Ohio Retailer Insurance

Ohio has 88,947 small retail businesses, and every one of them deserves to have the best coverage possible. Fortunately, Ohio retailer insurance is easy to get and has all the coverage you need as a business owner. And considering the number of businesses that have recently opened in Ohio, lots of people here will need this type of insurance. More specifically, in 2010, 12,985 new businesses opened, and 68.4 percent made it to 2012. Then in 2013, 14,906 businesses opened, and 79.9 percent made it to 2014. (Source: BLS, BED). Clearly, Ohio retailer insurance is a necessity, and here’s what it covers.

Ohio Retailers Need The Following Insurance

Business Liability Insurance (GL): Getting general liability when you get Ohio retailer insurance is essential, because this is the coverage you need to pay for the medical treatment of people who get injured at your store. Whether someone is hurt inside your store or simply on the property, you may be responsible for any related expenses, and when you have general liability, paying for these costs won’t be a problem for you. The same goes if anyone’s personal property is destroyed at your business, since general liability will cover it. In this way, not having Ohio retailer insurance can be a costly mistake.

Business Personal Property Insurance: Retail stores are at risk for a number of issues. They include burglary, storm damage, fires, and vandalism, to name some of the most common problems that plague store owners. If any of these incidents occur and you do not have the money to make repairs to your building, you might have to shut your business, either temporarily or even permanently. The same might occur if you have to replace inventory or equipment after it’s damaged or stolen. But when you have business personal property coverage within your Ohio retailer insurance policy, you don’t have to worry, because it will pay to fix or replace numerous necessities within your store.

Workers Comp Protection: It doesn’t matter if you have one employee or 100 employees. If you employ anyone, you need to get workers compensation along with your Ohio retailer insurance policy. This coverage will provide the funds necessary to pay for the hospital bills your employees end up with when they are hurt while working at your store. It can even pay them the money they are missing out on as they recover from their injuries at home or in the hospital.

Umbrella/Excess Liability: The most comprehensive Ohio retailer insurance policies have excess liability. The point of this is to extend the coverage offered by general liability, allowing your policy to pay for more of the bill if anyone gets hurt on your business property.

Cyber Crime Liability: Cyber crime is a big concern for most retail store owners. Essentially, if you use computers, there is a chance you will have to deal with cyber crime at some point. While you might not always be able to prevent it, you can mitigate the risks by making sure your Ohio retailer insurance policy has cyber crime liability.