Learn What Insurance Coverage Your Cleveland Business Needs
Whether you own a small mom and pop business or a large, thriving company; you face decisions about your business each and every day. For instance, if you own a boutique, you have to decide what clothing you will buy and from what designer. If you own a flower shop, you have to decide where you’ll get your flowers from and how you’ll decorate the shop. Every business owner faces decisions regularly, but aside from purchasing and decorating, it is extremely important to ask yourself if your business is properly insured. This is where we can jump in to help. We want you to have the knowledge to properly protect your business that you worked so hard to build, so we’re going to use this article to help you learn what insurance coverage your cleveland business needs.
General Liability Insurance
General liability insurance is a key component to a successful business, because it is the coverage that covers many things in one policy. This could mean things such as property damage, medical expenses, slander, and the list goes on, but the main idea is that this is the general coverage policy that will do multiple things for your business. This is a great place to start when you are trying to learn what insurance coverage your cleveland business needs. One example of general liability insurance being important to your business could be in a case where someone is in your coffee shop and slips on the wet floor. Say the person was older and had to go to the hospital to get medical treatment after the fall. In this case, it would be extremely important that your business has general liability insurance, because the medical bills, potential lawsuits, and any other fees can really start to add up. It is best to make sure you’re protected in cases like this.
Professional Liability Insurance
This coverage is also sometimes called errors and omissions insurance. This will protect your business in cases of an error or negligence on your company’s part. If you are in the business of providing advice, whether it be medical, financial, etc. this is one to consider because of lawsuits and things that can come with having to provide such advice to customers or clients. Some areas of business even require that you have this coverage in place, especially in the medical industry where things could easily go wrong and your business could end up with a big lawsuit against it if anything were to go wrong. It is better to be protected than to wish you had this coverage after the fact.
If you really want to learn what insurance coverage your cleveland business needs, you should first think about what it is that your business does. Do you own a marketing business that provides a service? Maybe your business is a clothing boutique. Maybe your business is a grocery store. Whatever the case, your insurance needs depend on what your business is providing to customers. With that being said, if your business manufactures or distributes products, you’ll want to look into product insurance. This will just make sure that you are protected from losing money due to a defective product. If your business simply provides a service, you will not need this coverage. Knowing what your business provides for people will help you to learn what insurance coverage your cleveland business needs.
Commercial Umbrella Insurance
This one is more of an add-on to your coverage, as it gives you more coverage outside of your other policies. What we mean by this is that it can help pick up costs and things that went over or didn’t fit into one of your other policies. One example could be someone getting injured on your company’s property. If they were to sue and the fees and medical costs for that exceeded your other coverage, this is where commercial umbrella insurance would come into play.
Your workers are the ones that keep your business going, so it’s important to take care of them. This coverage ensures that your employees are covered, with one example being on-the-job injuries. If an employee is injured while at work, you will definitely want to have workers compensation in place, because that employee will most likely need medical attention, have legal fees, and be out of work for some time. For example, if an employee were to fall off of a ladder while at work they could break bones and potentially be hospitalized, have to take weeks off work, and will most likely have legal fees to deal with. You want to make sure that your employees feel safe and valued in their workplace and one great way to do this is to have this coverage in place.
Commercial Auto Insurance
This type of coverage is necessary if your business uses any type of cars. Damage to company vehicles and liability coverage are two things that are typically covered in commercial auto insurance. Other things that your commercial auto insurance policy may include are medical payments, uninsured motorist coverage, and non-owned coverage. It is important to talk with your insurance agent about which types of coverage your business specifically needs.
Small Business Insurance
Small business insurance is another one of policies that does multiple things. You can also add coverage on with this, so while you are out there trying to learn what insurance coverage your cleveland business needs, consider this coverage if you own a small business. From liability issues to replacing income that is lost, this policy is designed specifically to meet smaller business needs.
Reach out and contact us today to learn what insurance coverage your Cleveland business needs!