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.