Can You Still Pay Employees if Your Business is Temporarily Inoperable?

Do you own a business in Cincinnati, OH? Have you experienced time periods where your business was inoperable and you were not able to pay your employees? If so, you are in need of business interruption coverage that is available with commercial insurance. Below is an overview of this coverage and how it can benefit your business. 

What is business interruption coverage? 

This type of coverage refers to your business being closed for reasons out of your control, which impacts the salary of your employees. With this coverage, you are able to still pay them their regular check and maintain your employees. This coverage is available for only certain types of situations. 

It covers the following:

  • Employee wages
  • Taxes
  • Rent
  • Loan payments

This coverage helps your business stay afloat while you are not able to work so that you can jump right back into business upon reopening. 

When can I use this coverage?

Natural disasters that include uncontrollable weather are one of the most common reasons for businesses to utilize this coverage option. This includes winter weather that has removed power from the business or damaged the business to the point of repairs. Accidental fires that were not caused by the business are also situations that would call for this coverage.

However, all of these incidents must be covered initially with commercial property insurance first, as this policy is only supplemental and aids the initial policy. 

Get your coverage today.

At Advantage Insurance Network, we want to see all of our local businesses thrive even in situations out of their control. If you own a business in or around Cincinnati, OH, give us a call today to get the information you need about business interruption coverage and how it can help you. 

Food Trucks, Pop-Ups and Restaurants: When do you need insurance?

Not everyone who wants to sell food in Cincinnati, OH has the money, or the interest, to rent out a building and create a whole sit-down eating experience. There are plenty of people who are more than happy to run a food truck or a simple pop-up or a stand at local fairs and festivals and farmers markets.

The question then is: What are the insurance needs for these eateries? Obviously, you don’t have the same risks as restaurants, but you do need some sort of protection. Here’s what you need to know:

  • Going without insurance isn’t worth the risk. Plenty of people run food trucks and pop-ups with no insurance or permits, and plenty of people wind up paying the price in heavy fines and paying for liability suits out of pocket. Don’t risk it. If you’re running a business that sells food, you need to do it all above board.
  • The cost of insurance is usually scaled on how much you’re making. The cut-off is different from insurer to insurer, but the reasoning is simply that a food truck making six figures a year has a lot more at risk than one making only a little bit of supplemental income for the owners.
  • Professional liability is a necessity. Just because you’re not running a physical property doesn’t mean you can’t be held accountable if someone slips on your cooking oil or turns out to be allergic to something you serve.
  • Insure the truck’s contents. It’s not hard to find a used food truck for cheap, but once you’ve added propane tanks, stoves, mini-fridges, and inventory, the value stacks up quickly.

As a general rule of thumb: If you’re running a business, get covered. Especially if you’re serving food. Advantage Insurance Network can help to protect you and your business.

Can You Take out a Commercial Insurance Policy on Someone Else’s Business?

A commercial insurance policy is a must for anyone that owns a business. A commercial policy is going to protect the user from any issue that might occur and to help make sure that if something does happen, you are able to use that insurance money to rebuild the business. For those that live in the Cincinnati, OH area, the agents with Advantage Insurance Network can help you to find the insurance policy that is going to work best for you.

Commercial policies are necessary to help protect your business and to help you recover if something does happen to your business. This means that you cannot take a commercial policy out on a business that you do not have a vested interest in. Say for instance that you have loaned money to someone to start a business if you can prove the loan and prove that you have a vested interest in that business and its success and safety, you can take out a policy on that business. Generally, your insurance company is going to want you to prove that you have a vested interest in the business before you are able to take out any sort of commercial policy on it.

If you own a business, you can easily get a great policy to protect your company from things like fire, theft, vandalism and more so that you can rest easy knowing that your business is 100% safe and that you are not going to have to deal with loss of income if something happens to destroy your business. For those in the  Cincinnati, OH area, the agents with Advantage Insurance Network can help you find the policy that is going to work best for you and your individual needs.

Is Business Insurance Only for Large Companies?

Do you have a small business or a home-based business in Cincinnati, OH? Business insurance isn’t just for larger companies. Even a single person doing any kind of commercial activity can benefit from business insurance. Advantage Insurance Network offers business policies to suit even the smallest businesses.

Why Small Businesses Need Business Insurance

All business creates liability. You can sell small, handmade trinkets from home, or rent a small office space somewhere.

In all cases, you create risks just by engaging in any form of business activity. Those risks can cost you a great deal if you don’t protect yourself against them.

The risks your small business creates will depend on the type of business. Generally, if you’re selling someone a product or a service, you create the risk of that product or service causing harm in some way.

Even when the harm is negligible, someone may attempt to sue you for damages. This can happen no matter the size of your business.

