Ohio Commercial insurance coverage

Commercial Insurance

Commercial Insurance

Whether you are branching out in a new business opportunity in the state of Ohio or growing an existing one, it's a good time to give some thought to what type of commercial insurance you should purchase. This is an important responsibility for all business owners, but especially for those in Ohio since the state has relatively few mandatory commercial insurance requirements. It does, however, require businesses that employ at least one employee to carry workmen's compensation. It doesn't matter if your employees are full or part-time. However, if you are the sole proprietor with no employees, you are exempt. That doesn't mean workmen's comp is all you need. Best Choice Insurance advises you to consider the following types of coverage.

Commercial Liability Insurance

Just because the state doesn't require you to get a commercial liability insurance policy doesn't mean you don't need it. Failure to secure commercial liability insurance leaves you open to a financial loss incurred by claims individuals file against your company. A commercial liability insurance policy typically covers you against the following types of claims:

  • Bodily injury — physical injuries incurred either on your premises or at a client or customer's home or place of employment
  • Property damage — claims that you, your employees, or your products caused damage to someone else's property
  • Personal injury — an umbrella term that covers slander, libel, copyright infringement, invasion of privacy, wrongful eviction, or any other action that causes damage to a person's reputation.
  • Legal defense — reimburses you for the costs incurred by both frivolous and legitimate lawsuits up to the limits of your coverage.
  • Advertising injury — losses attributed to your marketing or advertisements

Other commercial insurance needs

You will also need commercial auto insurance if your business involves deliveries, installation, repair, or onsite consulting. The need for property insurance is another no-brainer if you run a store or house a sizable amount of inventory on your property.

Commercial Insurance Costs

How much you will spend on commercial insurance depends on several factors including the type of service or product you supply, how many people you employ, your claims history, and how long you have been in business.

If you do business in Ohio or anywhere in the greater Toledo area, Best Choice Insurance can help you decide just what types of commercial insurance you need and the best amounts of coverage. We're an agency based on honesty, integrity, sincerity, and friendship. Our mission is to educate business proprietors like you in the area about your best insurance options. Call us today.

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