Business & Commercial Insurance
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Business & Commercial Insurance Information
For Cleveland, Beachwood And Areas Across Northeast Ohio
You want your business to be a success. To keep it secure, you must invest in business insurance. There are many policies out there that will benefit your industry and operation.
Don't worry about having to sift through a mountain of policies just to find the right commercial insurance options for your operations. Instead, talk to your Busha-Okeson Insurance agent about the best way to structure your policies and portfolio. Call us at (216) 766-6300 or start an online quote now!
How Does Business Insurance Work?
Business insurance works much in the same way as such policies as home or auto coverage. It can step in after a problem arises in the business, and can help you rebuild, recoup and avoid a business failure or financial ruin. If your store burns down, if a storm levels the operation, or if you make mistakes that harm others, coverage can come in handy.
What Is Covered By Business Insurance?
There isn't one type of business policy. Instead, you will probably have to carry numerous types of coverage, namely property, liability and commercial auto insurance. Small business owners can usually buy their property and liability coverage as part of a business owners policy, also called a BOP. BOPs offer numerous types of coverage in one place, while still allowing you to tailor your desired coverage.
Property & Income Coverage
Property coverage pays for damage or losses to physical assets owned by the business.
- Building: This coverage insures your business property when something damages it.
- Personal Property: Use this coverage to protect equipment, furnishings, stock and products.
- Loss of Income: If a hazardous event forces you to temporarily stop operations, this coverage can help you still pay bills and ongoing costs while the business is closed. If you are a landlord of commercial property, you might need loss of rents coverage in case tenants must move out.
- Employee Dishonesty: If an employee defrauds the business, this coverage can help you recoup your financial losses. The policy can also include coverage for clients affected by these losses.
- Money & Securities: If a thief steals cash, this coverage can help you recover that money.
- Scheduled Equipment: High-value or specialized equipment may need specific coverage, which they can get if you schedule, or list them, on the policy.
Liability insurance covers the business' mistakes or acts of negligence that harm others.
- Commercial General Liability (CGL): This coverage pays for bodily injuries and property damage that harm third parties, such as your customers.
- Professional Liability: This policy pays when your professional mistakes harm others — such as if you give bad financial advice which causes someone else a loss.
- Employment Practices Liability: This coverage can pay if current, future or former employees ever accuse you of such misconduct as discrimination, harassment or wrongful termination.
- Cyber Liability: Losses within the business' computer systems might put clients at risk of financial loss or even identity theft. Cyber liability coverage helps protect them in these cases.
- Commercial Umbrella: If a claim exceeds the limits of your commercial general liability policy, a commercial umbrella policy can step in with additional coverage to cover remaining costs.
- Workers Compensation: This coverage pays for the injury costs or lost income of employees who get hurt or disabled on the job and have to miss extended amounts of work as a result.
Commercial Auto Coverage
Commercial auto policies insure businesses that own or use vehicles for services. Coverage can insure both vehicles owned by businesses, and employee-owned cars used on official duties.
- Liability: If a commercial driver is at-fault for a car wreck, then the business might be responsible for other drivers' recovery costs. This coverage is required by law for most drivers.
- Collision: When a business-owned vehicle gets damaged in a wreck, this coverage can pay.
- Comprehensive: Vehicle damage from such instances as hail, falling objects or theft can be covered under this part of your policy.
- Uninsured/Underinsured Motorist: If someone else is at-fault for a wreck, and they don't have liability coverage to pay you for the damage they caused, this coverage can pay instead.
- Medical Payments: When drivers get hurt in wrecks, coverage pays some of their medical costs.
- Non-Owned/Hired Liability: If an employee drives their personally-owned car on business, this coverage shields the business and employee in the event they cause a wreck.
Frequently Asked Questions
What does small business insurance cost?
Your commercial insurance costs will vary based on numerous factors — such as your industry, the size of the business, your location and the number of employees. The average BOP costs about $1,000 per year. Keep in mind, however, that you may not be able to add certain types of coverage to a BOP, and must buy and pay for them separately.
What business insurance is required by law?
Depending on your operations, you may have to buy certain types of coverage. For example, workers compensation is almost always required of all businesses, and commercial auto coverage usually is required for businesses that use vehicles.
Do I need business insurance if I work from home?
If your home is also your place of business, you will likely need business insurance. Homeowners policies will only provide limited (if any) coverage for commercial assets.