BUSINESS INSURANCE

Businesses come in all shapes and sizes and you need commercial insurance coverage that reflects your unique business needs. You may also require wide-ranging coverage to protect the different aspects of running your business. This may include property coverage, liability, commercial auto insurance, inland marine coverage, workers’ compensation, and possibly a business catastrophe policy. The two most frequently written types of commercial policies are the businessowner’s policy (often referred to as a BOP) and the commercial package policy. Many optional coverages are available for both types of policies. The BOP is primarily designed for smaller businesses, and the commercial package policy for larger businesses.

THE BASICS OF BUSINESS INSURANCE:

BUSINESS PROPERTY INSURANCE COVERAGE

Business property insurance is insurance coverage for direct loss to the building, business personal property and equipment of the business. Since each business is unique, there are numerous endorsements to provide coverage in the event of a loss by a named peril. Some of these include loss of business income, mechanical and electrical breakdown, contractor’s tools, and many others.

BUSINESS LIABILITY INSURANCE

Business customers and almost anyone who comes in contact with your business can hold you liable for your failure to take the proper degree of care. This can be as simple as keeping your sidewalk swept or shoveling the snow off your sidewalk. If someone is injured as a result of your negligence, the court will rule in favor of the injured party, even if your negligence was only slight. Liability insurance will pay for your legal responsibility to others resulting from your negligence.

WORKERS' COMPENSATION

Workers’ compensation is insurance that pays for medical care and physical rehabilitation of injured workers and also helps to replace lost wages while they are unable to work. State laws govern the amount of benefits paid and other compensation provisions. It is imperative that you understand the West Virginia laws in reference to workers’ compensation. In Ohio, workers’ compensation is only available through the state system.

COMMERCIAL AUTO INSURANCE

Commercial auto insurance is a business insurance policy on vehicles owned and titled to the business. You must carry liability coverage and also may carry comprehensive and collision coverage on your vehicles.

Call for a FREE Business Insurance Quote if you’re in West Virginia or Ohio.