Commercial business insurance protects you from any unforeseen circumstances that could affect your company. It can generically refer to three types of commercial insurance, which includes property insurance for your equipment and office premises, workers’ compensation to cover your employees’ medical costs if they get hurt while at work, and commercial general liability insurance for damage to a third party.
On the other hand, generic commercial business insurance can also just mean commercial general liability coverage. So if you’re buying a commercial insurance policy, it’s ALWAYS best to clarify exactly what types of insurance coverage are included.
When Do You Need Commercial General Liability Insurance?
The short answer is…most likely…yes…it’s almost always a good idea. Regardless of what kind of business you’re running, commercial general liability insurance covers court costs, settlement costs, and medical damages if you’re sued by a third party.
- A commercial general liability insurance policy can help cover your business for cases like these:
- If a customer is injured on your property or has their property damaged by you or your employee
- If your products hurt someone or damaged their property;
- If someone sues you for damages or medical costs;
- If you use a client’s photo in your advertising and they sue you for copyright infringement.
Commercial Property Insurance is important if you have an office with computers and office furniture. If you’re an independent contractor without anyone working for you, you likely don’t need workers’ compensation.
How to Choose a Commercial Business Insurance Policy
Commercial insurance coverage for small business is never the same for every business because each one is unique. Here are some things to keep in mind to make sure that you buy commercial insurance coverage that is best for your business.
Find out what you need. You likely need workers’ compensation coverage if you are a contractor with employees. You may need to buy a business policy with business personal property insurance if you’re a professional photographer and have lots of expensive equipment.
Know what your policy covers. It’s not always clear what is included in a commercial liability policy, so it’s important to review it carefully (ideally with your knowledgeable insurance agent!!) and asks questions if something isn’t clear. Never be afraid to ask questions!
Compare policies. It’s best to get multiple commercial insurance quote proposals so that you can compare the coverages and premiums as well as what is not included. You should do this with a licensed insurance professional. Think about whether you prefer to have a large deductible so that you can pay a smaller premium or the other way around. It makes a big difference at claims time, but remember, coverage is truly the most important consideration, not price.
What good does it do to save money by taking a bare-bones coverage policy only to find out that the coverage you needed all along isn’t included in the policy!
Whatever policy you choose, review your insurance at least once a year to confirm that it still meets your needs and operations. You might need to increase your level of coverage or add another type of coverage protection.
What to Look for in a Commercial Business Insurance Provider
When you purchase a Commercial insurance policy, it’s best to go to an insurance provider who has years of experience in dealing with entrepreneurs and business owners like yourself, or one who specializes in working with small businesses.
Finally, one of the most important parts to getting commercial business insurance is having all of your business insurance policies with the same company and if possible, with the same agent. This helps reduce coverage gaps and also helps speed up the claims process as insurers will look at all policies in force to see where coverage will come from in case of a claim.
Wondering if your business is properly insured?
You shouldn’t have to guess – Call our office today at (330) 337-9557 to protect you and your business!
Auto insurance should not be considered too expensive when it is the RIGHT coverage at the BEST price and it’s there for you when you need it. You can get personal auto insurance in Salem OH that is affordable when you follow a few tips. The range of criteria that insurance companies use to determine your rates is extensive.
Following are some considerations to keep in mind.
If you have an accident and need to file an insurance claim, remember that insurance companies love documentation. Taking pictures with your cell phone is very helpful in recording any damage that results in a claim being filed. It can also be beneficial to keep a camera in your vehicle to be prepared for a worst-case scenario.
Be sure to get quotes from multiple providers for your personal auto insurance in Salem OH. Rates can differ drastically, so to ensure you’re getting the best bang for your buck, make it a point to shop new quotes at least once per year.
Don’t forget to remove drivers from your policy if they have moved or gotten their own insurance. Once your child has gotten a personal policy, he/she can be removed from your plan for a significant reduction in your premium.
When you are dealing with infractions on your record that affect the rates you are being offered for personal auto insurance in Salem OH, explore your options. Some insurance companies allow you to lower your rate after completing a course that addresses tickets or accidents. Today’s technology also allows some insurance companies to install an electronic chip in your vehicle that will track your driving to reward safe driving.
Maintain a detailed record of any improvements or accessorising that you purchase for your car. If there is accident damage, or something is stolen, your insurance company will need this in order to cover you. If the additions are particularly pricey, check with your insurance agent to make sure your plan will cover them, in case of loss.
Getting married is one of the many ways a man under 25 can receive lower insurance premiums. When getting married, some couples saved nearly 40% on the premiums for their personal auto insurance in Salem OH. So, if you want cheaper insurance, now may be as good a time as any to get hitched.
Your insurance agent should ask a series questions to find out what insurance coverage discounts you may qualify for. If you want to spend as little as possible on personal auto insurance in Salem OH, you want to make sure you are getting all the discounts you can.
Car insurance rates vary from state to state and even cities in those states. Different states and cities have different requirements and different premiums. If you are considering a move, you might want to check out the insurance rates in that city first.
Affordable personal auto insurance in Salem OH is not as rare as you may have thought. Call our office today so we can ask the questions and discuss ways to save you money on your insurance premiums.
While you want to find the lowest rates for homeowners insurance in Canfield OH, it’s important to remember that the very lowest rates may not provide the best coverage.
If you’re looking for the lowest homeowners insurance rates within reason, you may be able to find them by investing in certain home updates. You can invest in your home to save money on insurance, and if you’re considering any of these updates or remodels anyway, take a second look with insurance savings in mind.
6 Home Updates for Lower Rates for Your Homeowners Insurance in Canfield OH
Remember that every insurance carrier is different. And before you agree to any of these updates, check with your insurance provider to determine whether they might lower your rates. You may have to follow specific guidelines to take advantage of any financial savings.
Centrally-monitored burglar alarm: Insurance companies offer discounts for updates that make your house safer. Centrally-monitored burglar alarms do that by offering a service that keeps track of when your alarm is tripped.
New roof: If you talk to your insurance provider before getting your new roof, you could have a lower bill for your homeowners insurance in Canfield OH. Your insurance provider’s guidelines will probably have to do with making your roof safer.
Updated electrical system: If your house is on the older side – or if your circuit breaker hasn’t been updated for 40 years or more – it’s probably time for an upgrade. Old or inadequate electrical infrastructure is a fire hazard.
Updated plumbing: Most plumbing is hidden, but if you notice puddles behind appliances, floors warping from water, or mold and mildew in your crawl space, parts of your plumbing may need to be updated.
Stationary generator: Some companies offer discounts for keeping a generator on the premises so you can keep your appliances functioning in the event of a power outage like a major storm.
Smoke detectors: Monitored alarms notify first responders, which increases the odds that they’ll get to your home quickly and minimize any damage from fire or smoke.
Remodeling Projects that Can Prevent Claims Against Your Homeowners Insurance in Canfield OH
Not all remodeling projects qualify for a lower homeowners insurance premium, but some may prevent your risk of claims by making your home a safer place. Here are a few to consider:
- Adding grab bars to bathrooms to prevent falls and injuries for older or weaker guests.
- Updating exterior lighting and lighting around stairs to prevent slips, trips, and falls.
- Repairing cracks in your sidewalk and driveway before they become a tripping hazard.
Whether you’re remodelling just because you want a change or because you’re on searching for the lowest rates on your homeowners insurance in Canfield OH, be sure to check with your insurance provider before making any changes. Call our office today and we’ll help you determine what you can do to lower your insurance rates.
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!