Tuesday, 22 August 2017

Commercial

COMMERCIAL INSURANCE

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Are you a Business Owner or Manager? We can help you!

If you own a business in Cincinnati, commercial insurance is extremely important. Some business people look at insurance as being an expense that will just continue to go up in price every year. The truth is that if your business is subject to a catastrophic loss, without insurance coverage all you have worked for is gone. At Roth & Reynolds, we look at commercial insurance from a very simple point of view. Get the maximum coverage you need to insure that if something bad happens your investment in your business is not in jeopardy. We do this by taking the time to understand your business by developing a relationship with you, the business owner or manager. We use our expertise in discovering ways to maximize coverage while minimizing premiums. Our years of experience in the Cincinnati commercial insurance business has given us a great deal of insight on how to keep you covered for less. 

So what happens if you do have a claim, catastrophic or tiny? We stand by you and help you through the claims process and help you put the pieces back together so the interruption of your business is kept to a minimum.
There are all different types of business insurance. The following is a partial list of terms and brief definitions.

Ohio, Kentucky & Indiana Commercial Insurance Headquarters!
Accounts Receivable: Money owed you, provided you are unable to effect collection thereof as a direct result of loss or damage to records of accounts receivable

Building: The structure including anything attached

Business Property: Property on the premise that is movable

– Replacement Cost: the cost, at the time of loss, of a new vs. depreciated value

– Co-Insurance Clause: Formula to pay a claim -Total loss x (coverage you DID HAD divided by the amount of coverage you SHOULD HAVE had)

Business Interruption: Covers business earnings in the event of an interruptive loss, click here for a simple calculator

Business Expense: Provides extra expense funds for continuing operation costs

Care Custody & Control: Bailee having someone else’s (Bailor) property in its possession or by working on the Bailor’s property

Contractors’ Equipment: Covers scheduled property off premises

Directors & Officers Insurance: Directors and Officers Liability Insurance provides financial protection for the directors and officers of your company in the event they are sued in conjunction with the performance of their duties as they relate to the company. Think of Directors and Officers Insurance as a management Errors and Omissions policy.

Electronic Data Processing (EDP): Equipment and its software is particularly susceptible to damage from electrical or magnetic disturbance and changes in temperature or humidity –perils which are excluded in a standard “special” perils property policy. Coverage for programs and data in a standard property policy is essentially limited to replacement with blank media.

Employee Benefits Liability: Protects the Director, Officer, or employee Fiduciary of a covered Company-sponsored employee benefit plan

Employee Dishonesty: Employee(s) theft of money, securities, or other property of the insured.

Employers Liability (Stop-Gap): If employee suffers an occupational injury an sues their employer

Employment Practices Liability Insurance (EPLI): Covers acts of wrongful termination, demotion, negative evaluation and discrimination based on factors such as sex, race, and religion.

Fire Legal Liability: Coverage for Buildings you occupy that are rented or leased

Garagekeepers Liability: Pays for cars in your care, custody & control

General Liability (lawsuits for Property Damage and/or Bodily Injury):
– 1. Premises/Operations: Coverage on company premise or at the job site.
– 2. Products/Completed Operations: Coverage for products sold or work completed

Hired & Non-Owned Auto Liability:
– Hired – Pays for damages if you cause an accident or an injury to someone while you are driving a rented car
– Non-Owned – Pays for damages if you cause an accident or an injury to someone while you are driving a “non-owned” vehicle for business. Also, lawsuits arising from employees if using any car on company time.

Installation Floater: Covers property in transit until installed and tested

Loss Runs: This is a print out of the losses you have had in the past

Money & Security: Theft of money and/or securities

Valuable Papers: Covers the cost to reconstruct damaged records, and the cost of new paper and transcription.

Umbrella Liability: Provides extra liability coverage to supplement your existing general liability and commercial auto policies

Work Comp Group Rating

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Shirley and I couldn’t be more pleased with all that’s happened so far, including your role in finding us a top-notch company to do the job, and for providing the money to pay for it. Thanks so much for being on our side, as Nationwide has always been.
Will C, Forest Park, OH