Commercial Business Insurance
Why Business Insurance Makes Business Sense
Running your own business is fulfilling but comes with no shortage of risks that can derail even the most promising ventures. From property damage to employee injuries, the unexpected can happen anytime. That's why having the right commercial business insurance in Ohio is crucial for protecting your livelihood. Without it, a single incident could wipe out everything you've worked so hard to build.
Commercial business insurance provides a safety net for your company. It helps cover the costs of lawsuits, property damage, and employee injuries. Finding the right policy for your business's specific needs can be tricky, though.
Here's everything you need to know to protect your business in Akron, Ohio.
What is an Independent Insurance Agent?
An independent insurance agent works for you, not the insurance companies. We’re not tied to any provider, so we can shop around and compare policies from multiple carriers to find the best fit for your business.
Here’s how it works: First, we sit down with you and learn about your business – what you do, how many employees you have, and what assets you need to protect. Then, we use that information to contact insurance companies and get quotes. Once we have a few options, we present them to you and help you choose the best coverage at the best price.
Benefits of an Independent Agent
Working with an independent insurance agent like Carrington has advantages over going direct to a carrier:
Better Pricing
We can negotiate affordable premiums by leveraging market competition and collecting multiple quotes. We also stay on top of industry trends to optimize costs.
Broader Perspectives
With intricate knowledge of diverse carrier policies, Carrington can guide you impartially to ensure optimal protection. We’re not just trying to sell you on what one company has.
Our expertise also spans across state lines. We hold our licenses and have established books of business in Georgia, Texas, and Arizona. This variety enables us to provide solutions for businesses with multi-state operations.
Personalized Service
As a local business owner, Carrington develops genuine relationships with clients and provides recommendations and responsive support that you can’t get from an 800 number.
Ohio Business Insurance Laws
In Ohio, businesses with employees are required by law to carry workers’ compensation insurance. You have the option to either self-insure or purchase coverage through the state’s insurance fund. Unlike other states, private carriers are not allowed to sell workers’ comp policies in Ohio.
While workers’ comp is mandatory, other coverages like general liability and BOP are not required by Ohio law but are still recommended to protect your company from exposure. Many clients and landlords mandate you carry specific policies before allowing work, so it’s vital to have them.
All business insurance in Ohio goes through the Ohio Department of Insurance (ODI). Their job is to oversee the market and make sure insurers are offering fair and stable products to businesses like yours. ODI also regulates insurance agents to ensure we operate ethically and in your best interest.
What are the Different Types of Business Insurance in Ohio?
Every business is unique and has different insurance needs. A tech startup that operates entirely online will have very different risks than a large warehouse full of expensive (and maybe flammable) inventory. The first step is figuring out what types of coverage make sense for your company. Here are different types of business insurance in Ohio.
Workers’ Compensation
Besides meeting requirements, workers’ comp protects you from the burdens of on-the-job employee injuries. It covers medical bills, lost wages, rehab costs, and more, so you aren’t financially responsible.
Commercial Auto Insurance
If your company owns or uses vehicles for work, commercial auto insurance is necessary. It covers your legal liability if an employee gets into an accident while driving for business purposes. Personal auto policies usually exclude business use, so you could be on the hook for damages without commercial coverage.
General Liability Insurance
Also called business liability insurance, it protects you if you are sued for injuries or property damage caused by services, operations, employees, and products. It covers legal fees and settlements up to policy limits.
BOP (Business Owner’s Policy)
BOP bundles general liability protection with business property insurance, covering damage to or theft of company property such as electronics, furnishings, inventory, and equipment. Some BOPs also include business interruption insurance.
Professional Liability aka Errors & Omissions Insurance
E&O insurance is crucial for consulting, advisory, design, or other professional services. It offers protection if sued for financial harm from mistakes like inaccurate advice or negligent actions. Common examples include insurance agents, financial advisors, lawyers, accountants, and IT consultants.
Is There Insurance for Startup Businesses?
Absolutely! Securing coverage may not be at the top of the to-do list for startups. However, many carriers offer affordable packages with basic liability to provide peace of mind as you build a customer base. Coverages often include:
- General liability
- Professional liability
- Commercial property
- Workers Compensation
The tailored plans limit the amounts available until your revenue and risk exposure grow. But they let you lock in affordable premiums to safeguard your new endeavor without overspending, so you can focus on operations. Carrington Financials can guide you through the options to find the best match.
Can You Backdate Business Insurance in Ohio?
Sometimes, a business experiences a loss and realizes it lacks adequate coverage. The reaction is often to quickly apply for a policy and then backdate the coverage effective date before the incident. However, backdating to cover losses that have already occurred is often considered insurance fraud.
Insurers base premiums on insuring unknown future risks rather than past losses. That’s why policies only cover liability claims and damage happening after the effective date.
However, there are cases where a carrier may permit backdating for an additional premium. For example, if there was a lag between policies during a carrier switch. We can help assess your unique situation to see if backdating is possible, but generally, it is not allowed.
How Much Coverage Should You Buy?
Figuring out the right amount of insurance coverage for your business is perhaps the hardest part. You don’t want to overpay for policies you don’t really need, as you have other bills to pay. It’s a business, after all, and we know you have a balance sheet to respect. But you also don’t want to be underinsured and at risk.
The available options and limits seem endless, so how do you know what’s right for your company? The best route is to enlist an agent at Carrington Financials.
As your independent agents, we can estimate the total value of your assets and exposures. That includes industry benchmarks, years in business, employees, sales, and more. We’ll also evaluate third-party liability risks based on clients, suppliers, and vendors.
By fully assessing your profile, we can advise you on prudent coverage levels for each available policy. Don’t leave it to guesswork and risk coming up short after an incident—lean on expertise so you can make data-driven decisions.
Allow Carrington Financials to Simplify Insurance
With so many business complexities, business insurance in Ohio shouldn’t cause headaches. As a trusted community partner, Carrington Financials helps Ohio companies thrive. Contact us to schedule a consultation and experience personalized service.
Education is a huge part of what we do. We’re not just here to sell you a policy. We want you to feel empowered to make informed decisions about protecting your livelihood. During your consultation, we take the time to learn about your business and answer all your questions.
We also take pride in contributing to Northeast Ohio’s economic growth through financial literacy programs, empowering leaders with solutions to mitigate risks and nurture regional advancement.
Don’t leave your company’s future to chance—contact Carrington Financials to start a rewarding partnership that will provide security and peace of mind for years.