All businesses are exposed to a variety of risks that could cause significant financial loss. In turn, having adequate commercial insurance can make the difference between your company’s success or failure. By purchasing the right types of coverage, you can protect your operations from unexpected events that arise. Every business’s coverage needs will vary depending on its size, location, and industry, but here are a few important components of all commercial insurance policies.

Types of Commercial Insurance Coverage Every Business Needs

1. General Liability 

General liability insurance will cover third-party claims of bodily injury or property damage. This means you will be protected if someone gets hurt while visiting your place of business or you damage another person’s personal property. Your policy will help pay for associated costs, as well as legal fees and court-ordered judgments you incur from a lawsuit.  

2. Business Property 

If you operate your business out of a physical location, property coverage will protect the structure and the contents inside. If the building becomes damaged from an incident such as fire, inclement weather, a burst pipe, or vandalism, your commercial insurance policy will pay to repair or rebuild it. It will also provide the funds required to replace inventory, equipment, and office furniture that gets damaged or stolen. 

3. Workers’ Compensation 

Most employers in Ohio are legally required to carry workers’ compensation insurance. This is designed to provide benefits to employees who have sustained an on-the-job injury or illness. In addition to reimbursing your employees for their medical bills and lost wages while they recover, it will also protect you from facing a lawsuit brought on by the injured party. It is important to know that in the state of Ohio, Worker’s Compensation is written directly through the state.  

4. Business Interruption 

If a fire or other covered loss forces you to halt your business operations while your damages are being repaired, business interruption insurance will help you recover a portion of your lost profits. It can also cover expenses you continue to owe while being temporarily closed, such as payroll, creditor debts, and bills related to running the company. 

A basic commercial insurance policy that includes these elements is a good place to start; however, it’s likely you will require additional coverage to be sufficiently protected. The professionals at Simmons Insurance Group of Southeastern Ohio will determine all the products you need to limit your risk and keep your company financially stable. They have been providing entrepreneurs throughout the state with reliable and affordable insurance solutions for nearly 50 years. To speak with an experienced and knowledgeable agent, call (740) 667-3111 for the Coolville office, (740) 423-7871 for the Belpre location, or (740) 949-3138 to reach the Racine team. You can also visit them online to request a quote.