As a business owner, you’ve worked hard to make your dreams a reality. As small business owners ourselves for nearly 150 years, we know all about the blood, sweat, and tears it takes to get a business running and keep the doors open.
Being a business owner is a lot of responsibility — from keeping your customers happy to retaining employees, processing payroll and orders, so it is normal that thinking about what to do in the event of a lawsuit or accident can fall to the back burner. But having comprehensive business insurance can be a make-or-break deal for you and your employees. So, what kind of insurance policy does your business need?
What Is A General Liability Policy?
The most basic business insurance policy any business owner needs is an Ohio General Liability Insurance policy. This policy can protect you and your business by providing the financial means to pay for property damage, bodily injury, and the legal costs associated with a lawsuit.
What sorts of situations does a general liability policy cover? Say a client of yours comes to the office with their laptop and leaves it in an unattended office while the two of you step out for lunch. Upon returning, the laptop is gone, and no one knows where it went. Or the new employee at your floral shop or nursery forgot to place a wet floor sign after watering the plants, and a customer slips and falls, twisting their ankle. This is where a general liability policy will protect you.
The reality is that human error, accidents, and injuries happen regardless of how well you train your team or follow workplace safety codes, so it’s best to protect your assets. But what about those once-in-a-lifetime accidents that go beyond your policy limit?
What Is A Commercial Umbrella Policy?
Having a general liability policy or add-ons like cyber liability and property insurance means you’re completely covered no matter what happens, right? The unfortunate reality is all it takes is one major catastrophic accident and too-large liability claim to bankrupt your business, forcing you to close up shop.
That’s where an Ohio Commercial Umbrella policy becomes a lifeline for a small business owner. Your general liability coverage has a policy limit, and for the most part, any accident or injury will fall within these limits, but what about the time it doesn’t?
In the event of a major accident or lawsuit, you will be on the hook to pay the remaining amount of the claim that your insurance policy didn’t cover. An umbrella policy is additional liability insurance that will pay what your basic insurance can’t cover, up to its policy limit.
Schedule A Free, No-Obligation Consultation
SFM Insurance is here to help you find the right coverage for your small business — whether you own a restaurant, medical practice, flower shop or are an independent contractor. If you’re ready to review your current coverage or find a policy that better meets the needs of your business, and is not a cookie-cutter policy for general business needs, reach out for a free consultation today. We will be happy to craft a policy specifically for your needs. For more tips and our latest updates, visit us on Facebook, Twitter or LinkedIn!