Do you have business insurance? How well do you think your business is protected in case of an unseen event?
Here are some of the most important types of commercial insurance you should have in your small business from Avon, Cleveland, Lakewood, North Olmsted, North Ridgeville, Westlake:
- General liability
Definitely in the top of the most important commercial insurance policies, this insurance will keep you safe from liabilities. This policy covers you and your employees in case either of you cause property damage of bodily injury to a third party.
- Workers’ compensation
If you run a bricks and mortar kind of business you want to know your workers are safe. However, accidents happen. So just in case one of your employees gets hurt at work, you must be able to provide their wage and pay for their medical expenses. This insurance gets even better, because in exchange for these benefits the employee officially gives up his rights to sue you for the incident.
- Business owner’s policy
This is all about how you are covered, the business owner. Also known as a BOP, this commercial insurance is a type of general business insurance package that covers multiple types of insurance policies. Among them are also included property insurance, vehicle coverage, crime insurance, liability insurance, and more.
- Umbrella business insurance
These last two business insurance policies are really the cherry on top of the cake, aren’t they? The umbrella business insurance is created by those who want additional coverage, on top of the policies they already have. You can regard them as extensions to the policies you have, extensions that allow you coverage beyond the limits of a regular insurance.