Ohio has one million businesses, with a large number of small businesses operating in a variety of industries. But the one common thing that you will find among all these businesses is the need for business insurance. If you are also one of those who own a business in Ohio, it’s important for you to know that the state of Ohio requires a certain kind of business insurance.
Small Business insurance Ohio protects your company against unexpected events and compensates for the injuries and damage. The types of business insurance you need and the policy limits depend on several factors, including:
- Industry in which business is operating
- The number of employees in your organization
- Frequently encountered risks such as physical injury faced by construction companies
Ohio business insurance generally includes the following coverage:
- General liability insurance: No company wants an accident in their workplace where employees get injured. But sometimes accidents happen. Protecting the business and employees is the responsibility of the owner. That is why business owners purchase general liability insurance that compensates for damage to the property or bodily injury to the people.
- Building and property insurance: What happens if your building is damaged by a storm, a fire, or another major incident? If you have purchased business personal property (BPP) coverage as a part of your business insurance policy, then relax. You won’t lose anything in this accident. Business property insurance covers the physical location of your business, like your building or office, and the content within it, and compensates for property damage.
- Workers’ compensation coverage: There are almost 183,062 small businesses with at least one employee currently operating in Ohio. Some of them have dozens of employees, while some have even hundreds of employees. Regardless of the exact number, having workers’ compensation coverage means that the medical expenses of employees will be paid by the insurance if they get hurt at work. In a nutshell, workers’ compensation coverage covers the medical bills of employees who get injured on the job. This coverage also pays for your legal bills in case your employees sue you after a work injury. Ohio state law has mandated the purchase of workers’ compensation coverage for employers with at least one employee.
- Professional liability coverage: Also known as E&O insurance, it provides financial protection to businesses that are accused of making mistakes, not following the business agreement or professional negligence.
- Commercial Auto Insurance: The state of Ohio requires companies to have commercial auto insurance for those businesses that use their vehicles for work purposes. Commercial auto insurance covers the vehicle and its driver. This compensates for the damage caused by an accident that happens while the company’s employee is driving a business-owned vehicle.
- Data breach insurance: From small to large online businesses, each one of them has some sensitive client information on their system that is vulnerable to hackers. This is why businesses need database insurance also known as cyber insurance. This insurance policy protects your business against hacking and illegal data sharing.
These are only some of the business insurance policies that we have discussed. There are numerous other insurance policies, such as business interruption insurance, home-based business insurance, business owners’ policies, and many more, that protect your business from unforeseen events. If you manage to find a good insurance company in Ohio, such as the Greer Agency, it will help you get the right kind of Ohio business insurance that will help your organization function smoothly.