Do You Need Small Business Insurance in Ohio?
From Lake Erie and the Rock and Roll Hall of Fame in Cleveland to the Cincinnati Zoo & Botanical Garden, Ohio has a lot to offer travelers and residents alike. And all over The Buckeye State, small businesses provide products and services vital to the state’s economy—like healthcare, real estate, and consulting services. The SBA states:
- There are over 965,000 small businesses headquartered in Ohio
- Those businesses employ 2.2 million people in the private sector
- Small businesses with less than 100 employees account for the largest share
As important as these small businesses are to the state of Ohio, it mandates they carry a certain level of insurance coverage. Insuring small businesses helps them mitigate financial risk and we’ve provided some research along those lines to save you time in your search for information.
Required Business Insurance Coverage in Ohio
Commercial Auto Insurance.
Private citizens and businesses alike must maintain active auto coverage. And at minimum, that coverage should include bodily injury liability ($25,000 per person/$50,000 per accident) and property damage liability ($25,000 per accident).
Workers’ Compensation Insurance.
Ohio small businesses with one employee or more are required to obtain Workers’ Compensation coverage. Typically, this covers the medical and legal costs for employees who are injured or become ill on the job. Without this coverage, your small business may be subject to hefty medical and legal bills to compensate an injured employee, as well as incur state fines.
Recommended Business Insurance Coverage in Ohio
Small Business Owner’s Insurance.
Customer injuries can cost a small business $20,000 or more depending on the severity. A Business Owner’s Policy (or BOP) can help your business cover losses from such an event. Merging property insurance and general liability insurance into one provides small businesses in Ohio a cost-effective package to cover damage and/or liability claims.
General Liability Insurance.
Often commercial leases will require small businesses to carry this coverage because it helps small businesses owners manage the financial burden of paying out costly customer injury claims. It also extends to legal expenses related to slander and libel lawsuits, as well as from false advertising claims.
Professional Liability Insurance.
If your small business provides expertise and services to clients, Professional Liability coverage is recommended. It typically covers work mistakes and errors, missed deadlines, incomplete work and professional negligence lawsuits. Also, referred to as “errors and omissions” insurance.
Cyber Liability Insurance.
Even small businesses can experience a data breach or cyber attack. Cyber Liability coverage can help Ohio small businesses owners recover from cyberattacks by paying related customer notification and fraud monitoring costs, as well as associated legal fees.
Our Small Business Insurance Company Is Here to Help
- QQ: How do I get a quote for small business insurance in Ohio?A
Answer a few questions about your business, choose your coverage, and validate your account—the process is made to be simple!