In Ohio, insurance companies provide a multitude of policies to protect businesses. The type of business defines what policies present the most benefits for the owner. Its location also defines liabilities the owner faces. A local insurance provider offers information about Commercial Insurance Policies and their benefits.
Why Do Owners Need Multiple Liability Policies?
The liability insurance policies encompass more probabilities when the owner possesses more than one. It is better to maximize their coverage when possible. The maximum level of coverage lowers the negative impact of a lawsuit. The policies offer funds to pay claimants without a significant loss to the company. For some owners, it is the difference needed to keep the business operational.
Property Coverage and Limitations
Commercial property coverage pays for damage related to specific events. The most common events are floods, natural disasters, fires, and vandalism. The clauses in the policies require investigations for fires to rule out arson. Additionally, any criminal act that causes damage requires a police report filed by the owner.
Do You Need Commercial and Standard Auto Insurance?
Commercial auto insurance provides adequate coverage if the vehicle is used for business purposes only. Owners who drive the vehicle home each day and/or for personal reasons need standard coverage, too. The combination of both policies covers all probabilities and prevents potential losses.
When isn’t Worker’s Compensation Needed?
Small or home-based businesses that don’t employ more than one worker don’t need worker’s compensation coverage. Companies that pay for services performed by non-employee and/or independent contractors are exempt from coverage, too.
Equipment Coverage for Small Businesses
The policies provide coverage for any equipment used by the home-based business owner. The equipment includes but not limited to computers, printers, network routers, and copiers.
Coverage for Business Interruptions
The policies replace income for the business owner after a total loss. Any condition that prevents the business from operating is covered under the policy.
In Ohio, insurance agents conduct a risk assessment and identify all risks. The company needs liability coverage for each risk discovered. Owners who want to review Commercial Insurance Policies visit schlatherinsurance.com for more information and free quotes today.