When it comes to safeguarding your business, it is important to have enough liability coverage to protect the totality of your assets. Additionally, having adequate business insurance is oftentimes a requirement to win a contract so having enough coverage helps to ensure the profitability and longevity of your business. Generally speaking, there are two types of commercial insurance with business owners having the option to supplement these coverages with additional add ons that are unique to their needs. First, commercial property insurance provides coverage for any business-owned property that is damaged, stolen, or lost. Second, business liability insurance helps pay financial damages if someone sues your business.
When determining how much commercial insurance you need, the first step is to refer to the contract. If you are buying or leasing property space to operate your business it is highly likely that the agreement will stipulate the minimum amount of liability insurance that is required with the same principle applying if you are bidding on a contract. If neither of these scenarios apply, it is important to consider these factors when determining how much insurance to purchase:
- Number of Employees
- Type of Business
- Leased or Owned Office Space
In addition to property and liability insurance, another common policy is cyber liability insurance which allows the business to recoup the cost required to recover from a cyber-attack or data breach.
When it comes to finding a reputable and trustworthy insurance agency, look no further than the Smucker Insurance Agency Inc in Plain City, OH. With our relentless dedication to providing for our customers, we strive to provide you honest and transparent insurance service in the Ohio area. Give us a call today to schedule a consultation.