The state of Ohio has a rich history and is the birthplace of seven US presidents, and the first professional baseball team. The “Buckeye State” is home to 27 Fortune 500 companies including Cardinal Health, Kroger, Macy’s and Goodyear, as well as being ranked fourth in Infrastructure and Transportation fifth in Cost of Business, according to the 2011 CNBC Top States for Business. The biggest industries in Ohio are manufacturing — ranking third in manufacturing employment in the country — agriculture, and tourism. Farms in Ohio grow a variety of vegetables, fruits and grains including corn, oats, soybeans, wheat, hay, apples, peaches, strawberries and grapes along with dairy farming, sheep and hog-raising. Popular attractions in Ohio include the Rock and Roll Hall of Fame in Cleveland, Indian Burial Grounds, Pro Football Hall of Fame and Perry’s Victory International Peace Memorial. Small business owners in Ohio have a variety of business insurance options available, such as the following:
Standard Business Insurance Coverages in Ohio
Business Owners Insurance in Ohio is an insurance policy held by an enterprise, also known as a BOP, as a detailed small business insurance package that offers a variety of liability coverages in one bundle. A BOP integrates two primary coverages in one solitary policy: property insurance and general liability. The insurance coverage for employers in the state of Ohio transfers risk away from the business owner to the insurance company by giving them additional protection for a number of types of liability, including buildings, equipment, and liabilities for legal reasons. There are a range of characteristic indemnity claims that business owners insurance coverage safeguards you from including: specialized liability claims, important documents, broken equipment, fire, authorized liability claims, employee deceitfulness, money and securities, and property claims. Other components for the entity may be supplemented from the original BOP coverage depending on the likely risks of the company.
General liability insurance in Ohio is specifically designed to provide security and protection for small business owners from monetary loss that can occur from irresponsible acts, omissions, or both, caused by the employer or their employees and may result in physical damage or property damage. Contractual liabilities, liabilities from products sold, and accidents on the grounds of the business are some of the more common types of exposures covered under general liability insurance. The injury or damage might be a result of distraction or fortuitous. General liability insurance for small businesses in the Buckeye State may be one policy or can be a grouping of policies.
A package policy is an exclusive type of insurance policy for an Ohio-based business to consider that includes more than one type of insurance into a single insurance policy, referred to as a bundle. Usually, a package policy in Ohio will merge general liability insurance (see above) and commercial property (see below); although a package policy can also be designed in order to include almost any type of coverage which depends on the exclusive requirements of the association. A package policy provides them with a good amount of flexibility to tailor a policy for the personal needs and risk exposures of the business.
Whether located in Cleveland, Columbus, or Cincinnati, commercial property insurance in Ohio is a type of security coverage for different types of commercial property, such as, valuable papers, buildings, materials, equipment, furniture, inventory, and personal property. Commercial property insurance provides protection against different types of perils, including windstorm, hail, explosion, fire, natural disasters, theft, wreckage, and lightning strikes. A variety of specialized industries feel more secure with this sort of insurance, including sporting retailers, not-for-profit entities, manufacturers, and businesses related to the service industry.
Ohio is a monopolistic state and therefore workers’ compensation insurance is only available through the State’s Workers’ Comp Commission.
Ohioan small business owners, whether they have one or several vehicles, need to be protected by commercial auto insurance. Commercial auto insurance in Ohio offers financial protection to business professionals and their workers by offering coverage for a business’s use of vehicles including trucks, vans, and cars. Commercial auto insurance offers security against paying for damages and medical costs that may result from vehicle accidents, vandalism and damage from hail storms and other unanticipated events. Coverage for Columbus, Ohio workers includes different types of vehicles including those that are rented, owned, leased, or hired by the business professional, as well as vehicles owned by the employees and used for business operations. Because of this, it’s suggested that companies purchase a commercial auto insurance policy if employees use their personal vehicle for work-related duties; this is called non-owned commercial auto insurance.
