability, and death benefits in the event an employee is injured or dies as a result of his work with that business.
4. Home-based businesses: Many professionals begin their small businesses in their own homes. Unfortunately, homeowner’s policies don’t cover home-based businesses in the way commercial business insurance in Salem OH does. If you’re operating your business out of your home, ask your insurer for additional insurance to cover your equipment and inventory in the event of a problem.
5. Product liability insurance: If your business manufactures products for sale on the general market, product liability insurance is a must. Product liability insurance works to protect a business in such a case, with coverage available to be tailored specifically to a specific type of product.
6. Vehicle insurance: If company vehicles are used, those vehicles should be fully insured to protect businesses against liability if an accident should occur. At the very least, businesses should insure against third-party injury, but comprehensive
insurance will cover that vehicle in an accident, as well.
7. Business interruption insurance: If a disaster or catastrophic event does occur, a business’s operations will most likely be interrupted. During this time, your business will suffer from lost income due to your staff’s inability to work in the
office, manufacture products or make sales calls. Business interruption insurance is especially applicable to companies that require a physical location to do business, such as retail stores. Business interruption insurance compensates a business for its lost income during these events.
By having the right insurance in place, a business can avoid a major financial loss due to a lawsuit or catastrophic event. Call us today to identify the forms of commercial business insurance in Salem OH that are right for your type of business and put those plans in place as soon as possible.
Winter is here and that means snow and wind and all the wonders that the Ohio weather can bring. Unfortunately, it’s also the time of year that we hear stories of people discovering that their homeowner’s insurance in Canfield OH didn’t cover
them for as much as they had expected, leaving them with huge unanticipated expenses.
The High Cost of Fine Print
So before the next big storm hits, be proactive about protecting yourself and your home from damage. You may not be able to escape the weather, but you can be better prepared by reviewing your homeowner’s policy to make sure you’re adequately protected. Wouldn’t you rather know what’s covered and what’s not now rather than later, when you have to file a claim and find out the insurer won’t pay?
4 Mistakes You’ll Want to Avoid When Choosing Homeowner’s Insurance in Canfield OH
As you read through your homeowner policy, see if you’re making any of these mistakes and take the appropriate steps if you are
Mistake #1: Underinsuring your house. Insurance experts say failing to have enough insurance to cover the cost of rebuilding your house if it’s destroyed is the biggest mistake homeowners make.
Why? For one thing, many homeowners buy only enough insurance to cover the
amount of their mortgage. But the mortgage may be, at most, 80 or 90 percent of the value of the house, depending on the original down payment.
For another, some policyholders insure an amount equal to the current value of their homes. But this figure may be far less than the actual cost of rebuilding your house, including labor and supplies, and both of those may rise sharply after a storm when there are high demand and short supply.
Mistake #2: Assuming you have flood insurance. This coverage is not part of a standard homeowners contract. If you live near a lake, river, flood valley or the ocean, you should definitely buy it.
But coastal area homes aren’t the only ones that need flood insurance. Inland areas near water can sustain serious flood damage from groundwater too. Flood insurance isn’t difficult to get; it’s a federal program that accepts everybody who wants the coverage.
Mistake #3: Thinking you have one, flat deductible. You might believe your maximum out-of-pocket cost would be $500, $1,000 or whatever amount you said when you bought your policy, but you could be wrong.
If your house is insured for $300,000, but you sustain damage in a windstorm, you could be socked with a $15,000 deductible when you file your claim. Ask your agent or insurer if your policy has different deductibles, depending on the cause of damage.
Mistake No. 4: Believing your home is covered for mold or sewage backup. Many homeowner's insurance policies don’t offer this protection or have claim limits. Inquire about additional coverage for protection from mold or sewage backup, which is often a problem in large downpours.
The cost of coverage for sewage backup isn’t terribly expensive, but mold insurance can run much higher if you can find it. So, evaluate your risks to determine if you need mold protection. Odds are you do if your house is old and it was built without mold-resistant materials; the newer the home, the more likely it’s been made with them.
Despite the high cost, mold coverage could be a worthwhile expense since the cost of removal is quite high. And insurance, after all, is to protect you against large expenses.
