Business

DEFINITION OF ‘BUSINESS INSURANCE’

Insurance coverage that protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability and employee-related risks. Companies evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates.

INVESTOPEDIA EXPLAINS ‘BUSINESS INSURANCE’

It is especially important for small business owners to carefully consider and evaluate their business insurance needs because they may have more personal financial exposure in the event of loss. If a business owner does not feel he or she has the ability to effectively asses business risk and the need for coverage, he or she should work with a reputable, experienced and licensed insurance broker. You can obtain a list of licensed agents in your state through your state’s department of insurance or the National Association of Insurance Commissioners.

    • General Liability

      The Commercial General Liability Policy typically extends coverage for property damage, bodily injury, personal and advertising injury and medical payments as long as it is not excluded in the liability section of the general liability insurance policy that you purchase.

      Choosing the correct amount of coverage is important to protect yourself or your company financially.
      Call us at 800-998-0662 to discuss your business insurance needs.

    • Commercial Auto

      In addition to general liability insurance you may also need to purchase commercial auto insurance for your work vehicles.

      Property damage or injuries caused with vehicles used in your business and insured under a personal auto insurance policy could be denied by your personal car insurance company.

    • Tool Coverage

      Did you know that your tools, equipment, and supplies are not covered by your general liability or commercial auto policy?

      Example: $2,000 of tools are taken from your truck and a claim is submitted to both policies...your company will not cover the claim!

      You need to add coverage for tools, equipment, and supplies to your policy for coverage to extend.
      Call us at 800-998-0662 to learn how your tools and equipment may be covered.

    • Workers Comp.

      Workers compensation insurance is likely the law for the state in which you do business.

      We can obtain Workers compensation insurance for most types of painters.

      Call us at 800-998-0662 to learn if workers compensation for painters is available in your state with our company. Workers comp is not available in the state of Ohio.