Commercial umbrella insurance in Ohio is beneficial to firms due to the coverage limits of their existing liability policies, and since they may not cover all expenses in the case that a catastrophic event occurs. Umbrella insurance fills the gap between where the general liability insurance and the commercial auto insurance or other liability insurance stops. Commercial umbrella insurance for staff in Cincinnati, Ohio and throughout The Buckeye State is an important resource that fills in the gaps and covers different exclusions in their primary business liability coverage. Umbrella insurance is a great way to have added protection for property damage, bodily harm, or other types of liabilities.
Some Additional Business Insurance Coverages in Ohio to Consider
Errors and Omissions insurance policies offer employers and workers of Ohio a type of protection against claims and lawsuits made by clients or customers for careless acts, mistakes, and oversights made through various business operations which resulted in lost wages or assembly on the part of the client or customer. Errors and Omissions insurance in Ohio cover legal defense and court costs for business proprietors, as well as settlements which is included on the insurance contract. As surgeons require malpractice insurance to protect themselves, owners of small organizations in the state of Ohio should have errors and omission insurance, especially if they offer services or consulting advice, whether straightforwardly or though subcontractors.
Professional liability insurance in Ohio provides security for workers, such as accountants, auditors, and general contractors, from being responsible for paying the legal cost of defending against errors, neglect claims, failure to perform, or omission which was made by a client, along with damaged allocated in that claim. The coverage’s main focus is on the fiscal burden on the part of the client. This type of Professional liability insurance may offer claim coverage to the business professionals , even if the legal actions turn out to be unsound. Professional liability insurance in the state of Ohio is required by law in a variety of professional practices, including medical and legal, but is also required in lieu of contract in other types of businesses.
Employment Practices Liability Insurance, commonly referred to as EPLI, gives small business owners with protection against claims of discrimination, illegitimate termination, sexual harassment, breach of contract, wage law violations, false imprisonment, emotional agony, libel, slander, mental suffering, neglectful hiring and promotion decisions. Employment practices liability insurance in Ohio is based on the laws, acts, and protection from VII of the Civil Rights Act of 1964, Age Discrimination in Employment Act, and Family and Medical Leave Act; the Equal Opportunity Employment Commission (EEOC) enforced all of these laws.
Fidelity Bonds in Ohio
Fidelity bonds in Ohio are a particular variety of insurance offered to employers in order to protect against losses, like fraud, misappropriation, or theft by one or more workers. Since compensation from employee fraudulent acts is usually not possible due to the cash already being spent, fidelity bonds are an important security measure for companies who would otherwise have to suffer these financial losses. Even if your business has superfluous security against this type of fraud, such as employee screening, close supervision, and internal controls, it doesn’t always suffice. Losses accrued from employee thefts of money, property, or securities are all covered under fidelity bonds insurance in the Ohio area. Business service bonds, standard employee dishonesty bonds, and ERISA bonds comprise the three primary types of fidelity bonds.
Surety Bonds in Ohio
A surety bond is an imperative contract or agreement shared between three parties: the principal, obligee, and surety (insurance company). The surety bond acts as a promise that the party will pay a definite amount if one of them fails to meet a commitment, such as fulfilling the terms of the contract. A surety bond protects the beneficiary from financial trouble if the contract is not fulfilled, while the surety company takes on the liability for not performing. A surety bond is normally required for financial settlement. Owners of Ohio-based companies may require a surety bond to pledge payment of utility bills or state sales taxes, while a contractor may need to post a bond to protected work or be qualified for licenses. While surety bonds in Ohio are seen most often in the construction industry, surety bonds are also used by mortgage brokers, automobile dealers, medical suppliers, health and fitness clubs, notary publics, and others. Since many small businesses need bonds, a variety of types and features of surety bonds in Ohio offer a range of guarantees.
Business owners in Ohio understand the importance of having proper business insurance, such as policies covering accidents, perils and natural disasters, theft or other risks. Whether you operate a sports memorabilia store in Cincinnati or a manufacturing center in Cleveland, your Ohio business will be successful and protected with supplemental business insurance policies. Even if you have a standard business insurance policy for basic liability coverage, it is beneficial if you purchase additional business insurance policies to have optimum coverage for other types of risk exposures which may occur.