Business Insurance in Tallmadge, OH

What coverage do you need?

The coverage you will need depends on:

The type of business you are in
The perceived risk associated with it

Your business location is also another factor that is taken into consideration. As an example, some states tend to award more in damages to plaintiffs claiming personal injury than others. It’s best to speak with a licensed insurance broker to determine the best coverage for your business. A licensed insurance broker can discuss with you if you fall into the lower risk category. If so, you may want to consider a Business Owner’s Policy (BOP). This policy would combine both your general liability and property insurance (and possibly other coverages) at a multiple policy, cost-effective rate. To learn more from our experts in the Tallmadge, OH and surrounding areas, get in touch with us.

Common Exclusions

Please note, coverage does vary by insurer and it will include additional exclusions other than the examples below. It would be best to thoroughly review your policy to know exactly what your policy does and doesn't cover.

Damage to Your Work - Usually, commercial general liability policies exclude coverage for property damage to your work.
Damage to Your Product - Commercial general liability policies will not cover property damage to your product.
Contractual Liability - Commercial general liability policies exclude coverage for bodily injury or property damage that you are obligated to pay because you assumed liability in a contract or agreement.
Recall of Products, Work, or Impaired Property - Commercial general liability policies will not pay the cost to recall faulty products, work, or impaired property. You do have the option to add this coverage to the policy by endorsement for an additional cost.
Workers' Compensation and Employer's Liability - Commercial general liability policies don’t provide coverage for workers' compensation, or employer's liability.
There may be other exclusions that apply on a local level to the Tallmadge, OH and surrounding areas.

How business (liability) insurance works.

The general liability coverage of a business insurance policy outlines the maximum amount the insurance company will pay against a liability claim. For example, if your business gets sued for $250,000 for medical costs associated with an injury plus an additional $100,000 in legal fees, but your coverage amount is maxed at $300,000, then you would be responsible for paying the difference of $50,000.

Now, if you are on the higher end of the risk scale, and already have general liability insurance, you can also opt for excess insurance or business umbrella insurance that increases your coverage limits. This will cover you in situations in which you’re worried that your existing coverage won’t cover all your costs should someone file and win a claim against you.

Our agents have helped many businesses in the Tallmadge, OH and surrounding areas. Get in touch, we can help you too.

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Keyword Tags:

Commercial General Liability Insurance

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Business Insurance in Tallmadge, OH

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