Cleveland Business Liability Insurance

Cleveland business liability insurance typically has a single occurrence limit and an aggregate limit. The aggregate limit is the maximum amount your insurer will pay, whereas the single occurrence limit is what they will pay in one instance. Note that different Cleveland business liability insurance companies will set their limits differently: some will include defense costs and some won't.

Cleveland business liability insurance can be a rather confusing prospect; the limits, exclusions, and particular requirements for each industry can be challenging equation. For example, if your a crafts person, sculptor, or any kind of artist, you may need Cleveland business liability insurance, even though you can't imagine that anyone would ever sue you. The general rule is "if you sell, you're in business", and if you're in business, you could get sued.

Ohio Business Liability Insurance Limits

The aggregate limit on your Cleveland business liability insurance policy is usually double the single occurrence limit. It may not be sufficient. Again, sometimes the limits include (the expensive) defense costs which means that the limit is quite low if there's a lawsuit. It's important to understand what your limits actually cover. Knowing whether or not your Ohio liability insurance policy limits include legal fees will help you determine whether or not your policy provides sufficient coverage for your Cleveland company.

If your Cleveland business liability insurance doesn't have high enough limits given your particular risk, you may need to purchase an umbrella liability policy in addition. An umbrella liability policy can pick up any "extra" costs. So, if your limits only go up to $2 million and a claim settles for $3 million, your umbrella policy will pick up the final $1 million.

Don't underestimate the costs of legal fees and damages. You may want to talk to a Cleveland business liability insurance agent about what can a lawsuit will cost, and the general risks of your industry. Lawsuits can probably cost more than you ever imagined. Make sure you don't find yourself in a situation in which your policy limits aren't sufficient.

Cleveland Business Insurance for Craftspeople

Cleveland craftspeople often think they don't need any coverage for their business, because they have a homeowner's policy. However, your homeowners policy will not protect your work-related valuables (in other words, your art). Your business may be located in your home, but you are not protected by homeowners policy. In fact, your homeowners insurance may be void for the work-related events that happen in your home.

Imagine if a customer comes into your Cleveland home, trips, and hurts themselves. It sounds unlikely, but they may bring a lawsuit against you. While your homeowner's policy would cover you if this person was a friend, you're probably not covered if it's a client. Commercial liability insurance, though, would cover you.

If you use your vehicle to drive to craft shows, you may want to consider commercial auto policy. Your personal Ohio vehicle policy won't cover you if you're using your car for work-related purposes. Obviously, most craftspeople tend to use their regular cars while driving to craft shows, but be aware that if you're auto insurance company catches you, they may not cover you for an accident.

Note that Cleveland business liability insurance is different from basic property insurance. You probably need OH property and casualty coverage in addition to liability coverage. You can probably get a relatively inexpensive policy that covers the crafts in your home. So, if there is natural disaster, you will be reimbursed for all your valuables. Again, don't think that your Cleveland homeowner's policy will cover your work.

As you may know, Cleveland craft shows want all vendors to be insured against third-party claims. Some shows offer a policy which is built into the booth fee, and other times they offer an optional rider. Other shows will offer the names of insurers that specialize in craft businesses. Not all insurers provide coverage for craftspeople, so you will need a specialty insurer.

Also, since you're producing a product, you may need product liability coverage. If someone sues you because your product has somehow injured them, a basic commercial policy won't cover you. If you're selling a product, it's a good idea to talk to an Ohio agent about whether or not you need to insure your product against third-party claims.

If you're not sure what kind of protection you need for your OH crafts business, you can ask a Cleveland business liability insurance agent. Make sure that you choose someone who understands your particular specialty. As is the case with all industries, you need unique coverage to suit your particular needs, and not just a blanket package. A good agent will help you sort out your needs, and keep you from feeling overwhelmed by all the decisions you have to make.

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