Ohio Comprehensive General Liability Insurance Policy Information
Ohio Comprehensive General Liability Insurance. CGL is a type of insurance that every business needs to have if it wants to be able to protect itself from the many types of costly claims that it faces. For a business owner the possibility of being found liable for an accident, or a mistake - should be a priority. The scary reality is that all it takes is being found liable for one major issue and suddenly the years of hard work you have put into building your business can be ruined in the blink of an eye. A Ohio comprehensive general liability insurance can help protect your business.
Ohio comprehensive general liability insurance protects your business from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
When you run a business there are a wide range of risks that you need to be aware of that could potentially turn into a problematic legal situation. By being proactive and finding a solid Ohio comprehensive general liability insurance policy from a reputable company, you can help to protect your business from future lawsuits.
What Does OH Comprehensive General Liability Insurance Protect A Business From?
No matter what type of business you own and operate you are going to have a product of some kind that you provide to customers. When your customers purchase that product from you there are expectations on their part of how that product will perform. For example if you run a construction business and you build homes, anyone buying a home from your company would expect that it would be well built and that it would be safe to occupy. If there was a mistake made during the construction of that home that caused it to structurally fail, then the owners of that home would be well within their rights to file a lawsuit against you.
At that point your company would likely be held liable for the damages, for any damage to the home owner's property, for the cost of providing temporary lodging to the home owners while they await repairs, and also additional punitive damages for inconvenience. If the structural failure of the home causes an injury, or even worse someone to lose their life, then the penalties would be much more severe.
This is where a Ohio comprehensive general liability insurance policy would come into play, and it could potentially save your business from financial ruin. This type of insurance policy would cover you in the event of a lawsuit of this nature, and it would help you to avoid paying out so much money that it would cripple your business. In addition to the example given above this type of insurance policy will also protect your business from any bodily injury or property that happen on the work site and any most other work related functions that your business performs. OH comprehensive general liability insurance will not cover any company vehicles that your business uses, so you will need a separate policy for this.
How To Choose The Right Insurance Company
For any business finding ways to save money and cut costs is important, since it will help to increase profit margins. With that being said there are certain things that are so essential to the future of your business that you simply cannot afford to cut corners. Ohio comprehensive general liability insurance is one of those areas.
You may be tempted to choose a discount plan with lower payments, but what happens when you actually need to file a claim? Will the company you have insurance through help you with the claims process or will they try to delay having to pay out? What about your deductible amount, is it so high that your business will have a huge out of pocket expense that could cause you issues moving forward? What if the coverage limits are too low?
Going back to the example above if you have coverage for $1,000,000 in damages, and a home your company built has a defect that ends up costing someone their life, that $1,000,000 won't come close to covering what a wrongful death lawsuit would award the homeowner in this case. That means that you will be paying out of pocket for the rest of the damages, which could end up causing you to lose your business. The bottom line here is that you need to do your homework before making any final decisions about which insurance company to use to protect your business.
CGL Policy Help
For you to protect your business you need the right Ohio comprehensive general liability insurance policy. For you to get the right coverage, you must figure out for what risks you want to protect your business against. Talking to an experienced insurance advisor can help. Taking this simple step can protect your business from being destroyed if you are ever sued.
Ohio Economic Data, Regulations & Commercial Insurance Minimum Requirements
If you're an entrepreneur, you know how important it is to research the location where you plan on setting up shop. No matter how how-quality and valuable the products and/or services your business offers may be, if you're situated in an area that isn't suitable for your operation (the wrong target demographic, a poor market, etc.), you just aren't going to achieve the success that you're hoping for.
If you're considering Ohio for your headquarters or for a new branch of your business, you definitely want to take the time to research the area before you set up shop. Below, we'll take a look at the economic trends of the Buckeye State, including employment rates and key industries that are thriving in the area. We'll also highlight some of the key forms of commercial insurance business owners need to carry when operating in Ohio.
Economic Trends for Business Owners In Ohio
The Buckeye State has seen a marked increase in job growth, which is indicated by the record low unemployment rate. According to the Ohio Department of Job and Family Services, as of April, 2021, the rate of unemployment was 4.3 percent; the lowest it's been in more than 18 years. In April the previous year, the rate was 4.6 percent, a difference of .03 percent in 1 year; however, and more notably, the rate has dropped .01 percent in just one month, as it was 4.4 percent in March, 2021. July, 2001 was the last time Ohio saw such a low level of unemployment, when the rate was 4.2 percent.
In January, 2010, the rate was an astounding 11.1 percent, so it's safe to say that there has been a definite decrease in the number of jobless people in the Buckeye State, which is a strong indication of the overall economy of the state.
The greater Cincinnati area is one of the best places for businesses in Ohio, where smaller cities are seeing the largest growth. Examples include Blue Ash, Beachwood, Independence, Sharonville, and Springdale. Industries that are thriving in Ohio include:
- Advanced Energy and Environmental Technologies
- Aerospace and Aviation
- Information Technology
- Logistics and Distribution
- Oil and Gas
Business Insurance Regulations In OH
The Ohio Department of Insurance regulates insurance in Ohio. Certain policies are mandated in Ohio, meaning business owners must carry specific types of coverage. Business owners can protect themselves, the customers they serve, the vendors they work with, and their workers from various risks by investing in the right type of insurance coverage. Coverages that are required include:
Workers Compensation - Most Ohio businesses with employees are required to pay for workers comp. If your OH business has just one employee, you're probably required to carry workers' compensation insurance. In Ohio, workers' compensation insurance is provided through the state - rather than through private insurance companies.
Other forms of insurance that business owners may be required by contract or municipality. The amount of coverage business owners need to carry for each policy vary and depend on a variety of factors, including the size of the operation, the number of employees, and the nature of operations.
Additional Resources For Small Business Insurance
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
- Small Business
- Business General Liability
- Business Interruption
- Business Liability
- Business Owners Policy (BOP)
- Certificate of Insurance
- Commercial Auto
- Commercial Crime
- Commercial Package Policy
- Commercial Umbrella
- Comprehensive General Liability
- Directors and Officers Liability
- Cyber Liability
- Employment Practices Liability
- Event Cancellation
- Fiduciary Liability
- General Liability
- Home Based Business
- Independent Contractor
- Liability Insurance Certificate
- Liability Insurance
- Ocean Marine
- Professional Liability
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
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Also find Ohio insurance agents & brokers and learn about Ohio small business insurance requirements for general liability, business property, commercial auto & workers compensation including OH business insurance costs. Call us (614) 407-1774.