Commercial Insurance Basics Ohio Business Owners Should Note

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Capretta Insurance Agency serves the Parma, OH community and surrounding areas. We strive to help our clients find policies that cover them while they navigate life’s risks. We recognize that every client has unique needs. We offer custom policies so that our clients are protected in any situation.

Commercial Insurance Basics

The Parma, OH community thrives based on the success of small businesses. As a business owner in the community, you have to juggle several tasks at once. Things can be overwhelming. Commercial insurance offers a safety net. All of your property is covered if something happens. Perhaps your inventory is stolen, or your property is damaged in a fire. Property insurance will help you repair and replace the lost items. If your property is damaged in a fire, you can add business interruption coverage, which allows your business to continue functioning while the repairs to your building are made.

Liability coverage is important as well. Liability coverage protects your business if one of your customers suffers an injury while on the premises. You are also protected if a customer alleges that your products caused them harm. Consider adding professional liability insurance. Professional liability insurance covers your business if one of your employees makes a serious error while performing a task. Workers’ compensation is important. You rely on your employees to help your business thrive at the highest level. Worker’s compensation covers you if there is an injury in the workplace. The policy covers your employee’s treatment and rehabilitation, and you protect your business from potential legal action. Having a strong worker’s compensation policy can help you attract some top talent on the market.

Capretta Insurance Agency Will Help You Cover Your Assets

Visit our website to learn more information about commercial insurance.

Home insurance FAQs

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When you own a home, you need protection against all the things that can damage it and you. Since this is one of the largest investments most people make, it isn’t always possible to protect yourself without having home insurance. Having the right home insurance is vital to your financial security, which makes your choice of insurance agent so important. At Capretta Insurance Agency in Parma, OH, we work for our customers and give them the attention they need. 

What does home insurance cover?

Your home insurance policy should be customized to your particular needs but the basics that it should cover are:

  • Property damage to your main dwelling, outbuildings, porches, and decks from covered perils
  • Contents of the property
  • Housing in the event your dwelling is uninhabitable from a covered 
  • Personal liability coverage

What does home insurance not cover?

Quite a few things are excluded from your basic home insurance policy. You can add an endorsement or get another policy to cover these particular exclusions. 

  • Earth movement: earthquake, mudslides, landslides, and sinkholes
  • Flooding from surface water
  • Sewer backup
  • Owner neglect: rodents, mold, termites, carpenter ants

Do I need to have a home inventory?

It is not required to have a home inventory, but it is a very good idea.  When you file a claim with your carrier, having to show them what you had before your home was damaged can be challenging. With a home inventory, you will have all the information you need at your fingertips. 

Is my dog covered if it bites someone?

As long as your dog is not an excluded breed, then yes, your liability insurance will pay for medical expenses and more in the event the person decides to sue. 

Contact Capretta Insurance Agency in Parma, OH when you are ready to review your home coverage.

Auto Insurance Basics

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You know that auto insurance is mandatory in Ohio, but what else do you know about car insurance. Car insurance can be a complicated topic, even to seasoned motorists. But don’t worry because Capretta Insurance Agency of Parma, OH is here to take you through car insurance basics.

Required car insurance in Ohio

Ohio’s law states that every motorist should purchase bodily injury and property damage liability when driving or parking in public places. Failure to carry the state-required auto coverages may lead to penalties and fines, including license suspension. Is it really worth it?

While purchasing the state minimums is superb, these coverages aren’t enough. At Capretta Insurance Agency, we usually advise our clients to consider other car insurance coverages for optimal protection.

Optional car insurance coverages

Looking for auto insurance in Ohio? Here are other auto insurance coverages you need to consider for optimal protection.

