Commercial Insurance
Is Commercial Insurance Required in Ohio?
Small businesses that have one or more employees are required to have workers compensation insurance. If there are company-owned vehicles, then businesses are also required to purchase commercial auto insurance.
Types of Business Insurance Offered in Ohio
Different types of businesses need different types of insurance. An agent at Costanzo Insurance Agency can help you determine which coverage is best for the specific risks of your business.
- Liability Insurance: This insurance will protect your business from claims for personal property damage, bodily injury, and advertising injury. This is one of the best policies to have in order to provide broad coverage. It can also be customized to fit the specific needs of your business, such as Errors and Omissions coverage. You may be required to have this insurance for your clients.
- Property Insurance: This protects the physical business assets in the event of damage, theft, or loss. This isn’t just to protect the building but also other assets, including equipment and inventory.
- Workers Compensation Insurance: This type of insurance will need to be purchased from the Ohio Bureau of Workers' Compensation and is required. If one of your employees is injured at work, this can help with the cost of medical payments as well as lost wages for time off of work.
- Cyber Liability Insurance: If a business suffers from a data breach, then the company will need to notify affected people and may also need to notify national credit reporting agencies. This type of insurance can protect the business in the event of a breach and help with notification costs, credit monitoring, and legal expenses.
- Business Owner’s Policy: For small businesses, this can be useful since it combines commercial property and general liability. This can work for businesses in a low-risk industry and those that have fewer than 100 employees.
- Commercial Auto Insurance: Any vehicles your business owns will need to be covered by a commercial auto policy that includes repairs and medical expenses for any accidents you or your employee's cause.
Contact Costanzo Insurance Agency to get a quote on commercial insurance.
