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Insurance for Your Small Business

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Many small businesses may see insurance as just an extra expense, but if all the risks in business are considered, it is one of the best risk mitigation strategies. Business insurance will help provide for comprehensive coverage and recovery of costs due to injuries, natural hazards, vandalism, fires and more recently, cyberattacks. As a small business owner, it is important to see how different types of insurances can protect you and your assets from theft and loss.

Small Business Insurance Coverages To Know

1. Home insurance is critical for small business that operates from home. Home-based businesses have seen a rise in the past decade due the increase reliance on technology. Home Insurance can be changed to accommodate certain home business classes. It is important to work closely with your Ohio insurance agent because typically business property and liability are excluded under most home insurance policies. There are also exclusions for exterior building and contents used for business.

2. Personal Auto Insurance is where most business owners start. At that point their insurance agent can advise them if they can stay on a personal auto policy under a business class or go to a full commercial auto policy. Again, it is important to be transparent because typically there are broad exclusions for business use under a personal auto policy.

3. Business Liability Insurance also know as a General Liability Policy is usually seen as a requirement or an act of good faith for their customers. This type of coverage is really where a business should start. Even the most experienced business owners and risk adverse business can have costly bodily injury or property damage claims.

4. If a business suffers losses due to a covered claim and is unable to perform its operations, business income insurance can reimburse the lost income until the business can become operational again. This policy is also typically packaged with additional expense coverage which will pay additional expenses to get the business back up and running temporarily. It also can cover additional expenses that arise out of having the loss to keep the business going as if nothing had happened. Business income and additional expense can easily be even more money than the actual property damage that it originated with. Many businesses can’t withstand having no income and absorbing all their fixed and additional costs. Without this coverage many would be out of business by the time the loss was settled. This coverage is essential to the survival of the insureds business.

5. Property insurance for is a major part of large businesses risk mitigation plan so why not for small businesses too. It can help cover damages due to natural disasters, fire, and wind damage. Business property insurance doesn’t just cover building but also equipment, inventory, and other structures can be protected.

6. Cyber Insurance for business is different than most people think of it. It’s less about the theft and more about the liability fallout of the data compromise of your customers. It has increased significantly in recent years and any business is susceptible. Since almost all businesses use some form of electronic data management systems, any data breach or theft can lead to both reputation loss and subsequent financial losses. Cyber coverage can be commonly purchased as a stand-alone policy from industry carriers or a smaller affordable policy can be added on to the existing commercial package policy.

If you wish to seek guidance on business insurance, we are available not only to sell you a policy but to give you ongoing support as your business grows. Call, email, text or come in to our office any time to continue this conversation.

Trent Oyer, CIC

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