Dinn, Hochman & Potter, LLC

Insurance a vital part of business planning

Each business throughout Ohio has needs unique to its structure and type. These various needs take the form of inventory, services, people and even business planning. As each business is established and then continues to operate, the need for insurance becomes an important part of the planning process.

The majority of businesses will want to carry general liability insurance. This provides insurance for a variety of concerns such as someone being injured on the business property or even statements that may be made that could potentially cause harm or cause loss to another entity or individual. There are a vast array of concerns that general liability insurance can cover.

Another form of insurance that the business may need to consider is product liability or professional liability. If the business produces an actual product, there is also the risk that the product may malfunction or become defective. Product liability insurance could cover this. If the business provides services to the public, there is the risk that a mistake could be made. Professional liability insurance could cover this.

If the business has employees, workers' compensation insurance is probably required. This insurance provides coverage in case an employee is injured or killed on the job. Other insurance relating to employees, such as employment practices coverage may also be necessary.

As the Ohio business goes through the business planning process, the need for protection becomes evident. Many times, insurance coverage can provide some of this protection. In addition, the advice and guidance provided by legal counsel can assist the business owner in determining the best ways to protect the business from potential loss.

Source: thenewsherald.com, "Make sure your business is properly protected", Shawn Bumgardner, Sept. 7, 2017

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