Commercial insurance is a must to protect your business from a myriad of risks. However, insurance policies are not one-size-fits-all, as each business will have different needs depending on the goods and services provided. Here are three vital policies for your company.

Which Commercial Insurance Policies Does My Business Need?

1. Liability Coverage

Litigation stemming from injuries or property damage caused by your enterprise is often costly. Lawyer’s fees, court costs, and any damages awarded will be your financial responsibility if you lack proper commercial insurance. Liability coverage provides funding for litigation up to a certain limit. General liability is necessary for all business owners, but you should consider errors and omissions insurance if you provide a professional service, such as accounting or legal assistance.

2. Property Insurance

Certain insurance policies cover the physical structure of your business, as well as any equipment contained within. For example, if an essential piece of equipment breaks down, you’ll no longer be able to operate, which means you’ll lose money due to downtime. An equipment policy can help you repair and replace machinery, as well as provide compensation for business interruptions.

3. Workers’ Compensation

Many employers in Ohio are mandated to carry workers’ compensation insurance. This coverage ensures injured workers have an income while they’re making their recovery. Only injuries that occur on the job are covered, and, in some cases, a worker’s negligence may exclude compensation from being provided. Your insurance broker can help you understand your coverage options, so you choose the best commercial insurance for your needs.

Robert Taylor Insurance helps business owners in Lorain, OH, understand their risks and select their coverage accordingly. These agents have more than three decades of experience, which allows them to explain your commercial insurance options in clear and concise language. Other products include auto insurance, coverage for the home, life insurance, and renters’ policies. Schedule a consultation today by calling (440) 277-5191 to discuss your needs. You can also visit their website for more information on insurance services.