Find the Best Business Insurance Options in Ohio
There are over 996,000 small businesses in Ohio, representing 99.6 percent of the businesses in the state. Small businesses employ over 44 percent of the workforce in Ohio, making small business an important driver of the state’s economy.
Business owners of all sizes in Ohio face numerous risks, including property damage caused by crime, severe weather, fires, and natural disasters. And a liability claim or a lawsuit can lead to financial devastation that is difficult to overcome for any business.
A comprehensive business insurance program can help you repair and rebuild damaged property after a disaster. And it can help you stay in business and pay for your defense if you are faced with a lawsuit.
An independent insurance agent can help you compare business insurance quotes in Ohio.
Best Business Insurance Companies in Ohio
These top business insurance companies near you are highly rated for their mix of valuable coverage offerings and competitive pricing.
- Nationwide: Nationwide provides business insurance and other popular types of insurance coverage in Ohio. The company is headquartered in Columbus, OH, and is represented by independent insurance agents in 50 states, including Ohio.
- Travelers: Travelers offers highly rated business insurance in Ohio. The company provides a variety of business insurance options, including inland marine, workers' compensation, and general liability.
- Liberty Mutual: Liberty Mutual is headquartered in Boston, MA, and has been offering business insurance since 1912. Today the company offers a flexible, multiline range of coverages designed to meet the needs of any business, regardless of size or industry.
- West Bend: West Bend is a relationship-based company with core values that emphasize excellence, integrity, and responsibility. The company offers highly-rated business insurance in Ohio.
- Ohio Mutual Insurance Group: Ohio Mutual traces its roots to 1901 when the Ohio Mutual Tornado, Cyclone, and Windstorm Insurance Association began providing insurance to property owners across Ohio. Based in Bucyrus, Ohio, today, the company writes more than $200 million in premiums each year, covering homes, autos, farms, and commercial properties in seven states.
An independent insurance agent in your area can help you learn more about these and other Ohio business insurance companies. A local agent can help you get competitive quotes for the coverage that fits your Ohio business insurance needs.
Ohio Business Insurance Requirements
Business insurance is a package of insurance policies that cover your property and liability risks. Business insurance is not required in Ohio, but if your business owns any vehicles, you likely have to buy commercial vehicle insurance that complies with the state’s car insurance laws.
In addition, all employers in Ohio with one or more employees are required to carry workers’ compensation insurance. Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job.
An independent insurance agent in your area can help you learn more about Ohio’s business insurance requirements.
What Business Insurance Covers in Ohio
When you purchase business insurance in Ohio, you’ll be purchasing several individual policies or a package of policies designed for your industry. Business insurance in Ohio will typically include the following types of policies and coverage:
- Commercial general liability: Protects your business from lawsuits related to bodily injury and property damage claims. It pays for medical expenses, legal fees, and financial settlements or judgments. Your liability policy even covers personal injury claims such as libel and slander.
- Commercial property insurance: This covers damage to a building and its contents if damaged by a weather event, fire, theft, vandalism, and other covered perils.
- Business interruption coverage: Protects your earnings and pays certain expenses if your business cannot operate because of damage after a fire, hail, wind, equipment breakdown, or another covered event. If you are forced to close for a while to make repairs or rebuild your business, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
- Commercial auto insurance: Protects your business-owned cars and trucks from property damage and liability claims.
- Workers’ compensation insurance: Pays for medical expenses and a portion of an employee's lost wages after a work-related injury.
Your business insurance in Ohio may include additional coverage types or policies that cover your unique risks.
Liability Coverage Options for Small Businesses in Ohio
Most small businesses would have a hard time recovering if they were faced with a lawsuit. Liability insurance can cover you when you’re accused of causing harm to an individual or another business. There are numerous liability coverage options for small businesses in Ohio.
A commercial general liability (CGL) policy offers broad protection from lawsuits. It covers your legal costs, medical expenses, other damages for the injured party, and other expenses related to a liability claim against your business.
CGL policies do not protect you from every type of lawsuit. You'll likely need additional liability policies or endorsements that supplement your CGL policy and eliminate any gaps in your protection.
Talk to an independent insurance agent about why you might need environmental liability insurance, professional liability insurance, cyber liability insurance, or other types of liability coverage for your Ohio business.
Property Coverage Options for Small Businesses in Ohio
Commercial property losses can originate in a variety of ways and cause tremendous financial harm to your business. You need these basic business property coverage options to help you repair or rebuild your physical losses and even to compensate you for lost income while you recover after a covered property loss.
Commercial property insurance protects you when your commercial property is damaged by someone else or by some type of unforeseen event like a fire or severe weather. You need business property insurance if you own your building or have tangible business assets (furniture, computers, fixtures, inventory, materials, tools, etc.). It helps you pay for repairs or to replace damaged or destroyed commercial property after a covered loss.
Business interruption insurance is a separate coverage that is typically included as part of a commercial property policy. It is designed to protect your earnings if your business is unable to operate because of damage after a fire, hail, wind, equipment breakdown, or some other covered event. This means that if you’re forced to close your doors for a period of time in order to make repairs or rebuild, this coverage pays for rent, employee salaries, lost income, relocation fees, and more.