  • Collision coverage: This insurance policy pays you out when your car collides with another motorist or stationary object.
  • Comprehensive coverage: It protects you against physical damage from non-collision perils like theft, falling objects, fire, and natural disasters.
  • Medical Payments (MedPay): It pays for the medical costs for you and your passengers if involved in a car accident.
  • Roadside assistance: When your car breaks down away from home, this coverage provides services like towing, gas delivery, and puncture repair to get you to safety.
  • Uninsured/underinsured motorist: If you are hit by a motorist carrying insufficient or no insurance, this coverage covers the damages. This route is much more convenient and time-saving than pursuing damages through lawsuits.

Ready to invest in car insurance in Parma OH? Would you mind getting in touch with Capretta Insurance Agency? Since we understand that our client’s demands aren’t the same, we offer personalized auto insurance coverage to suit different needs.

Key Terms When Shopping for Commercial Insurance

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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.

How to Protect Your Home While on Vacation

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When you have an upcoming vacation, you are not thinking about the property that you are leaving behind. However, it is important to ensure your home is going to be protected from burglary and theft while you are away. The last thing you want to do when you return home from your family vacation is call us at Capretta Insurance Agency to file an insurance claim because your Parma, OH home was broken into. Here are a few things you can do to offer peace of mind while on your vacation.

Don’t Post About Your Vacation Until You’re Back Home

Going on a vacation means having fun and taking lots of pictures so you have them later for memories. In this day and age, pictures are immediately shared on social media. However, this lets the world know that you are away from home. While you may assume that your posts are private, they could potentially be accessed by someone who is looking for a property to target. Therefore, it is best to share your experiences once you return.

Have a Trusted Friend or Family Member Stop by the House Daily

Consider leaving a key with someone that you trust and having them stop by your home at least once a day. It is best for these daily visits to be at different times. It will make it seem like your home is occupied, and in the event that there is a problem in your home, it can be addressed quickly.

Hold Your Mail Temporarily

It is important that you place a hold on your mail until you return from your vacation. Thieves take notice of overflowing mailboxes and know that no one is home, signaling that the home is a potential option for burglary.

Install Outdoor Motion Sensor Lights

Outdoor motion detection lights will switch on when anyone gets too close to your property after dark. Whether you are home or on vacation, these can be great preventative security measures.

If you want to protect your Parma, OH home and belongings while at home or on vacation, contact us at Capretta Insurance Agency. We will assess your risk and determine the proper amount of home insurance that is best suited for you.

Ohio Life Insurance: Can You Change From Term Life Insurance to Permanent?

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The answer to this question is yes. When you are purchasing life insurance, it can be difficult to decide between term life insurance and permanent or whole life insurance. If this is where you are, you may want to consider a convertible life insurance option.

At Capretta Insurance Agency, we want Parma, OH residents to understand their options when they are purchasing life insurance. We can help you to design the best life insurance product for your needs.

How to Change from Term Life Insurance to Permanent Life Insurance

There are two ways to change from term life insurance to permanent life insurance. The first way is to keep your term life insurance until the term expires, and then purchase permanent life insurance.

The easiest way is to purchase term life insurance that is convertible. A convertible policy will convert your term life insurance into a permanent life insurance policy at the end of your term. 

How Does Convertible Life Insurance Work?

Convertible life insurance is not as complicated as it sounds. This life insurance is purchased when you purchase term life insurance. Your term life insurance will have on it a set term, for say 5, 10, or 30 years. 

When that term expires, you will have the option to renew, or convert the policy into a permanent life insurance policy.

If you don’t do that, you will need to purchase permanent life insurance. That also means you will have to undergo a medical exam again when you change your life insurance policy.

That may not sound like a big deal now. However, if you are taking another medical exam in 10 or 20 years, the medical results may be different.

Convertible life insurance is often the most affordable and convenient way to have the best of both worlds when it comes to life insurance.

Get a Quote

Capretta Insurance Agency, we want Parma, OH residents to be informed of their life insurance options. Call us for a quote today.

Which Auto Insurance Coverage is Mandatory in Parma, OH?

