Business & Commercial Insurance

As a business, you must be aware of risks and exposures that could threaten your finances and derail your future. Regardless of what industry you’re in or how safe a workplace you maintain, avoiding all accidents and errors may not be possible. With that in mind, your company must understand the importance of maintaining a comprehensive insurance portfolio. 

What Is Business Insurance? 
Business insurance generally refers to a package of policies that, when woven together, create a diverse and reliable safety net to protect your company financially from many common risks and perils. Although your business may have certain unique circumstances that could affect its specific coverage needs, the following types of insurance can form the core of an insurance portfolio for most organizations. 

General Liability Insurance 
This coverage provides financial assistance if your business is responsible for a third party’s losses. This may include incidents that result in bodily injury, property damage or personal and advertising injury (e.g., slander, libel, false imprisonment, copyright infringement). In response to such situations, your policy may help pay for the following: 

• Medical bills
• Lost of reduced income
• Property damages
• Legal costs arising from lawsuits 

Commercial Property Insurance 
By including this type of insurance (also known as business property insurance) in your portfolio, your business may be able to access funds to help pay for losses and damages involving physical property used for your operations, including the following: 

• Buildings
• Equipment
• Inventory
• Furniture
• Signs 

Business Interruption Insurance 
You may incur significant losses and expenses if your business is forced to alter or pause its normal operations. Fortunately, this type of coverage, also known as business income insurance, can help pay for the following: 

• Rent/mortgage payments
• Lost income
• Employee wages
• Tax/loan payments 

Workers’ Compensation Insurance 
This coverage, which is generally required by law in the state of Ohio, provides financial assistance in the aftermath of work-related injuries or illnesses. Your policy may be able to cover the following: 

• Medical expenses
• Lost or reduced wages
• Disability benefits
• Death benefits
• Employer legal costs 

Cyber Liability Insurance 
As more employers become dependent on technological solutions and online systems, cyber security must be top of mind. Such advancements can make it easier to perform tasks and complete projects, but they may also expose your business to cyber criminals. If your business is victimized by a data breach or other cyber incident, this coverage can help pay for the following costs: 

• Incident response (e.g., investigations, notifying affected parties, hiring public relations firms)
• Restoring or repairing compromised equipment
• Ransomware payments
• Legal costs (e.g., fines, defense, settlements, judgments) 

Filling Coverage Gaps 
In addition to the aforementioned coverages, your business should also analyze its risks and exposures to ensure there are no gaps in your portfolio. Further recommended policies may include the following: 

• Professional liability insurance (also known as errors and omissions insurance)
• Commercial auto insurance
• Employment practices liability insurance
• Commercial umbrella insurance 

Get the Right Coverage 
We’re here to help. At Arbutina Insurance Group, our agents have the knowledge and experience to help businesses in Brunswick, Medina and Strongville acquire and maintain optimal coverage. We will work with you to assess your insurance needs and compile a portfolio that will provide ample financial protection. Contact us today to get started.