In addition, your business also comes with assets. Even if all you’re using is some craft materials and a computer, you’ll want to protect those things.

For example, if someone steals your laptop, you may find yourself out of business for a little while. If a fire destroys your inventory, you’ll have to pay in time and money to replace it all.

For people working from home, you need to understand your home insurance may not cover anything business-related. Check with your home insurance policy if you’re running any business activities from your home or any other part of your property.

What Kind of Business Insurance Does Your Small Business Need

You need business insurance that will protect you, your equipment, and your finances if something untoward happens. Your business insurance needs will depend on what you’re doing and how you’re doing it. To find a business insurance package tailored to your small business in Cincinnati, OH, contact Advantage Insurance Network today.

When Can You Claim Your Commercial Insurance?

Running a business is a risky venture, and anything can happen at any time. The trickiest part of running an enterprise is that a single mistake can bring down your lifetime investment. That is why every business owner in Cincinnati OH should have a commercial insurance policy from Advantage Insurance Network to protect his/her business from suffering significant financial losses when the unexpected happens.

A commercial insurance policy offers property and liability coverage that will ensure your company can still run even when the worst happens. However, the big question among business owners is; when can I file a claim on my commercial insurance policy? Basically, you should file a claim when something goes wrong and causes a significant impact on the normal operation of your business. You should file a claim when:

A Lawsuit Is Filed Against Your Business

Today, lawsuits are common, and a client can file a lawsuit against your business any time. We all understand the fact that court cases can be expensive and the results of court cases may not always favor your business. Your business liability coverage is there to make sure that your company can go through the expensive lawsuits without hurting business processes. Therefore, if a client feels aggrieved or dissatisfied with your products or services and files a lawsuit demanding compensation, you should file a claim so that you get the right legal representation in court.

Your Business Property Is Damaged By a Covered Event

Disasters can strike any time, and the aftermath of it can be devastating. Imagine a huge fire destroying your entire business premises. Your property protection coverage is designed to reimburse you when you go through such scenarios since it covers your business premises and everything inside it. File a claim so that your commercial insurance provider in Cincinnati, OH can help you restart your business and take it to the level where it was before the disaster struck.

Are you a business owner in Cincinnati, OH? Contact Advantage Insurance Network and let us help you protect your business.

What Should Small Businesses Know about Workers’ Comp Insurance?

Even though workers’ compensation insurance can protect businesses from lawsuits and provides payouts for employees injured on the job, many small businesses in Cincinnati, OH go without it.

Many small business owners go without workers’ compensation coverage because they are owned by the sole proprietor and aren’t required to purchase the policy. Additionally, some believe that their risk is small based on the size of their businesses. However, even if you think the risk is small, there is still a chance that your business will deal with any injury claim in the next 10 years, even if you only have one employee.

It doesn’t matter what industry your business is in. Some people think workers’ compensation is only necessary for jobs where physical labor is required, but even if employees are sitting at a desk all day, you still need to protect them.

Workers’ compensation covers injuries, illness, medical treatments, rehabilitation so that employees can return to work, lost wages, and death. It may be an added business expense, but it can protect you from expensive litigation should an employee be injured or worse on the job.

Workers’ compensation is required in Idaho except in a few instances, depending on the industry. It’s important to note that businesses that operate in multiple states have different requirements, and it’s a good idea to speak with your agent at Advantage Insurance Network.

OSHA affects small businesses as well, even though workers’ compensation insurance is regulated by states. Businesses with less than 10 employees don’t have to keep records for OSHA, but they do have to report any employee fatalities or any hospitalizations.

Looking at the safety of the work environment can help reduce claims and may lower premiums. Speak with an agent at Advantage Insurance Network serving Cincinnati, OH for information regarding your specific needs for workers’ compensation.

Getting Commercial Insurance for a New Business or a New Location

If you are just starting a new business, one of your main concerns will be getting commercial insurance coverage that provides adequate coverage. Another thing that causes a need for an upgrade to commercial insurance is when a business expands to open a new location. Commercial insurance includes coverage for your workers for on-the-job injuries or death under the State Workers’ Compensation Insurance program. You also need to coverage of your commercial property for damage to business property. Additionally, you need liability insurance for any damages caused to customers or third-parties. 

If your new business or new location is in Cincinnati or the surrounding areas, the agents at Advantage Insurance Network LLC will be happy to discuss the details of the coverage you need to be sure you have adequate commercial insurance protection. If your business has more than one location there may be advantages of insuring all of them with one underwriter.

In order to get a comprehensive quote from your insurance agent, you will need to collect information about your business. This same information is needed for policy renewals and upgrades.

