From the corner bakery to specialty manufacturers, we have decades of experience in providing quality business and commercial insurance solutions for our small and medium-sized Ohio business customers. The challenges of doing business in the 21st century are continually changing. If your business is in Ohio and you are looking for business and commercial insurance, we are the reliable phone call to make.
Business and commercial insurance is essential protection for every going concern, including non-profit entities. Businesses are engaged, both with people and things. Consider for a moment the following and whether or not they apply to your business:
-The business is based in a physical structure.
-The business uses furniture, office equipment, and/or special tools and equipment.
-There is the business entity itself, owners, and/or employees, possibly board members.
-There is customer interaction, which may be in person, on the phone, or electronically.
-The business owns or leases vehicles used in its operations.
-The business and employees may provide services considered professional in nature.
Any one of these, alone or in combination with other risk factors, gives rise to potential loss exposure that may be insured. We know the business and commercial insurance market well and can provide appropriate coverage to meet your specific needs.
We begin by listening to you. Tell us about your business and location, including type, size, number of employees, building(s) size and construction, occupancy, auto usage, professional activities, etc. Based on the nature/characteristics of the operation, we will recommend one of the following two business and commercial insurance coverage forms:
Business Owner’s Policy (BOP):
This may be used for smaller business operations such as retail storefronts, i.e. local hardware store, boutique, bakery, ice cream shop, barber shop; some restaurants; small, newer apartment buildings. The BOP combines General Liability (GL) Insurance, Property Insurance (building and contents), Crime Insurance, and Business Interruption Insurance in one policy. Auto Insurance, if needed, must be purchased separately.
Commercial Package Policy:
This is used for larger accounts and/or businesses with specific risk factors that are not eligible for the BOP. Examples are machine shops, manufacturers, contractors, and older apartment buildings. The commercial package is intended for flexibility and allows the insured to build a custom business and commercial insurance policy. Basic coverages to be included in a commercial package policy are General Liability (GL) Insurance, Property Insurance, and Loss of Business Income Insurance. Each coverage is separately rated with an individual premium charge. Depending on the needs and exposures of the insured, suggested additional coverages may be:
+ Auto Insurance (liability, non-owned and/or hired, comprehensive and/or collision)
+ Umbrella/Excess Liability Insurance
+ Crime Insurance (includes burglary, robbery, employee dishonesty, embezzlement, forgery)
+ Professional Liability/Errors & Omissions (E&O) Liability Insurance*
+ Cyber Liability Insurance*
+ Employment Practices Liability Insurance*
+ Directors & Officers (D&O) Liability Insurance*
*In some cases these coverages can be added by endorsement to a commercial package policy, subject to additional premium. Often, however, a separate policy is required. Each one is briefly reviewed below.
*Professional Liability/Errors & Omissions (E&O) Liability Insurance:
There is no coverage for any claim arising out of professional acts, errors, or omissions in the BOP or the standard commercial package policy. Businesses and/or persons engaged in a profession, such as doctors, dentists, optometrists, lawyers, nurses, midwives, engineers, architects, computer consultants, real estate agents, travel agents, etc. have unique exposures to professional liability claims and should consider purchasing this coverage.
*Cyber Liability Insurance:
Data breaches and cyber attacks are real threats for anyone and everyone using electronic devices. Even the use of personal cell phones by employees to access or transmit any information from your electronic database exposes your business to cyber liability. In short, if your business collects or stores sensitive data electronically, such as financial records or account numbers, credit card numbers, online payment system account numbers, medical records, etc., Cyber Liability Insurance should be added to your business and commercial insurance.
*Employment Practices Liability Insurance:
Employers concerned about loss exposure arising out of employment-related acts, such as discrimination (POTENTIAL EXAMPLES: wrongful discharge; failure to hire an applicant), should seriously consider the benefits of adding this coverage to their standard business and commercial insurance.
*Directors & Officers (D&O) Liability Insurance:
Both non-profit and for-profit entities have directors, officers, board members, committee members, and/or employees routinely making business decisions that expose them and the entity to potential third-party claims alleging a wrongful act. For their own protection, many board members will insist the organization maintain D&O Liability Insurance in addition to standard business and commercial insurance.
Our business is long-term relationships. Richey-Barrett Insurance is your Trusted Choice Independent Insurance Agent for Business and Commercial Insurance in Ohio.
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