Ohio Small Business Insurance

The Buckeye State is home to 926,977 small businesses that employ a total of 2,123,945 local residents. The top industries here that employ people include social assistance and healthcare, manufacturing, and accommodation and food services. But even if you’re not in one of these fields, you still need Ohio small business insurance. If you’re not sure what this entails and how it can be advantageous for your business overall, check out the most important types of coverage your policy should include.

Ohio Small Businesses Need The Following Insurance

Protect your business (GL): No one means for anyone to get hurt at their business, but sometimes accidents happen. If you want to protect both the injured party and your business, it’s time to make sure general liability is part of your Ohio small business insurance policy. You will need to rely on this coverage when anyone ends up injured on your business property, because it will provide the money you’ll need to pay for their medical treatment. Furthermore, general liability will pay for your legal defense if you are accused of copyright infringement, slander, or libel.

Insure Your Property (BPP): Think about what would happen if your building was ever damaged by fire, vandalism, a storm, or any other major incident. If you would have trouble paying for the repairs on your own, you need business personal property coverage to be part of the policy you have for your business in Ohio. The same goes if you could not afford to replace any stolen items, such as merchandise or equipment. If you want to make sure you will not have to close your business after this type of incident, it’s important to include BPP on the policy you have for your Ohio business.

Employee Protection (WC): About 183,062 small businesses in Ohio employ at least one person. Some employ dozens or even hundreds. Regardless of the exact number, such businesses need to get workers compensation. The good news is that the process of adding it to your Ohio small business insurance can be pretty simple, making it easy for you to ensure that your employees’ medical bills will be paid for by insurance if they happen to get hurt at work. In addition, this coverage will pay for your legal bills if an employee sues you after a work injury.

Umbrella/Excess Liability: General liability is important to get when you obtain Ohio small business insurance. But it doesn’t necessarily mean you will never have to pay any expenses if someone is hurt on your business property. If you end up facing a costly claim, you might have to pay some of it on your own. But this won’t be the case when you add excess liability coverage to your Ohio small business insurance coverage.

Cyber Crime Liability: Cyber crime can be a harsh reality for any business owner these days. Anyone who uses technology in any capacity is at risk for it. But business owners in Ohio can protect themselves with cyber crime liability coverage. When you put this coverage on the policy you have for your small business, you can avoid worrying about the costly issues that come with cyber crime.