When it comes to running a business, no one likes to think about accidents, injuries, or unforeseen events, but having the right insurance can protect your business from financial loss and even legal challenges.
Whether you run a small local business or a large enterprise, understanding the difference between must-have and should-have insurance coverage is critical for building the right insurance plan for your business.
There are certain types of insurance that every business in Ohio should have. These policies are designed to protect you, your employees, and your customers from risks. Here are the insurance policies that every Ohio business should have:
General liability insurance
General liability insurance is a must-have for all businesses - in Ohio and in every state. This coverage protects your business in the event of accidents, injuries, or property damage that occur at your business.
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Workers compensation insurance
In Ohio, businesses with one or more employees are required to carry workers compensation insurance. This policy provides coverage for medical costs and lost wages for employees who are injured at work. Even if you're a small business owner with just a few employees, this coverage is important to have.
Commercial property insurance
Commercial property insurance is imperative to have if you own or even lease your business location. It protects your buildings, equipment, and inventory in the event of damage or destruction caused by fires, storms, vandalism, or theft.
Commercial auto insurance
Commercial auto insurance protects against accidents and property damage when your business vehicles are involved in collisions or accidents. Even if you don’t own any vehicles but your employees use their personal cars for business purposes, you still need commercial auto coverage.
Should-Have Business Insurance Coverage in Ohio
While certain types of insurance are essential – or even required - to protect against certain risks, there are other forms of coverage that may be considered "should-haves." While these aren’t mandatory, they can help protect your business by covering additional risks.
Professional liability insurance
Also known as errors and omissions insurance, this coverage is important for businesses that provide professional services or advice. If you make a mistake or overlook an important detail that leads to financial loss for your client, professional liability insurance can cover legal fees and settlements. This type of insurance is especially relevant for industries such as law, consulting, real estate, and healthcare.
Cyber liability insurance
Cyber liability insurance can help your business recover from data breaches, hacking incidents, or other cyber-attacks. For businesses that manage sensitive customer data, this insurance should be a priority.
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Business interruption insurance
Business Interruption Insurance helps replace lost income if your business is forced to close temporarily due to a covered event, such as a fire or natural disaster. This insurance is particularly important for businesses that rely heavily on consistent cash flow and operations.
If you’re unsure which types of insurance your Ohio business requires, Roehr Insurance can help craft a comprehensive protection plan to give your business the protection it needs to thrive in an unpredictable world.
