Small businesses have played an important role in Ohio's economic growth, creating 44,523 net new employment in 2019 and employing close to 2.2 million people. As a small business owner, you must understand the business insurance alternatives available to you. This can improve your company and employees in the event of an accident or lawsuit.
To understand more about general liability insurance in Ohio, please read on.
Business liability insurance, commonly referred to as general liability insurance, safeguards your company from claims involving:
Your Business Owner's Policy (BOP) can be combined with business liability and property insurance. This safeguards your company from claims for property loss from fire, theft, or other disasters.
The following policies comprise a BOP:
A Business Owner's Policy is one of the top insurance options due to its extensive coverage and adaptability. For instance, you can add coverage for data breaches and errors and omissions to tailor your BOP to your precise needs.
Consider purchasing a Business Owner's Policy if:
Employers in Ohio are required to get workers' compensation insurance from the state agency. Employees with a work-related illness or injury are covered by workers' compensation insurance in Ohio. It can help pay for medical expenses.
Whether you're interested in workers' compensation or other business insurance coverages in Ohio, there are a variety of resources available to you:
In 2021, the average cost of a Business Owner's Policy was $3,135, or roughly $260 per month. Keep in mind that the cost of your business insurance can vary depending on the type of business you operate. In general, the annual cost ranges from a few hundred to a few thousand dollars. However, firms with greater risk typically pay more for insurance.
Among the variables that can affect your costs are:
According to 2021 data from the U.S. Small Business Administration’s Office of Advocacy, there are 982,035 small businesses operating in Ohio. The workers employed by these small businesses make up 44.6% of all private employees living in the state. Given these numbers, there’s no argument that small businesses are a significant player in the state’s economy.
It’s also worth noting that 31,059 new businesses opened between January 2022 and February 2022 despite inflation. This is partly because the Ohio Business Central website makes it quick, easy, and affordable to establish a new business so that Ohio can maintain its economic momentum.
Below are data and statistics that are relevant to Ohio small business owners:
Here are some frequently asked questions related to general liability insurance in Ohio:
General liability insurance is a type of insurance policy that covers third-party personal injury, property damage, and other common risks that are caused by your products, services, or business operations. This insurance type is important for any Ohio business because it provides financial protection against claims, lawsuits, and related damages.
Commercial general liability (CGL) insurance has three main types of coverage. These are:
These are all covered by a CGL insurance policy under the condition that the incident occurred on the business premises, due to business operations, or any other business-related circumstances.
Ohio state law requires workers’ compensation insurance for businesses with employees. Other insurance policies are optional but strongly recommended. These include general liability insurance, business owner’s policy, and other insurance types that help protect your business.
Get a quotation today for more information on the cost of your general liability insurance.