If you are interested in learning more about homeowner’s insurance in Canfield OH, call our office or stop by today. We’ll be happy to help you avoid these costly mistakes!
11 Questions About Homeowners Insurance In Canfield OH That You’re & Probably Too Embarrassed To Ask
For many people, the experience of getting homeowners insurance in Canfield OH can be challenging. Their mortgage lender advises them that a policy was the last thing needed to fully approve their home loan and in a panic, they call their car insurer, gave them their new address and got coverage. Shortly after closing, a giant packet arrives in the mail, detailing a policy they had already paid for.
This isn’t the best way to buy insurance, but closing on a home can be stressful. To help you and future shoppers, here are 11 questions about homeowners insurance in Canfield OH that you might be too embarrassed to ask.
1. What is homeowners insurance? It’s a form of property and casualty insurance that covers your home and possessions in the event of theft or some disasters.
2. Some disasters? Homeowners insurance typically covers fire, windstorms, hail, lightning, smoke, explosions, theft, vandalism, riot and vehicle collision. It commonly excludes earthquakes, flood, power failure, war, nuclear explosion, neglect, locally forced repairs or intentional damage.
3. Why does the list include some of the worst natural disasters? If you live in an area that’s vulnerable to particular perils such as earthquakes and floods, you can typically purchase separate coverage for them.
4. Is homeowners insurance required by law? Unlike car insurance, states don’t dictate that you must insure your home. But, if you’re financing a house, your mortgage lender will likely require you to get some.
5. So will homeowners insurance in Canfield OH replace my house if it’s
destroyed? If your house is destroyed by a covered hazard, a standard homeowners policy will go a long way toward repairing or rebuilding your home.
6. How much homeowners insurance do I need? That really depends on how much the home costs, where you’re buying it, the condition of your property and the value of your belongings. Ideally, you should base your property coverage limits on how much it would cost to rebuild your home. That’s sometimes the house’s current market price, but it could rise higher.
7. What else does homeowners insurance cover? In addition to property and personal belongings damage, standard homeowners insurance in Canfield OH covers liability in the event that someone injures themselves at or around your house.
8. What are the limits on possessions? Coverage for your belongings and temporary relocations are usually based on a percentage of your property’s coverage limits. You might need more coverage if you have pricey possessions.
9. What about liability limits? Liability limits start at $100,000, but most homeowners should have between $300,000 and $500,000 worth of liability coverage to protects their assets in the event of a lawsuit.
10. Can I lower the cost of homeowners insurance? You can opt for a higher deductible, but less risky ways to save include bundling your homeowners insurance, usually with your car insurance or asking if you qualify for any discounts. Sometimes homeowners insurance companies offer lower rates to first-time homeowners or first-time customers.
11. What’s an umbrella policy? Umbrella policies offer additional liability coverage on top of what’s already covered by your standard homeowners insurance or car insurance policy. Umbrella coverage starts at $1 million and it is typically recommended for people who have more than $500,000 in assets.
Purchasing homeowners insurance in Canfield OH can be a challenging task. But we can take all the guesswork out of it and make it a stress-free experience. Call our office today to schedule a consultation so we can discuss your needs and options.
Commercial car insurance in Salem OH provides protection against both property damage and liability for any vehicle that is designated for business use. Whether you drive a vehicle that is for dedicated business use or drive a personal vehicle for business, it is important to have commercial car insurance, as your vehicle will not be covered under a personal auto policy.
Today we’re answering some of the most frequently asked questions regarding commercial car insurance in Salem OH.
What Does Commercial Car Insurance Cover?
Options and terms vary from one insurance company to another, so be sure you fully understand what is included in the policy. You can work with your agent to create a customized policy that matches your business needs, complete with all available discounts.
Several types of coverage may be included, while others can be purchased separately. You will also need to choose the coverage amounts and deductibles.
Typical coverage includes:
Property damage liability;
Liability for bodily injury to others;
Personal injury to you, your employed drivers or passengers, including medical expenses and lost wages;
Collision coverage for costs associated with an accident, regardless of who is at fault;
Comprehensive coverage for damage other than collision;
Medical payments coverage for the cost of hospitalization, treatment and funeral expenses;
Uninsured and underinsured motorist coverage;
Non-owned auto coverage for when you or your employees drive a rented or borrowed vehicle;
Loading and unloading liability;
Substitution transportation when your commercial vehicle is being repaired and you use a loaner from the repair shop;
Towing and labor costs.
