Business Insurance

Why Get Business Insurance in Ohio
Wendy’s fast food chain is headquartered in Ohio. So are Victoria’s Secret and DSW Shoe Warehouse. But no matter how big or small your Ohio business is, as a business owner you can’t afford to ignore the valuable protection which business insurance provides. No business is immune from lawsuits. Business insurance offers the necessary coverage which can be customized to whatever type of business is being insured. In this way, you don’t have to worry about possible lawsuits or other situations occurring which might disrupt the productivity of your business or cause severe financial distress.

Worker’s Compensation in Ohio
Ohio’s worker’s compensation is state-mandated and operates under a system known as “no-fault” insurance system. This means that workers who are injured on the job will receive benefits. Any employer who has at least one employee is required to obtain worker’s compensation insurance prior to the employee’s first day of work. The employer will receive immunity from civil lawsuits filed by employees due to workplace injuries after providing worker’s compensation.

Employers who fail to provide worker’s compensation will face fines and serious civil penalties. In addition, employers can also be held liable for the injury costs suffered by the employee.

Under the provisions of the Ohio Worker’s Compensation Act, there are a few circumstances where employers in certain types of businesses can be exempt from providing worker’s compensation insurance. Although they are exempt, they are still responsible for providing benefits to a worker who is injured and therefore remain at risk for civil lawsuits brought by such employees. Employers can purchase worker’s compensation insurance either through some type of state fund or through the private market where insurance companies bid on your policy.

Coverage for Ohio Business Insurance
Each business establishment in Ohio needs a general liability policy to protect the owner’s assets against all potential lawsuits. Liability insurance coverage provides protection against bodily injury or property damage claims by customers or other third parties. General liability insurance will cover all payments for medical bills that relate to any injury or the cost of any damages when a company is found legally liable. Examples would be if an employee is injured in a fall or if an employee damages a customer’s property. Liability coverage also will pay for any legal and court costs associated with a lawsuit filed against the business owner. It also covers the payment of any settlement imposed by the court on the business.

The following types of liability insurance are offered by most insurance providers:

  1. Employment Practices Liability shields companies against employees’ claims for wrongful termination, discrimination or harassment.
  2. Professional Liability – also referred to as errors & omissions. This insurance will pay damages to third parties due to the negligence or wrongdoing on the part of a business.
  3. Umbrella Liability – provide additional coverage amounts above the general liability policies to guard the companies’ assets from lawsuits.

To have an idea on how much protection you need, insurers will generally evaluate the type of business which is being insured, determine the total value of your assets, and consider where the business is located. You can easily find out much of this information by contacting several insurance companies and comparing coverage options and rates. This can be done quickly and securely online. Be sure to get a comprehensive business insurance policy which fully protects both your business and your personal assets.