A local independent insurance agent can help you get quotes for business property insurance in Ohio.
Other Insurance Options for Small Business Owners in Ohio
Most businesses in Ohio likely need more than just basic property and liability insurance. Other insurance options for small business owners in Ohio include:
- Business owners policy (BOP): A package policy that includes commercial liability insurance, commercial property insurance, and business interruption insurance.
- Workers’ compensation insurance: Typically required for any business that has employees. It pays for lost income and medical expenses for employees who are injured on the job.
- Commercial vehicle insurance: This covers your vehicles and drivers in the event of an accident or other types of vehicle damage.
- Cyber liability insurance: Provides coverage in the event of a data breach involving your business.
- Employment practices liability insurance: Protects you if an employee sues you for discriminatory employment practices.
- Flood or hurricane insurance: Your basic commercial property policy does not cover flood or hurricane damage. Talk to your agent about flood and hurricane insurance if you live in an area that is prone to these events.
- Professional liability insurance: Protects you if a client claims you have been negligent in providing professional services.
- Commercial umbrella insurance: Provides excess liability coverage above and beyond the limits of your applicable underlying commercial liability policies.
This is not an exhaustive list of your business insurance options in Ohio. An independent insurance agent can make sure that all of your Ohio business insurance needs are met.
Average Cost of Business Insurance in Ohio
Every business is unique, and there are many variables that contribute to the cost of business insurance, making it difficult to compute the average cost of business insurance in Ohio. Several factors, including the following, influence the cost of Ohio business insurance:
- The size and physical location of your business
- Your number of employees
- Your gross sales and payroll
- The nature of your business (what do you do?)
- The value of your physical assets (buildings, vehicles, machines, equipment, inventory, etc.)
- Your prior claims history
- The types and amounts of coverage that you need
An independent business insurance agent can help you understand all the risks you face and get quotes for affordable business insurance in Ohio.
National Business Insurance Stats
Number of businesses in the US: 30,819,176
Burglary rate per 1,000 residents in the US: 3.76
Auto theft rate per 1,000 vehicles in the US: 2.29
| City | No. businesses | Burglaries / 1,000 people | Auto thefts / 1,000 cars |
| Akron | 3,118 | 8.52 | 2.92 |
| Barberton | 373 | 4.27 | 1.23 |
| Beavercreek | 1,132 | 1.64 | 0.57 |
| Brunswick | 606 | 0.57 | 0.34 |
| Canton | 1,022 | 13.72 | 4.58 |
| Cincinnati | 5,646 | 9.12 | 4.45 |
| Cleveland | 6,582 | 11.29 | 7.28 |
| Cleveland Heights | 582 | 2.38 | 1.47 |
| Columbus | 12,664 | 6.41 | 3.93 |
| Cuyahoga Falls | 1,100 | 1.87 | 0.57 |
| Dayton | 2,069 | 10.92 | 5.32 |
| Delaware | 686 | 2.31 | 0.29 |
| Dublin | 1,765 | 1.19 | 0.5 |
| Upper Arlington | 719 | 1.45 | 0.42 |
How Does Your Ohio City Measure Up?
Property: Your property can be damaged in several ways. A pipe can burst and cause flooding; a winter storm can damage the roof, or a criminal can break in. These situations can lead to severe business losses if you do not have the right insurance.
Commercial auto: Whether your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on several factors, including the number and types of vehicles you are covering and the risk of collisions and auto theft in your city.
Workers’ compensation: This pays for medical bills and lost wages for workers who get injured or become ill on the job. It is required for most Ohio employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: In addition to severe weather events, property crimes like theft and arson can lead to significant business losses if you do not have the right insurance.
Commercial auto: Depending on your industry and business, you might need commercial auto insurance. But your rate will be uniquely yours, based on the number and types of vehicles you are covering.
Workers’ compensation: This pays for medical bills and lost wages for workers who get injured or become ill on the job. It is required for most Ohio employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: The crime rate in Cincinnati can affect your coverage rates. In addition to property crimes like theft and arson, property damage from intense storms and weather can lead to significant business losses if you do not have the right insurance.
Commercial auto: Your commercial auto insurance rates will be based on several factors, including the number and types of vehicles you are covering and the risk of collisions and auto theft in your city.
Workers’ compensation: This pays for medical bills and lost wages for workers who get injured or become ill on the job. It is required for most Ohio employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Property damage can happen, from a bad storm to unexpected crimes like theft and arson. Whatever the scenario, damage can lead to significant business losses if you do not have the right insurance. When looking at insurance options, keep the crime rate in mind to know how much protection you need.
Commercial auto: Does your company own a vehicle or two? If so, you will need commercial auto insurance to protect your vehicles and your employees while they're on the road. But auto criminals can also attack without warning, breaking windows and stealing valuables, so keep that in mind when you buy new coverage.
Workers’ compensation: Workers’ compensation insurance pays for medical bills and lost wages for workers who get injured or become ill on the job. It is required for most Ohio employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: The property crime rate in Columbus is about the same as the national average. But it's important to recognize that the crime rate in your business's neighborhood impacts how much you pay for property insurance.
Commercial auto: Whether your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on several factors, including the number and types of vehicles you are covering and the risk of collisions and auto theft in your city.
Workers’ compensation: This pays for medical bills and lost wages for workers who get injured or become ill on the job. It is required for most Ohio employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Property crimes in Dayton can happen when you least expect it. The right property insurance is necessary for your operation.
Commercial auto: Do you know how commercial auto insurance is calculated? Your rate will be based on several unique factors, such as the number and types of vehicles you are covering and the risk of collisions and auto theft in your city.
Workers’ compensation: This pays for medical bills and lost wages for workers who get injured or become ill on the job. It is required for most Ohio employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: The Hamilton area is generally a safe place. However, criminal activity can happen when you least expect it, and thieves can cause emotional, physical, and financial damage to you, your property, and your business.
Commercial auto: Whether your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on several factors, including the number and types of vehicles you are covering and the risk of collisions and auto theft in your city.
Workers’ compensation: This pays for medical bills and lost wages for workers who get injured or become ill on the job. It is required for most Ohio employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Severe weather, a burst pipe, and property crimes like theft and arson can lead to significant business losses if you do not have the right insurance. Just take a look at the crime rate in the area. It's a risk you may not think about often, but something your insurance should care about.
Commercial auto: You know that the number and types of vehicles you cover will impact how much you pay for commercial auto insurance. But what about the risk of collisions and auto theft in your city? That counts too. It will all be considered so you can find comprehensive and customized protection.
Workers’ compensation: This pays for medical bills and lost wages for workers who get injured or become ill on the job. It is required for most Ohio employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: Severe weather, a burst pipe, and property crimes like theft and arson can lead to significant business losses if you do not have the right insurance. But there are a few risks you may not think about often.
Commercial auto: If your business owns a vehicle or a fleet of vehicles, you will need commercial auto insurance. Your rates will be based on several factors, including the number and types of vehicles you are covering and the risk of collisions and auto theft in your city.
Workers’ compensation: This pays for medical bills and lost wages for workers who get injured or become ill on the job. It is required for most Ohio employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Property: The crime rate in Springfield can affect your coverage rates. Since this number is relatively high, you're likely to pay a little more than average for a business insurance policy. You can become adequately insured when you know the facts and the risks you face as a Springfield business.
Commercial auto: Depending on your business, you may need commercial auto insurance. It's necessary coverage, considering that you can't control other drivers and that auto-related criminal activity is higher than average in the area.
Workers’ compensation: This pays for medical bills and lost wages for workers who get injured or become ill on the job. It is required for most Ohio employers. Every workplace has unique risks and hazards for its workers, which is why workers' compensation rates vary significantly depending on your industry.
Popular Questions About Business Insurance in Ohio
While you can't predict the exact costs of business insurance in Ohio, it’s important to understand what variables play a role in your insurance rates. Here are just a few of the factors that insurance companies use when calculating your business insurance costs in Ohio:
- Type of industry
- Number of employees
- Gross annual sales
- Location of business
- Number of company vehicles
- Past claims reported
- Number of years in operation
In Ohio, it’s essential for almost every business to carry a comprehensive business insurance package. Business insurance is not required by law in Ohio, but nearly every employer in the state must carry workers’ compensation insurance.
In addition, if your business owns any vehicles, you’re required to comply with Ohio’s car insurance laws by purchasing appropriate commercial vehicle insurance.
Most businesses in Ohio need a combination of property and liability insurance, in addition to workers’ compensation insurance and commercial vehicle insurance as required by the state.
Depending on your unique business and the risks you face, you’ll likely need some additional coverage, such as professional liability insurance, commercial umbrella insurance, or cyber liability insurance.
Small business general liability insurance is a primary building block of your Ohio business insurance program. It helps protect your operation from bodily injury and property damage lawsuits that come your way as a result of doing business.
Though not mandatory by Ohio state law, this policy is necessary to avoid the major financial repercussions of even a single negligence claim or lawsuit.
Health insurance and other employee benefits are important for many small businesses and their employees. A good employee benefits plan helps companies support a healthy and satisfied workforce. In addition, employers who offer employee health plans may also be eligible for significant tax benefits.
There are many small business health insurance plans and options available in Ohio. An independent insurance agent can help you find business health insurance plans near you.
Nationwide, Travelers, Liberty Mutual, West Bend, and Ohio Mutual Insurance Group are some of the best business insurance companies in Ohio. They are highly rated for offering broad coverage, top-notch customer service, and a variety of affordable options for business owners.
Searching for the best and most affordable business insurance can be frustrating and confusing. That’s why it pays to have an experienced insurance professional in your corner.
Find an independent insurance agent in Ohio now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice.
Do You Know What Your Business Insurance Covers in Ohio?
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