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The best business insurance company in Ohio is the one that offers the coverage you need at a price you can afford. Business insurance protects your company against loss due to lawsuits and other claims. It’s important to have the right insurance for your specific industry because there are many risks associated with running a business, and a policy can protect you from all kinds of potential liabilities. To help you get the best, We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Simply Business provides insurance policies for a range of professions and small businesses.
For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
The Ohio State Department of Insurance has strict workers’ compensation coverage requirements. Employers with one or more employees must carry workers’ compensation insurance unless exempted by law. In most cases, workers’ compensation is purchased on a per-employee basis, with premiums calculated based on the type of work each employee does.
Ohio requires employers to carry general liability insurance, which protects against claims by third parties alleging injury or property damage caused by your work. General liability insurance is not required for employers who are sole proprietors or partners in a business without employees.
To help you decide what you need, here are five common types of business insurance:
Most small businesses have general liability insurance. It’s an important part of business insurance, protecting you from third-party bodily injury claims, property damage, advertising injury, and personal injury. But there are still times when you might be excluded from coverage.
General liability policies include several exclusions that might leave you exposed to claims. Here are the top three:
Workers help cover the cost of medical expenses, lost wages, and more if an employee gets injured or becomes ill while doing work-related tasks. Most states require employers to carry workers’ compensation insurance if they have at least one employee on the payroll. However, some states don’t require this coverage, and others have special rules for small businesses.
Workers’ compensation doesn’t cover injuries that happen outside of work. It’s only meant to cover injuries during employment or while an employee performs job-related duties.
Commercial property insurance covers damage to buildings, the contents, equipment, and inventory. But commercial property insurance policies don’t cover every possible cause of damage. For example, commercial property insurance generally doesn’t cover flood damage or earthquake damage. You can add flood and earthquake coverage in most places with a separate rider to your policy.
Commercial property insurance also normally doesn’t cover your business’s income if you’re unable to operate for some reason — for example, if a fire destroys your factory. You’ll need a business interruption insurance rider on your commercial property policy to cover that kind of loss.
Products liability insurance protects your company against claims of bodily injury or property damage caused by a product you manufacture, distribute or sell. It is generally included as part of a general liability insurance policy. Suppose a customer sues you for an injury or damage caused by your product. In that case, this insurance helps pay for your legal defense and any settlement or court-awarded damages up to the limits of your policy.
While most products liability insurance policies cover the same types of claims, policies vary in what’s not covered. Here are some common exclusions:
Commercial auto insurance is a must for businesses that use vehicles for work – regardless of the vehicle’s size, age, or type. Businesses use commercial auto policies to protect their vehicles in conducting their day-to-day operations, whether they have one vehicle or a fleet.
Common Exclusions
Personal use of your vehicle: If you use your commercial vehicle for personal use and get into an accident, there is a chance that your carrier will deny coverage if you have not disclosed this type of usage.
Contractual liability: If you agree to be responsible for another individual’s property or injuries, this agreement is considered a contractual liability agreement.
Factors that affect business insurance costs:
Here are some tips to help in choosing the right business insurance policy for your needs:
