IORI - Business





				Insuring Your Business IORI Insurance provides insurance solutions for a wide variety of businesses. We have special programs with pricing and coverage’s tailored to specific types of business such as contractors, wholesalers, distributors, financial services, retailers, offices, light manufacturing, restaurants, pharmacies, auto repair garages, taxis cab companies, commercial real estate, printers, consultants, machine shops, and many other kinds of businesses. Below are the most common requested types of business insurance. We offer a full line of insurance coverage for all your needs, including the following: Property Insurance Business property insurance insures against loss or damage to the location of the business and its contents. The insured location can be owned, leased or rented. Liability Insurance Liability insurance insures against liability legally imposed upon your business because of the negligence of the business or its employees. This would cover bodily injury and/or property damage to third parties. Liability can take many forms such as “public” or general liability, professional and errors and omissions. Commercial Auto If your business uses vehicles or anything that is required to be titled by your state, then you need a commercial auto policy. Your personal automobile policy may not cover vehicles used by your business. Commercial auto coverage can insure against property damage to vehicles and injury caused to others by those vehicles. Workers Compensation Workers compensation insures employees for on-the-job injuries. Every state is different, but most states have put into place some form of workers’ compensation system. Ohio is a monopolistic state but there are discounted programs available if you have been in business for several years and meet other eligibility requirements. Business Interruption Business interruption insurance insures against loss to the cash flow and profit of a business caused by the business being unable to operate because of interruption. This supplements property or casualty policies which cover replacement or repairs. This policy offsets revenues lost due to down time as a result of a covered loss. Other Insurance or Scripted Policies Your business is unique! You can count on us to help you choose from a mixture of the above lines of insurance (and many others) to meet your needs. We represent a wide range of insurance companies that offer specialty programs tailored to fit most requirements. This enables us to help you choose coverage’s you need at the best possible price. FAQ Do I need a business insurance plan? Imagine your business facing an unexpected risk like fire, theft or natural disaster without having business insurance coverage. The expenses these circumstances may lead to can potentially drive you out of the business for good. So having a business insurance policy is definitely a must for any business no matter how small it is. Some types of business insurance like workers' compensation coverage or property and liability insurance are a must in all of the states, although the amounts of coverage vary from place to place. In some states you should provide a business insurance policy in order to get business licensing. What if business insurance is too costly for me? The statistics show that about 40 percent of small businesses aren't insured at all, because their owners assume that having a small business insurance policy is too expensive for their enterprise. The fact is that not having a business insurance policy may lead to expenses far beyond annual premiums, putting you at risk of losing your business. Natural disasters, theft, employee injuries – this all may lead to unexpected financial losses, which could be entirely covered by business insurance. There are different business insurance packages offered by insurers to small business owners who run short on cash. For example, business owner's policies (BOPs) provide the necessary coverage for property and casualty risks at a low price. Another way of reducing business insurance costs is raising your deductible. You'll have to pay more to make a claim but you can be sure you are fully covered when something happens. For higher premiums, most companies have payment plans or financing available. What deductibles should I consider? The majority of business insurance policies carry a minimum deductible of $250 per claim. Most business owners are requesting a $500 or $1,000 deductible because higher deductibles will decrease your annual premiums and thus reduce the cost of your business insurance. Consult with us about all possible deductibles before making a decision. What should I do to keep my business insurance expenditures low? Risk management represents a powerful tool of keeping your business insurance costs under control. By using risk management you determine all the possible risks your business may face and choose whether you want to purchase coverage against these risks or not. Large companies use these methods of reducing their expenditures, and your small business could use the same scheme for making sure you don't over or under insure. There are four major steps in risk management: Define the potential risks your particular business may face during operation. For example, you're working with hazardous substances or your workers have a high risk of injury. Outline the potential financial impact each type of risk may deliver to your business and define the probability of each risk type's manifestation. Determine the possibilities of preventing or controlling the risks, and find possibilities of transferring the risks to third parties. Review the result of your analysis frequently. Using risk management methods will actually help reduce the number of claims your business is likely to make. And this will lead to reduction of your insurance coverage rates, which are based on your business' individual claim history. Risk management will also help lower your out-of-pocket expenses for uninsured claims. How frequently should my business insurance policies be reviewed? Your business insurance will have to be reviewed frequently in order to adjust it to your needs. You want to make sure you're getting exactly the coverage you need and do not overpay at the same time. That's why you need to review your business insurance policies once a year or any time your operations or exposures change. My business is incorporated. Do I need business insurance? Business structures like incorporation provide protection for the owner's personal assets, but they do not make business insurance needs irrelevant. Incorporation could provide some benefits, but still you can be personally liable in case of a lawsuit. Thus, you risk both your business and your personal assets by not having a business insurance policy. Do I need workers' compensation business insurance? If your business has employees, regardless of their number, you should carry workers' compensation coverage. Many states require companies to have such coverage and will impose stiff fines and /or penalties for non-compliance. The amounts of workers' compensation coverage and mechanisms of regulation vary from state to state. So, make sure to consult with us regarding workers' compensation business insurance.