Alan Galvez Insurance
What is Ohio business insurance?
Business insurance provides coverage should your business operations or physical product cause bodily injury or property damage to others.
Why do you need Ohio business insurance?
Answer these two questions first:
- Do you have the money available to pay out of your own pocket should your business cause someone else harm or damage someone's property?
- Do you have the money available to replace your inventory? (or business contents if you’re a non-retail location)
If you're like most business owners, the answer is "No." So, like most insurance, you pay a premium to let the business insurance policy pay these expenses.
And like most insurance policies, one of the best features of a business insurance policy is to provide legal defense for you. I’ll say it again- the best function of a business insurance policy is to provide a lawyer to defend you AND pay those lawyer bills up to the limit of the policy. Because many times the cost of the claim isn't what hurts most businesses, it's the cost to defend that claim.
What are the main parts of an Ohio business insurance policy?
Commercial General Liability Insurance
At its core, this insurance is designed to pay for bodily injury and/or property damage to others for which your business is legally liable. It consists of two main components-premises/operations and products/completed operations. Here’s an example of each:
Premises/operations- your storefront. Also could be an off-site event, such as a trade show.
Products/completed operations- any product/item you produce has the potential to cause harm. Provides coverage once the item is in the end user’s possession. Or after the work is completed (contractors are a great example).
Protects your building and contents inside. Contents can include your stock (inventory) and office equipment (chairs, desks, etc.)
A word of caution- any contents items that leave the property lose coverage. For any items that leave the property, the more appropriate location is on an Inland Marine Schedule (examples include laptops, iPads, or if you’re a contractor, tools & equipment).
A subset of Commercial Property, but important enough to list on its own. Think of Business Income as disability insurance for your business. It provides money to keep your business operating should a loss occur that makes you temporarily cease operations. It can also provide Extra Expense should you have to relocate altogether.
Big surprise to many, but personal auto policies say absolutely no coverage if you’re using the vehicle for commercial purposes.
And claim time is when you’ll find this out. Not good! And you may be surprised to find out that commercial auto insurance isn’t as expensive as you might think. Obviously it depends on the type of work you do, but we've been able to insure many business owners at a very affordable cost with excellent coverage.
Why Trust Your Business With Us
As a small business ourselves, we know how hard you've worked to build a successful business. We know what makes you tick and what makes you keep going when you think you can't go on. We've been there.
And we've seen the devastation experienced when you fail to protect your business. So, that's what we're here for. Think of us as a business partner. We WANT you to succeed. And we've got solutions that will help you get there.
The best part- we strongly believe in supporting our own business customers. From referrals to recommendations, we'll choose you first.