Business Insurance in Reynoldsburg, Ohio

All businesses need to protect their assets and employees. As a result, their owners must purchase business insurance. Fortunately, InsurA offers many business insurance policies for Ohio-based ventures. Find the right plan from the selection of Ohio business insurance products below and get a quote.

Business Owners Policy

Business Owners Policy (BOP) covers all property and liabilities, and the premium is often less than that of individual coverages. Business owners insurance is useful for small and medium-sized ventures, typically providing protection against property damage, business interruptions, peril, and liability. Most business insurance providers in Ohio and in other parts of the U.S. offer compensation for up to a year of lost revenue.

The list of items covered varies between policy providers, and the monthly premiums go higher the more scenarios are included. If not already part of the original policy, business owners may opt-in for additional coverage, such for cases of forgery, fidelity, crime, spoilage of merchandise and stocks, and more.

Premium fees also depend on the type of business, location, size, and revenue. On average, business insurance claims related to property damage or customer injury are around $35,000, but if the situation leads to a lawsuit, the cost could run up to $75,000 or more.

General Liability Insurance/CGL

CGL is common insurance that protects your business for daily operations, regardless of the type of business that you operate. As a result, coverages include:

  • Property Damage Liability
  • Property Injury Liability
  • Lawsuit Costs

Pricing for general liability insurance depends on several factors, including the type of coverage you need, your company’s size, your claim’s history, your industry, and your policy’s size. On average, monthly premiums for CGL range from $35 to $60 per month, with most policies offering a per-claims limit of $1 million per occurrence and $2 million in aggregate.

Professional Liability Insurance

Professional liability insurance is essential for those in the fee-based services industry. This covers:

  • Mistakes made during a transaction
  • Services provided by a business
  • Possible legal defense costs

Also known as omissions or errors insurance, this coverage protects you from lawsuits that result from giving incorrect advice, oversights, and mistakes. Many lawyers, medical professionals, financial advisors, architects, IT consultants, fitness trainers, and similar specialists in Ohio carry professional liability insurance, with premiums costing $500 to $1,000 per year, per individual. The cost depends on the type of industry you are in as risk levels vary from one profession to another.

Workers’ Compensation Insurance

Workers’ Comp covers an employee’s pay when they are injured at work. It is mandatory for all employers in Ohio and anywhere else in the U.S. and covers the following:

  • Medical Expenses
  • Rehab Costs
  • Disability and Lost Wages
  • Survivor Benefits

Of course, workers’ compensation insurance does not cover every type of injury on the job. For instance, it will not take care of injuries due to negligence and breach of company policies, while working under the influence of illegal drugs or alcohol, from eating food the employees prepared for their personal meals, and commuting to and from work for personal reasons. This business insurance component can cost between $1 and $100 per month, taken from payroll, depending on the type of job, location, company size, and claims history.

Commercial Auto Insurance

This is necessary for any Ohio business owning vehicles and using them to:

  • Carry out general services
  • Transport employees
  • Transport goods

The cost of commercial auto insurance depends on various factors, including location, driving history, type of vehicle, and frequency of use. Monthly premiums average at $140 per month based on how much coverage you need.

Business Insurance Ohio: FAQs

Here are some of the most frequently asked questions about Ohio business insurance:

Do I Really Need Insurance for My Small Business?

Small business owners in Ohio will benefit greatly from having business insurance to keep them protected from having to pay claims out of pocket. Many businesses do not have the capital or extra funds to cover claims, which means they might not survive if something happens. It is the owner’s responsibility to ensure that everything from resources and equipment to people is taken care of.

So the quick answer to the question “Do I need business insurance in Ohio?” is YES. In fact, regardless of your size, getting the right business insurance coverage is one of the most important investments you’ll make for yourself and your venture.

What Are the Requirements for Business Insurance in Ohio?

When purchasing business insurance in Ohio, it is important to understand coverage requirements.

The state of Ohio requires that employers with at least one employee must purchase workers’ compensation coverage. In addition, Ohio law requires that employers who have workers’ compensation coverage must keep their policies up to date.

There are some exceptions to Ohio’s workers’ compensation requirement. If you are an employer and do not have any employees, purchasing workers’ compensation is optional.

Nevertheless, it is recommended to purchase coverage for yourself in case you are injured at work. Without the proper coverage, Ohio’s Bureau of Workers’ Compensation and other insurance policies may be unable to cover any work-related medical bills.

How Much Does Business Insurance Cost in Ohio?

The cost of business insurance in Ohio depends on several factors. Factors that can influence the cost of business insurance include the following:

  • The type of work that is being done by the business and its employees
  • The number of employees the business has
  • The amount of coverage needed to meet the needs of the business and its employees
  • Miscellaneous factors such as the location of the business

Do Ohio Business Insurance Providers Offer Discounts?

Yes, they do. There are a few business insurance discounts available in Ohio. To see if you qualify for any business insurance discounts, contact your business insurance agent or broker. Some of the discounts that may be available include:

  • Discounts for having a workers’ compensation policy
  • Discounts for business owners who have a clean driving record
  • Discounts for business owners who have no claims history

What Type of Business Insurance Do I Need in Ohio?

The type of business insurance you need in Ohio depends on the business you have and the specific needs of your business. For example, if you are a home-based business, you might need different coverage than if you own a brick-and-mortar business. Talk to our expert advisors at InsurA to determine which commercial insurance product or mix of coverages will work best for your type of venture.

What Are the Three Most Common Insurance Needs That All Small Businesses Should Have?

The three most common business insurance needs are property insurance, liability insurance, and business income insurance.

How Do I Get Business Insurance in Ohio?

To get business insurance in Ohio, talk to the expert team at InsurA. You will need to provide information about your business, such as the business name, business address, business type, and the amount of coverage you need. Once you have this information, you can get a quote for business insurance.

Not sure what type of insurance you need for your small business? To best determine the cost of business insurance coverage in Ohio, contact the team at InsurA.

By partnering with InsurA, you can determine effective and affordable coverage that aligns with your needs. InsurA achieves this by first learning more about your business and your needs. With this information, the InsurA team can identify fitting coverage within your desired price range.

Get in touch with us today to learn more about your options for business insurance in Reynoldsburg, Ohio.