When Do I Need Commercial Car Insurance in Salem OH?
You need commercial auto insurance for any vehicle that your company uses for business purposes, any vehicle that has a commercial license plate or tag and any vehicle that is registered as a commercial auto.
You must also get commercial auto coverage if your employees will be driving or using vehicles in the course of doing business, whether making deliveries, driving people to the airport or running errands on behalf of the business.
If you use your vehicle for any of the following functions, you may also be required to get commercial coverage:
Using the vehicle to carry equipment;
Transporting flammable or hazardous material;
Delivering any goods such as pizza or any form of wholesale or retail products;
Trucking and freight transportation;
Transporting people as a chauffeur, limousine service or taxi.
Does Commercial Car Insurance in Salem OH Cover Personal Use?
Personal use will be covered for a company-owned vehicle if the company has commercial auto coverage. If you are driving your own vehicle to and from work without using your vehicle for commercial purposes then it would be covered under your personal auto policy.
If you occasionally use your personal vehicle for commercial reasons, you will either need to have proper liability coverage under your personal auto policy, or purchase commercial auto insurance.
The best option will depend on the circumstances; if you are using your vehicle for any type of business purpose, the business may be required to get a non-owned business liability endorsement for these situations.
Don’t drive unprotected! If you use your vehicle for commercial purposes, or plan to do so in the near future, contact us today to find the right commercial car insurance in Salem OH so that both you and your business are protected.
Being a contractor, your customers assume you will execute their construction plans, meet deadlines and see projects large and small safely to completion. This can subject your business to additional unique risks on top of the typical risks most businesses deal with like damage to your workplace or loss of important records. Today we’re discussing why you need contractors insurance in Salem OH to cover your business.
Business Owner’s Policy for Contractors
Most contracting businesses have a Business Owner’s Policy (BOP) because it protects your business in much the same way a homeowner’s policy protects your home and possessions.
By combining these three essential coverages that are important to nearly every small business, a BOP can help save you money while protecting what you’ve worked so hard to build.
- General Liability helps protect your contracting business from certain lawsuits that claim injuries or property damage that came about as the result of your business operations. It also covers certain claims of slander and libel.
- Commercial Property helps safeguard the place where you conduct business and the things you use such as tools and equipment.
- Business Income helps deal with the loss of income when you can’t run your business because of property damage.
Following are some of the most common items covered by contractors insurance in Salem OH.
Contractors Tools: The tools and equipment you use as a contractor are vital to your business. A range of coverage options can help pay for the replacement or repair of all types of owned, borrowed, or leased tools and equipment.
Installation Coverage: This coverage can help if, for instance, you are working on a remodeling project and an expensive appliance or furnishing is damaged or broken.
Data Breach Coverage: If your clients’ sensitive information is lost or stolen, it could leave your business exposed to lawsuits and a damaged reputation. This coverage helps cover the costs of notifying those individuals who were affected, handling public relations, good faith advertising, and more if individually identifiable information is lost or stolen. Not Available With All Policies.
Employment Practices Liability Insurance: This insurance comes into play when contracting businesses are exposed to employment practices liability claims such as wrongful termination, retaliation, discrimination and harassment.
Additional Coverage with Contractors Insurance in Salem OH
If you have employees, use a car for work, or work from home, you may also benefit from the following:
Workers’ Compensation Insurance: Workers’ comp provides benefits to your employees for work-related injuries or illnesses including medical care, wages from lost work time, and more. In Ohio, if you have employees, it’s required.
Commercial Auto Insurance: This type of contractors insurance in Salem OH can cover you or an employee when an owned vehicle, used for business purposes, is involved in an accident.
Commercial Umbrella Policy: Provides commercial liability coverage over and above underlying liability limits.
If you would like more information regarding how contractors insurance in Salem OH can help protect your business, call today at 330-337-9557 to speak with one of our helpful agents.