Commercial business insurance provides wide-ranging protection for businesses and their subsidiaries under a single policy. There are various types of commercial business insurance that takes care of property, liability and workers’ compensation, to name a few. While property insurance covers damages to business property and products stored within the premises; liability insurance provides coverage for damages to third parties; and workers’ compensation insurance covers injuries to employees.
Commercial business insurance is an important aspect of any business that cannot be ignored especially if the business premises are leased or rented and even otherwise. Whatever your commercial insurance needs, we can design a protection program that’s right for you.
What Your Business Needs
Property insurance, which ensures structures and their contents, for example, furnishings, equipment, and inventory, is the most well known type of protection for small business owners. But you may also be overinsured. If you do not have an actual building and little inventory you can sometimes forgo it. Likewise, if you have a building that holds a large amount of inventory, it’s as imperative as having homeowner’s coverage. For example, if you’ve bought massive amounts of furniture from places like Office Monster (officemonster.co.uk/office-furniture) or other similar ones and electronic devices like servers and laptops for your office, then it would be wise to get property insurance.
General Liability Coverage is sometimes said to be more important than property coverage, even though it is less common for small businesses. A claim for a serious injury could be detrimental to your business financially. General Liability insurance covers any injury or damage your company might cause other people, their reputation, or their property. Any company with a physical location that other people can enter, or with a product whose failure could injure others, should have it. Common policies include $1 million of coverage per occurrence. Although, you may need more coverage to do business with certain companies. Catanzaro Insurance looks at a variety of factors when quoting business insurance including: yearly revenue, and retail square footage.
Catanzaro Insurance specializes in business owner’s policies, which combine property and general liability coverage. It’s less expensive than buying separate policies, and we usually add in other coverages, such as business interruption, if needed, for a nominal cost.
Errors and Omissions Insurance, or professional liability coverage, is product liability when the product is a service. (Legal malpractice and yoga instructor professional liability, are a couple of examples of professional liability coverages we offer). This coverage protects your business if you are sued for negligently performing your services.
Workers’ Compensation Insurance is handled through the state of Ohio. If you need help or additional information on how to obtain this, Catanzaro Insurance will happily guide you through the process. If you are a resident of Illinois, your business needs Workers’ compensation insurance to protect the business from injuries sustained on the job, medical expenses, lost income, and rehabilitation for employees. We offer this and will add it to your business owner’s policy.
Whether you are starting a new business venture or you have owned a business for many years, we’re here to help!
Call Catanzaro Insurance today at (614) 489-8383 to see how we can help you and your business!
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