Ohio is home to nearly 1 million small businesses, which employ 45% of the Buckeye State’s workforce.1 Business insurance protects their investment and employees.
Having the right coverage can also give small business owners the peace of mind to grow and thrive.
Business insurance in Ohio can provide a financial safety net to help pay unexpected expenses when things go wrong. For example, after:
NEXT is 100% dedicated to small business and insures more than 1,300 types of small businesses and self-employed workers. We make it easy for you to get the right coverage at the right price and purchase your policy online in less than 10 minutes.*
Continue reading to learn about important types of business insurance in Ohio. Or get a free instant quote to see customized coverage options for your business.
Business insurance coverage in Ohio is typically sold in customized packages. Insurance carriers may recommend several different types of coverage, sometimes called insurance products or policies.
Your business insurance needs will be determined by factors that include your:
A small business insurance package in Ohio may include some combination of:
Many small business owners and self-employed workers in Ohio carry general liability insurance, also called commercial general liability or business liability by insurance companies.
General liability can provide protection if someone who doesn’t work for you says your business is responsible for causing bodily injury or destroying property. Coverage can help pay medical fees and to repair damaged items.
For example, an apartment complex owner accuses a Columbus dog walker of allowing a canine to destroy a flower bed, causing several hundred dollars worth of damage. General liability coverage could help the dog walker pay for the property damage.
Cleaning businesses and contractors can add optional tools and equipment insurance to their general liability policy. This coverage can help replace important business gear that is lost, stolen or damaged.
Ohio requires businesses with one or more employees to carry workers’ compensation insurance.
Unlike most states, Ohio operates an official state workers’ compensation fund that assists employees who are injured on the job. Two-thirds of businesses in the state pay into this fund to help injured employees cover medical bills and recoup lost wages.2
If your company doesn’t contribute to Ohio’s workers’ comp fund, you’ll need to purchase your own coverage as part of your business insurance package.
Workers’ comp insurance is designed to help in scenarios like the following:
An employee of a small Cleveland-based construction company slips at an icy job site and has a bad fall. They need to be hospitalized and miss three months of work for recovery.
Workers’ compensation coverage could help both the injured employee and the business by assisting with the medical bills and lost wages.
If an employee has an accident while driving for business, personal auto insurance won’t help pay for damages. That’s why Ohio companies that own vehicles or involve driving need commercial auto insurance.
It can help in a situation such as:
A carpenter in Toledo has a wreck in a company-owned van and injures another driver. Commercial auto insurance could help the carpenter pay for the other driver’s medical bills and repair damage to both vehicles.
Businesses that rent cars or ask employees to drive their own vehicles may want to upgrade their commercial auto policy with optional hired and non-owned auto coverage. This type of insurance can help pay for accident damages to vehicles that you don’t own.
Ohio commercial property insurance can protect your business property, including inventory and your physical premises. It can help pay to repair or replace damaged items after a covered event, such as a water, fire or wind incident.
For example, a grease fire at an Akron diner-style restaurant damages the cooking station. Commercial property coverage could help pay to repair the grill and replace kitchen gear that was destroyed.
It’s important to read your policy documents carefully to make sure there aren’t exclusions for your business. Some locations might not cover flood or hurricane damage.
Professional liability insurance, sometimes known as E&O or errors & omissions coverage, is a type of business insurance. It can help pay for damages if someone claims they incurred financial losses because you made a professional mistake, missed a deadline or failed to complete work.
For example, a Cincinnati homeowner says that a real estate agent failed to disclose cracks in the foundation of her newly purchased house, which require expensive repairs. Professional liability insurance could help the real estate agent pay the cost to fix the cracks.
Business insurance costs in Ohio can vary widely. This is because each small company can purchase a customized package of coverage. You can also choose a cheap business insurance package or you can decide to pay more for coverage that offers greater coverage and potentially less out-of-pocket expenses if you experience a claim.
In general, here are some factors that will influence how much you’ll pay for business insurance:
Businesses that regularly encounter risks will spend more for coverage than those with fewer risks. For example, construction workers will likely pay more than lawyers, who have a lesser chance of injury or property damage.
As you add different types of coverage to your insurance package, the price of your premium will increase. You will also pay more if you choose higher coverage levels (which provide more protection) for your policies.
The more employees you have, the more you’ll pay for workers’ compensation insurance. That’s why providing an accurate headcount is important when requesting an insurance quote.
The best way to explore coverage options and find out how much you’ll pay for a business insurance policy is to get a free instant quote from NEXT.
You can also use our insurance calculators for a general estimate of insurance costs in Ohio:
We offer a fast and easy way for small business owners to get a business insurance quote online, purchase coverage and instantly share a certificate of insurance. The entire process usually takes less than 10 minutes.
You can also chat with our U.S.–based NEXT licensed insurance agents if you need help or have questions.
1 U.S. Small Business Association
Learn more about insurance options in the states where you work.