Columbus Business Liability Insurance

Columbus business liability insurance protects you and your Ohio company from potential financial ruin. If you're not prepared, a third-party claim made against your company could put you out of business. Not only are legal fees extremely expensive (whether or not the case goes to court), damages and settlement fees can be unbelievable high. Your business liability insurance will cover all of it.

There are basically three different types of Columbus business liability insurance. The most basic kind is called commercial or general business liability insurance, which may be the only one you need. The second kind is professional coverage, which is sometimes called malpractice or errors and omissions. The third is product protection, which will defend your company from third-party claims made about a product you are manufacturing or selling.

Types of Coverage

Columbus General Liability or CGL will protect your small OH company against third-party claims related to property damages, personal injury, and advertising injury. CGL may be the only type of coverage you need for your Columbus business. Well, actually, to be clear: it might be the only Ohio liability coverage you need. You will still need to purchase some kind of policy to protect your property and assets from natural disasters, such as a fire or flood.

Sometimes, you can get a BOP, or Business Owner's Policy which includes CGL or property coverage for your OH company. A BOP may be an affordable way to cover most of your insurance needs with one plan. You can talk to Columbus business liability insurance agent about whether or not a BOP would work for you, and which insurers have this kind of policy available.

Errors and omissions covers professionals for negligence, malpractice, and of course, errors and omissions. Most doctors and attorneys carry this coverage. Many technology consultants, architects and contractors also have this coverage. Anyone who's giving advice should consider errors and omissions insurance. Note that your CGL policy won't cover you in the case of a professional mistake.

If you're manufacturing or selling products, you probably need a plan that covers your products. If someone is injured using one of your products, your CGL won't cover you. You need to have an additional policy specifically for products in this case. If you're manufacturing toys, it probably won't be too expensive to purchase this policy. If your manufacturing stoves, though, you have a risky product, so product coverage be much higher.

A Columbus business liability insurance agent can assess your company needs to determine what kind of plan work for you. You may need to get other policies in addition to any of these three basic ones for your Columbus business. For example, you might need to have coverage for company automobiles. You might also want to have coverage in case one of your employees attempts to sue you or manager.

Personal Liability

Sometimes people make the mistake of assuming that they are never personally liable if they have CGL to cover their Columbus, Ohio, company. You can be personally liable if you sign your own guarantee for a loan, for example. Also, if you physically hurt someone, don't expect your CGL to cover you.

As a general rule, any time you act illegally or irresponsibly, your Columbus business liability insurance will not cover you. If you lie, cheat, steal or anything along those lines, don't expect CGL to protect you or your company. CGL doesn't defend Columbus companies in the case of intentional wrongdoing.

Remember, you can also be considered personally liable if you don't operate your Columbus company as separate entity from yourself. Columbus business liability insurance agents can help you determine how to avoid becoming personally liable for company operations. You will want to make sure you have separate financial books, records and bank accounts for your company.

A Top Quality Insurer

Choose a Columbus business liability insurance company with a record of success to protect you. Your liability insurance is only as good as the insurer you choose to work with. Make sure to research Ohio insurers carefully before making your choice. Consider their ratings, customer service and claims response time.

You should also find a Columbus business liability insurance agent that you like working with. There are plenty of agents out there willing to work with you, so be picky. Make sure the agent is willing to help you find a customized plan. Also, make sure he or she understands your industry well.

Columbus business liability insurance policies can be somewhat complicated. However, if you work with a good agent and good insurer, you don't have anything to worry about. You simply need to choose a plan that suits your needs and avoid gaps in coverage. Remember, an ongoing high-quality insurance policy is a necessary safeguard for any company.

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