Akron Business Insurance

There are more than 16,000 businesses in Akron, OH. As home to Goodrich, Firestone, and General Tire, this city is known as the “Rubber Capital of the World.” Regardless of the type of company you may own, you can benefit from having comprehensive business insurance coverage.

Independent insurance agents make shopping for the right business insurance easy. These insurance professionals can help you build an affordable policy package that will provide coverage against all the potential risks faced by your company. Contact an independent insurance agent near you to learn more.

Why Do Businesses in Akron Need Liability Insurance?

Business liability insurance is a crucial part of every commercial insurance policy. This insurance is designed to cover the various expenses related to liability lawsuits, including court costs, legal defense fees, and financial damages.

All business insurance policies include commercial general liability insurance (CGL). It covers against many of the most common liability risks faced by businesses. Its two main coverage components are:

• Premises liability insurance: This covers third-party injuries, illnesses, and damage that occur on your business property.
• Product liability insurance: This covers third-party injuries, illnesses, and damage caused by products your company produces, sells or promotes.

Most businesses will need additional policies in order to be fully covered against all of their liability exposures. An independent insurance agent in Akron can make recommendations about which of the many other available insurance products are right for your business.

Examples of commercial liability products you may want to consider include:

• Cyber liability insurance: This covers your liability expenses if hackers install skimmers on your credit card readers or break into your company’s computer system and steal sensitive customer data like credit card information, Social Security numbers, or personal data.
• Employment practices liability insurance: This covers your business against lawsuits related to accusations of illegal practices such as discrimination, harassment, breach of contract, and wrongful termination.
• Professional liability insurance: Also referred to as errors & omissions insurance, this covers individuals in professional positions if negligence, errors in judgment, or other mistakes lead to third-party damage.
• Commercial vehicle liability insurance: This is required if your business owns and operates vehicles. It can cover your company’s increased liability risks if one of your drivers causes an accident.

Talk to a local independent insurance agent to learn more about these and the many other commercial liability insurance products that are available. Your agent can help you determine which, if any, are appropriate for your particular business.

How Does Property Insurance Protect Akron Businesses?

Commercial property insurance is another major part of every business insurance policy package. It is designed to cover loss or damage to your company-owned assets, including furniture, merchandise, inventory, supplies, outdoor signs, tools, and machinery.

Businesses in Akron are most at risk for damage caused by fires, property crimes, and severe weather events. These risks are covered by commercial property insurance.

Be aware, however, that commercial property insurance excludes coverage against floods. When heavy rains fall in the area, the banks of the Cuyahoga and Little Cuyahoga rivers can overflow, drainage systems can become overwhelmed, and flash flooding can occur throughout the city.

For your business to be covered against this risk, you will need to include commercial flood insurance in your business insurance policy package. A local independent insurance agent can help you secure an affordable flood insurance policy through the National Flood Insurance Program (NFIP).

You may also want to consider adding other supplemental policies such as:

• Inland marine insurance: This covers portable assets whenever they are in transit or at a worksite.  
• Boiler & machinery insurance: This covers business losses related to equipment failure.

Talk to your local insurance agent to learn more about these and other business property coverage options.

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Is Business Interruption Insurance a Good Idea in Akron, OH?

In 1985, an F5 tornado touched down just 20 miles from the Akron city center. This twister caused more than $50 million in damage.

Disasters in Ohio

• Number of federally declared disasters in OH since 1953: 59
• Most common reasons for declared disasters: Severe storms, floods, and tornadoes
• Average number of tornadoes in OH per year: 19.2

A major disaster, like a tornado or structure fire, can force you to shut down your business for weeks, or even months, while repairs are made. Business interruption insurance is designed to provide your company with a continuation of income during times of disaster.

This insurance enables you to have the income you need to cover your monthly expenses, loan installments, employee salaries, and other regular business expenses until you are able to resume normal operations. Most policies will provide this coverage for up to twelve months.

Business interruption insurance isn’t a good fit for all companies.  A local independent insurance agent can help you evaluate whether this optional coverage is suitable for your Akron business.

Do Businesses in Akron Need Worker's Compensation Insurance?

Worker's compensation insurance is designed to cover the cost of medical treatment, follow-up care, prescriptions, lost wages, and other expenses related to work-related injuries and occupational illnesses.

Rates for this coverage are based mainly on how dangerous the work your employees do is. A tree trimmer would cost far more to insure than an office manager.

The state of Ohio requires all businesses with at least one employee to carry worker's compensation insurance. There are a few exceptions. It is not necessary to cover:

• Sole proprietors, partners, or corporate officers
• Family farm corporate officers
• LLCs acting as a sole proprietor or partnership
• Individuals incorporated as a corporation with no employees

When it comes to worker's compensation insurance, Ohio is a monopolistic state. This means that coverage can only be purchased through the state-administered fund. Your local insurance agent can help you get the coverage you need to include in your business insurance policy package.

What about Employee Benefits for Businesses in Akron?

As a business owner in Akron, you may be thinking about offering subsidized health insurance and life insurance in your employee benefits package.

• Approximate annual amount spent on healthcare coverage by OH businesses: $2 billion
• Average annual cost of health care in OH: $5,886/person or $15,955/family

There is no getting around the fact that purchasing health insurance coverage for your employees is expensive. However, many small businesses that do so can qualify for tax deductions, and there are other cost-saving benefits as well.

Studies done by human resources professionals have shown that when businesses offer attractive benefits packages, they can more easily recruit and retain ideal employees. It has also been demonstrated that workers who have access to health care use fewer sick days than those who do not.

There are several different health and life insurance policy types for you to choose from, so you may find it beneficial to receive guidance from a local insurance professional when you are looking for the best plan. Your agent can help you find suitable coverage at a competitive price.

Why Work with an Independent Insurance Agent in Akron, OH?

Every business has specific insurance coverage needs, and these can vary significantly from one industry to the next. That is why when it comes to business insurance, there is no such thing as a one-size-fits-all policy.

The wide range of insurance products and policy options available to business owners in Akron enables you to fully customize your commercial coverage. A local independent agent can help you navigate through the many choices you will have to make while you are building your business insurance policy package.

Contact an independent insurance agent in or near Akron to start comparing customized quotes for business insurance.