What Coverage Does a Business Owners Policy Provide a Small Business?

If you own a small business, you know that the risks presented on a daily basis can be overwhelming. It is because of this added stress level that you and your business needs proper insurance coverage. Now, while there are specific insurance policies available that insure your business against certain risks, buying separate policies for every potential risk could unfortunately prove to be a rather expensive venture.

Buying multiple policies could also prove to be very time consuming. Choosing individual coverage requires you to not only educate yourself about what each policy covers, but also forces you to research who the best provider for that particular policy is. A business owners policy combines several of the most needed small business insurance coverages into one single product.
A business owners policy will differ from company to company, however, most of them offer coverage against the same risks. The biggest advantage of having a business owners policy in place is that it offers multiple coverage solutions while being a more affordable solution.
The first coverage offered in a good business owners policy is liability coverage. As a business owner, you can be sued by a customer or employee for an injury they may suffer while on your businesses premises. You could also face liability for any damages suffered by the general public as a direct result of your operations. Liability coverage insures your business in these situations, while also adding the additional benefit of covering the cost of your defense in the lawsuits.

Another benefit of a business owners policy is that it provides coverage if there is a loss of business income. Incidences such as the breakdown of your machinery or accidental damage to your shop could lead to the temporary loss of business income.  A business income policy supplements the lost income you suffer over a specified period of time. This gives you the opportunity to get your business back up and running normally.
A business owners policy can also provide contents coverage. A contents coverage plan insures the contents of your business against unforeseen incidences like theft. It is important to note that content insurance coverage insures just about all the contents on your businesses premises other than money, gold, or stock.
The last part of a typical business owners policy is property coverage.  Property coverage is mainly used to cover the structure in which the business is operated and any structures or buildings owned by the business. Remember, each insurance company has its own tailor-made business owners policy and picking the best one for your business requires doing a little homework.
If you'd like to know more about the coverage we offer, please feel free to give Gardiner Allen DeRoberts Insurance a call at 614-221-1500 and we'll provide a free Ohio business insurance quote today.

Considering Employment Practices Liability Insurance

The old adage, “You can't please everybody,” is never more applicable than when you own a business and have employees. No matter how fair you are or how safe and supportive a corporate environment you try to cultivate, there will always be employees who do not like your processes, management style, or environment. Some may even accuse you of grievous, illegal violations and take you to court over them. Employment practices liability insurance protects you against various claims that an existing or former employee can bring against you—whether they’re found true or false.
How it Works

When a claim of wrongdoing is levied against you or any of the company’s directors, officers, or other employees, it’s likely you’ll want to defend yourself, your business, your directors or employees against it. Doing so will require that you hire an attorney and go to trial or an arbitrator. This can be extremely expensive and, with the possibility of multiple appeals, could cost more than you can afford even before an assessment of guilt or innocence is ever made. Employment practices liability insurance can help pay for the costs of defending yourself, your company, your directors or employees against the claim.
What’s covered under Employment Practices Liability Insurance?
There are many situations that require defense that can be covered by employment practices liability insurance, including claims of:

• Discrimination
• Sexual harassment
• Wrongful termination
• Civil rights abuses

What is not Covered

Employment practices liability insurance may not cover claims that fall under COBRA, ERISA or the Americans with Disabilities Act when reasonable accommodation must be provided but weren’t. It also may not cover a contractor’s accusation of a breach of contract or employment.

Every business, large or small, that has employees can face claims from past or current workers. Employment practices liability insurance helps make sure that you can defend your company against these claims with minimal expense. When you're ready to look at this important Ohio business insurance coverage, give us a call at 614-221-1500.

Businesses Need Flood Insurance Too

Blogs and consumer-focused magazines write frequently about how homeowners need to find out if they are in a flood zone because home insurance doesn’t cover damages caused by a flood—but do you know what other kind of insurance doesn’t cover flood damage? Commercial property insurance.

Where is Your Business Located?
Business property may be different from residential property in a lot of ways, but when it comes to floods, they have many similarities. A business may be located in a flood zone just as a home can be. And if your business operates out of your home, then it shares the same exposure to flood risks as your home does. Either way, it needs a specialized policy that provides structure and contents protection against the damages that a flood can cause.

To determine if you need food coverage, you should find out if your business, whether home or not, is located in a flood zone by visiting floodsmart.gov.

Leasers, Be Ware!
Even if you don’t own the building your business operates out of, you still may need flood insurance in order to protect yourself from the financial damages of losing your computer, equipment, supplies and stock after a storm surge or other flood. So whether you operate your business out of a commercial building that you lease or out of your rented home or apartment, you are still exposed to flood risks. Your landlord may not tell you that you are in a flood zone, so you need to check your area’s zoning information to find out whether you are.

You’ve invested countless hours and dollars into your business. A commercial flood insurance policy protects that investment and may even help you stay afloat while you are dealing with the after-effects of a flood. Give us a call and allow us to look over your whole commercial insurance plan and identify any gaps, including from the lack of a commercial flood insurance policy.Call us today at 614-221-1500 or get a free Ohio business insurance quote.