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    Ohio General Liability Insurance

    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.

    How General Liability Insurance Works In Ohio

    Business liability insurance, commonly referred to as general liability insurance, safeguards your company from claims involving:

    • Bodily injury
    • Reputational harm
    • Personal property damage

    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:

    • General liability coverage
    • Commercial property coverage
    • Business income coverage

    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:

    • There is a chance you could be sued if a customer is wounded at your place of business
    • Your company works from a physical location where property damage may occur
    • You own vital equipment or other property that is susceptible to theft or damage

    Requirements Of General Liability Insurance In Ohio

    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:

    • The Ohio Department of Insurance controls and regulates all insurance policies sold in the state and can assist your company if you have issues with an insurance agency or prospective policy.
    • The Ohio Small Business Administration's website contains valuable, impartial information regarding the types of insurance to purchase.

    Cost Of General Liability Insurance In Ohio

    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:

    • Size of business operation
    • Number of employees 
    • Need for coverage

    Quick Small Business Statistics In Ohio

    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:

    • 982,035 small businesses operate in the state of Ohio
    • Small businesses make up 99.6% of all Ohio businesses
    • Ohio small businesses employ 2.2 million people
    • Small business employees make up 44.6% of Ohio employees
    • 23,172 establishments opened and 23,273 closed between March 2019 and March 2020
    • 22,277 small businesses opened and 22,188 closed from March 2019 to March 2020
    • Establishments added 405,173 jobs and lost 419,145 jobs between March 2019 and 2020
    • Small businesses added 317,649 jobs and lost 321,205 jobs from March 2019 to 2020
    • Large banks issued $2.4 billion in small business loans in 2019
    • The professional, scientific, and technical services industry has the largest number of small businesses in Ohio, with a total of 123,879 small businesses
    • With a 111,431 count, construction has the second highest number of small businesses
    • Real estate and retail trade are in the top five industries for small businesses
    • 41.4% of small businesses in Ohio are owned by women
    • 7.2% of small businesses in Ohio are owned by veterans
    • 2.3% of small businesses in Ohio are owned by Hispanics
    • 12.4% of small businesses in Ohio are owned by racial minorities

    Frequently Asked Questions 

    Here are some frequently asked questions related to general liability insurance in Ohio:

    What is the importance of 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.

    What are the three types of coverage that fall under CGL insurance?

    Commercial general liability (CGL) insurance has three main types of coverage. These are:

    • Bodily injury and property damage
    • Personal injury and advertising injury
    • Medical payments

    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.

    Does the state of Ohio require business insurance?

    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.

    Other Insurance Types

    Get a quotation today for more information on the cost of your general liability insurance.

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    Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
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