Commercial business insurance in Salem OH protects you from any unanticipated situations that could impact your business. It refers to the three main types of commercial insurance:
Property insurance for your equipment and office premises;
Workers’ compensation to cover your employees’ medical costs if they get hurt while at work;
Commercial general liability insurance for damage to a third party.
When Do You Need Commercial Business Insurance in Salem OH?
Regardless of what type of business you’re running, commercial liability insurance pays for court costs, settlement costs and medical damages in the event that you’re sued by a third party.
A commercial general liability insurance policy covers your business for cases such as if:
A customer is injured or has their property damaged by you or your employee while working;
Someone visits your store, office or work area and gets hurt in any way;
Your products hurt someone or damages their property;
Someone sues you for damages or medical costs.
You may not need another kind of commercial insurance, but property insurance is important if you have an office with computers and office furniture. If you are a sole contractor without employees, you don’t need workman’s compensation.
How to Choose Commercial Business Insurance in Salem OH
The best commercial insurance isn’t the same for every business, because each one is unique. Here are some things to keep in mind to make sure you get the commercial insurance coverage that is best for your business.
Know what you need. You might require extra workman’s comp as part of your policy if you are a general contractor, or you want to add commercial equipment insurance.
Know what your policy covers. It’s not always clear what is included in a commercial liability policy, so it’s important to read the policy carefully and ask questions if anything isn’t clear.
Compare policies. It’s wise to get three commercial insurance quotes so
that you can compare the monthly premiums and what is and is not included.
Compare deductibles. Think about whether you prefer to have a higher deductible so that you can pay a smaller premium, or the other way around.
Whatever policy you select, review your policy each year to determine if it still suits your needs. You might need to increase your level of coverage or add another area of coverage.
What to Look for in a Provider of Commercial Business Insurance in Salem OH
When you start the process of find the best coverage, it’s best to go to an insurance provider who has a lot of experience in dealing with business owners like you, or one who specializes in working with small businesses. It’s even better if they are already experienced in providing policies for your type of business, so they know what you’re likely to need.
You also don’t want to pay more for insurance than necessary. So be sure to look for a provider that doesn’t charge hidden fees and is transparent about what is included in your policy.
If you’re just starting your business and cash flow is still tight, it will be much easier to use an insurance company that allows you to pay monthly instead of annually without charging extra.
Finally, one of the most important parts to getting commercial business insurance in Salem OH is having your certificate of insurance which proves that you are covered. Ready to get the proper insurance for your business? Call our office today to schedule a consultation so we can get you the coverage you need!