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Insurance regulations vary in every state. In Ohio, The following mandates for auto insurance are in place:

  • Liability coverage for bodily injury: $25,000 per individual and $50,000 per accident
  • Liability coverage for property damage: $25,000 per accident

This means that it is required in the state of Ohio to carry liability insurance for your automobile for both bodily injury and property damage. Ohio is considered a "fault state." In the event of an accident, if you are at fault in an accident, you are required to contact your insurance company and your company will pay the damages.

This is why it is important also to call the police to get a police report, so that there is an objective party ruling on whose fault (if any) it was. That way someone cannot argue that it was your fault if the officer rules that it was the other party’s fault.

Once you have the minimum coverage, you may want to speak with a professional insurance agent about getting additional coverage.

Some of the other types of coverage you may need are:

  • Collision
  • Comprehensive
  • PIP (personal injury protection)

Capretta Insurance Agency of Parma, OH can explain what the benefits are for these types of coverage and visit with you about whether you may need to carry these on your car.

As long as you carry the minimums, you’re ok in Ohio. 

Don’t forget that, in additional carrying liability insurance,  you must also always keep a copy of your insurance card in your car glove compartment in case you are pulled over for any reason. Failure to do so can cost you fines and penalties.

Visit with Capretta Insurance Agency today if you’re in the Parma, OH area and learn more about the auto insurance that gives you peace of mind.

How Commercial Insurance Can Keep You Out of Court

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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. 

What is a home inventory and why do I need one?

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As a homeowner, the last thing you want to think about is filing a claim with your home insurance company. Even if you don’t want to think about it, the reality is that 1 in 20 homeowners file a claim every year. That’s about 5% which means there is a pretty good chance that over the years of your homeownership, you will file a claim. Having a good insurance company on your side makes a big difference. At Capretta Insurance Agency in Parma, OH we have been servicing local residents since 1985. We strive to treat our customers with fairness and respect. We work with each of our customers to provide a personal solution to their insurance needs 

An inventory can be a big help when you are filing an insurance claim, it is the proof you owned what you are claiming. Things move much faster and smoother through the claim process if you take the time now to create an inventory. 

Several options are available for creating an inventory. Whichever one you choose, make sure it is thorough. It can be as simple as using a pad and pen and going from room to room writing down the contents. Open drawers, cabinets, and closets. Bring along a camera and your cell phone to take pictures from a variety of angles. Go through your house top to bottom; don’t forget attics, basements, and garages. Add as much detail as possible especially when it comes to electronics, including brand, model, and serial number. 

When your inventory is complete, it is important to store it in a place where it will be safe no matter what happens to your home. A safe deposit box or in the cloud are both easy and affordable options. 

For all your home insurance needs contact Capretta Insurance Agency in Parma, OH. 

Is having life insurance always a necessity for those in Ohio?

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In the Parma, OH area, there are several forms of insurance that people will need. One type of coverage to consider is life insurance, which can offer financial protection for those you care about. If you are in this area of Ohio, there are a few reasons why having this type of coverage should be considered a practical necessity. 

Provide Financial Protection for Dependents

The main advantage of having a life insurance plan in this state is that it can provide your dependents’ financial protection. If there are people that rely on you and your income, finding a way to cover and protect them is significant. With life insurance, you can build a plan that can be used to meet their future financial needs. 

Receive Financial Investment Benefits

While a life insurance plan is largely intended to provide financial protection for others, it can also be used to invest for the policyholders. Those that are going to take out a life insurance plan can consider whole life insurance. With this form of coverage, some of your payment will build in an account that will accrue interest and can be cashed out in the future. You can also use these accounts to post as collateral, which can help you take out low-interest loans. 

There are many great reasons to take out a life insurance plan in the Parma, OH area. If you are looking for a new life insurance plan in this area, the Capretta Insurance Agency is a great company to contact. The insurance professionals with Capretta Insurance Agency understand the value of life insurance, and they can offer any support you need to understand your options and build an appropriate plan.