Business Insurance in Reynoldsburg, Ohio

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 vary 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 is around $35,000, but if the situation leads to a lawsuit, the cost could run up to $75,000 or more.

CGL is a 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 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 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.

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.