General liability insurance for your business can seem confusing. Let’s break it down to the basics and look at the coverage. Once you understand the basics, we can determine what is needed and work with a licensed insurance professional to design a business insurance package that makes sense. In addition, the Department of Insurance site at Ohio's state website is always helpful.
How does my business insure:
Buildings and Property
Property and Casualty insurance covers building and property. As simple as that seems, there are a number of losses that aren’t covered, such as flooding as one example. Just because your business is in leased space and not owned also does not mean you can go without property and casualty insurance.
A commercial auto insurance policy will cover your business vehicles and their drivers. Again, while seeming quite simple, many business owners assume a variety of risks by using their cars and assuming a personal auto policy will cover any risk. Sometimes, the auto coverage can be combined with Property and Casualty in a Business Owner’s Policy.
Every business must have workers compensation in place to protect them if an employee is injured on the job. Some states also require additional coverage be provided. Meet with your licensed insurance professional to determine what coverage is mandatory.
There are a number of additional insurances available to business. Ask your insurance agent/broker about options available for your business. Have a frank discussion about what risks your company faces while conducting your day to day business.
Your general liability insurance coverage will include legal fees and damages in a covered claim and/or lawsuit. Bodily injury, property damage, personal injury, and general damages are normally covered. Punitive damages are usually not covered as they are awarded when it is determined the act was intentional. In addition, your policy will spell out maximum coverage and limits during the policy period. It may make sense to purchase a commercial umbrella policy to cover additional risk. Review the limits and work with your licensed insurance professional to determine what is best for your business and to get a quote.