As a business owner, you have a lot on your plate. We know the weight of running or starting a business can be heavy. Let us support you by answering your business insurance questions here today. Below we have accumulated some of the most frequently asked questions about business insurance.

What is Business Insurance?

As a business owner, your company faces different risks every day. The purpose of insurance is to help protect your business from these risks. Business insurance helps protect your business’s financial assets, and intellectual and physical property from lawsuits, property damage, theft, vandalism, loss of income, employee injuries, or illness.

Why Do I Need Business Insurance?

Business insurance provides your business with much-needed protection from accidents or lawsuits. The cost of litigation, medical bills, and property damage claims can add up quickly in the case of any unforeseen incident. The right business insurance will help cover these costs.

Your business will have unique insurance needs based on the risks you face. Most businesses purchase general liability insurance policy, but utilizing an insurance agent will help you determine what coverage is best for your business.

What Does Business Insurance Cover?

In general, there are two types of business insurance coverage.

Commercial General Liability Insurance

General Liability Insurance protects you and your business when you are liable for physical injury or property damage resulting from your business operations.

Let’s say you are an HVAC technician and while working inside of a home, you made a tactical error and accidentally started a fire in the furnace, and the fire caused $25,000 in damage to part of the house. This would be covered under your General Liability Property Damage.

An example of Personal Injury being covered under your General Liability Insurance would be you (a Landscaper) were mowing a client’s grass on a riding mower, the blades hit a rock and that rock propelled out and struck your client as he was getting out of his car causing him to get stitches at the emergency room. His medical bills would be covered under the Personal Injury portion of your General Liability Insurance policy.

Commercial Property Insurance

There are many different types of Commercial Property Insurance. At Link-Hellmuth Insurance we will customize your Commercial Insurance Policy to fit exactly what you and your business need. Different types of Commercial Property Insurance are:

  • Building and Contents
  • Business & Office Equipment
  • Your Inventory
  • Any Inside or Outside Signs
  • Business Furniture
  • Fence of Security System
  • Landscaping at Your Business
  • Computers

A Business Owners Policy, or BOP, is a simple combination of Business Property Insurance and General Liability Insurance under one single policy designed specifically for small business owners. If your business has an actual location that you work out of, then a BOP is a great fit for you.

Is Business Insurance Required by Law?

In certain cases, business insurance is required by law. Most states require businesses with employees to obtain workers’ compensation insurance. Business-owned vehicles must be insured with commercial auto insurance.

Do I need Business Insurance?

The answer to this question will vary on the specifics of your business operations. Chances are if you are a business owner you would benefit from some type of business insurance coverage. Our team of insurance agents can walk you through the specifics of your business.

Still, have questions? Ready to get the coverage your business needs? Contact our team at Link-Hellmuth Insurance to be sure your business is covered with business insurance in Springfield, Ohio at an affordable price.