All businesses need to protect their assets and employees. As a result, their owners must purchase business insurance. Fortunately, Insura offers many policies. Find the right plan below, and start a quote.
Business Owners Insurance (BOP)
BOP covers all property and liabilities, and the premium is often less than that of individual coverages. This is useful for small and medium-sized businesses. Similarly, it usually includes business interruption insurance, providing compensation for up to a year of lost revenue.
General Liability Insurance / CGL
CGL is a common insurance that protects your business for daily operations. As a result, coverages include:
- Property Damage Liability
- Property Injury Liability
- Lawsuit Costs
Professional Liability Insurance
Professional liability Insurance is essential for those in businesses such as fitness training and IT consulting. Consequently, this covers:
- Mistakes made during a transaction
- Services provided by a business
- Possible legal defense costs
Workers Compensation
Workers Comp covers an employee’s pay, when they are injured at work. Consequently, it is mandatory for all employers. Similarly, this policy covers:
- Medical Expenses
- Rehab Costs
- Lost Wages
Commercial Auto
This is necessary for any business owning vehicles, and using them to:
- Carry out general services
- Transport Employees
- Transport Goods
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 in Ohio Cost?
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
To best determine the cost of business insurance coverage, 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.