Here is a handy checklist  of the basic things you will need (additional information may be required):

  • Business Owner(s) Information – Name, Percentage of Ownership, Address, Date of Birth, Social Security # or Federal Tax ID #, Telephone, Mobile Phone, and Email Address.
  • Business Information – Business Description, Website, Legal Entity Type (C or S corp., LLC etc.), Year Business Started, Federal Tax ID #, List of Directors and Officers.
  • Employee Information – Number of Employees, Employee Breakdown by Job Description, and Payroll Information by Job Description.
  • Previous Insurance Coverage – Insurance Carriers (Past Three Years) and Copies of Current Policies.

For all of your commercial insurance needs contact an agent at Advantage Insurance Network LLC serving Cincinnati and the surrounding areas. We look forward to helping make your business a success.

Popular Commercial Insurance Policy Additions

Whether you work from home or you have a separate office space, protecting your business also protects your livelihood. To do this, you need to invest in commercial insurance. Now, commercial insurance is not a one size fits all kind of situation. There are different policy additions to consider in order to make sure your company has the right protection. At Advantage Insurance Network, we are here to make sure your Cincinnati, OH business is protected in any possible situation. 

Liability Insurance

There are multiple kinds of liability insurance options available for you and your business. This includes both General Liability Insurance and Professional Liability Insurance. Each provides slightly different forms of coverage, so you need to consider the two in order to select the option best for you. An experienced commercial insurance agent can help with this. Product liability insurance is another form of coverage to consider if you offer products to the general public.

Property Insurance

You don’t need to own your own building in order to need property insurance. This covers lost stock, signage, equipment and other materials your business uses in the event of theft or a storm. 

Vehicle Insurance

Even if you run a home business and use your own vehicle for deliveries or other business practices, you’ll need commercial insurance on the vehicle. Your auto insurance provider likely will not cover the time you are driving your vehicle for work.

It doesn’t matter what kind of business you have, the size of your company or the products you deliver, proper protection is important. At Advantage Insurance Network, we want to do whatever we can to assist with offering advice and assistance in insuring your Cincinnati, OH company. So whether you have questions or are ready to protect your business, we are here to help. 

Commercial Insurance in Cincinnati Ohio: Finding the Right Company for You

What does it mean to find the right company for you? Each person’s answers will be different because we all have different priorities. For some, the right company may be the cheapest because that’s their biggest consideration. For others, it will have to do with the caliber of people who work there and the quality of their work. We’ll give you a few hints about what to look for when you’re trying to find the right commercial insurance in Cincinnati, OH.

Figuring Out the Answers 

If you ask the insurance company to direct questions in a row, do you just get the one answer? Does the person on the other end of the conversation seem interested in how your business works or does it just sound like they’re reading off a standard form? These are truly important things to consider before signing with anyone because it will ensure that you don’t get a company who will lead you down the wrong road when it comes to picking out a policy. And it also means that you’ll find someone helpful should you have an event happen that needs to be covered. 

Understanding It All 

Advantage Insurance Network knows commercial insurance, and our agents are to here to make your journey an easier one. From reminding you about current laws to updating your coverage, we’re here to take care of it all. We make our clients the priority, which means that you won’t just feel like another face in the crowd or another number from a major insurance carrier boasting about how many people sign up with them on a daily basis. Whether you have a question or want a quote, give us a call to learn more. 

 

The Rennaissance of Norwood, Ohio

Those who lived and worked around Norwood, Ohio and the Cincinnati area in general refer to that day in 1986 as “Black Wednesday”. It was the date General Motors announced the closing of its Norwood General Motors Plant. Less than a year later, on August 26, 1987, the plant produced its last car, and a whopping 4,300 people were estimated to have lost their jobs.

It couldn’t have been a darker time for what was then, a very blue collar community. Norwood and its residents appreciated its independence from its large neighbor to the south, but it was facing potential bankruptcy. But the community and its leaders dug in. A deal was worked out for GM to demolish the giant plant and donate the land to the city. In 1990, the Central Parke revitalization began. New roadways were built. Then came the Rockwood Pavilion and Rockwood Commons. The area began attracting younger, more upscale families who gave a boost to the housing prices in the area. In 2006 the Linden Point project got underway and the progress has continued. Norwood and its 45212 zip code has been the subject of national news articles on its rebirth, including a not so pleasant eminent domain case that the community has put behind them.

The Renaissance of Norwood has been amazing, and the community has never looked back. It is an area where businesses and residents want to be.

If you are a business owner in the area, we would appreciate the opportunity to assist you with your commercial insurance. Our independent agents can get quotes from multiple companies to get you the best price possible without sacrificing coverage.

See for yourself with your personal insurance. Visit our website to get a comparative quote on your auto or homeowners insurance. For business insurance quotes, contact us.

We are the Advantage Insurance Network and we are proud to serve the resilient Norwood community. We would be pleased to serve you.