We all start learning a language one word at a time, from folks in Parma, OH to the other side of the world. At Capretta Insurance Agency, we understand that the jargon can be overwhelming, but understanding the basics is important for getting the most value out of your money. If you’re starting a new business or looking to change your coverage, picking up these terms will help get you started.

Policy

The insurance policy outlines all the details of your insurance coverage.

Covered Perils or Causes of Damage

When you see a reference to a covered peril or cause of damage, it’s related to the type of incident the insurance will cover. Commercial insurance lists its perils in an inclusive manner, meaning that only causes mentioned in the policy are covered.

Commercial Property

Your office building, the business personal property, and the personal property of others are referred to as commercial property.

Business Personal Property

Anything belonging to your business, from a flashlight to the lights in the lobby, is the business’s personal property.

Personal Property of Others

Anything in your care belonging to another company or person is considered the personal property of others.

Commercial Auto Insurance

Like homeowners’ and auto insurance, commercial liability insurance and commercial auto insurance are two separate coverage policies. If your business has a workplace vehicle, you’ll need commercial auto coverage.

Claim

A claim is the process of reporting an incident to your insurance provider and seeing if they will pay for the damages.

Liability Limit

This is the maximum amount the policy will pay if they decide that your claim meets the terms of your policy.

Premium

The premium is your regularly occurring cost for having the policy in effect.

Agent

An insurance agent is someone who knows insurance and can help you find a provider that meets your needs, like us here at Capretta Insurance Agency in Parma, OH.

Benjamin Franklin was the true father of insurance. Even back in his time, he noticed that people were suing people too often for damages to their person or property. So he decided to create a way for the people who were healthy or uninjured to help those who needed it when they were injured or sick using the insurance system. This prevents thousands of lawsuits and dropped the number of legal actions to almost nothing overnight.

Since then, millions of people have been served by insurance that protects their families, cars, homes, and other important possessions. Insurance is the seatbelt you have but hope you will never have to use it.

Business Owners Beware

If you are a business owner, it’s important that you also protect yourself from lawsuits in your business as well. You’ve invested a lot in your business, including your business properties, reputation, and more. Commercial insurance not only protects all of your investments but also can keep you out of court.

Business owners can sometimes have legal actions taken against them due to alleged negligence. If it is proven that you were negligent, it could result in millions of dollars in damages, depending on the situation and the amount of loss to an individual or customer.

Protect yourself with commercial insurance from the experts at Capretta Insurance Agency in Parma OH. We are your insurance experts who understand the importance of protecting your business and assets. If you are not covered by a business or commercial insurance, you are left open to lawsuits.

Don’t risk it. Visit with the pros at Capretta Insurance Agency in Parma, OH to learn more about how to protect your company and reputation in the event of a lawsuit or complaint. 

Visit us today at Capretta Insurance to get started. Tomorrow could be too late. 

Most Parma, OH business owners know they need commercial insurance to protect their budding enterprise. Many, however, need help in selecting the policy their company needs. If you fall into this category, talk to an agent from Capretta Insurance Agency. We’ll explain your policy options, answer your questions concerning coverage and help you determine the protection best suited to your company’s needs. The following tips can help you make wise choices when selecting a commercial policy.

Determine your Business Risks So You Can Choose Coverage Accordingly

The first step to choosing commercial coverage is assessing the risks your company faces for financial loss, considering its location, industry, and makeup. Then choose the coverage that protects you against these risks so you can recuperate your losses.

Standard commercial policies in Ohio offer property and general liability coverage, which most small businesses need. From there, you can customize your policy by adding cyber liability, product liability, business interruption, workers comp, or commercial auto coverage, depending on the protection your company needs.

Compare Commercial Policies

Next, you’ll want to compare what various insurers have to offer before committing to a policy. You’ll want to review the coverage offered by each policy, study how companies handle claims, and compare premium prices. It would be best if you had the option of tailoring your coverage to meet your company’s specific needs, as this maximizes your protection and reduces premium costs.

Work with a Reputable Insurer

Working with a reputable insurer is key to receiving quality coverage at reasonable costs. You’ll also have fewer problems when it comes to claiming your commercial policy. At Capretta Insurance Agency, we work closely with businesses in our local community to ensure accurate commercial coverage to protect their business interests. Call or visit us in Parma, OH today for all your commercial insurance needs.