Popular Questions About Ohio Business Insurance
- Why should I have Ohio business insurance?
In 2018 small businesses in Ohio made $329.6 billion. Ohio businesses are booming, and the small business scene is only getting bigger. But if your small business experiences an unexpected lawsuit or property damage and you're caught without insurance, you'll have to pay for repairs and legal costs out of your pocket. That means your business’s revenue will suffer and your bottom line will be negatively affected.
- How have other business owners used their business insurance?
40% of small businesses are likely to experience a property or general liability claim in the next 10 years. Here are some things these companies have been using their insurance on:
- Theft Or Burglary: Average Cost Per Claim - $8,000
- Water Damage & Freezing Pipes: Average Cost Per Claim - $17,000
- Wind & Hail Damage: Average Cost Per Claim - $26,000
- Fire Damage: Average Cost Per Claim - $35,000
- Customer Slip & Fall: Average Cost Per Claim - $20,000
- How does Ohio business insurance help me?
Ohio business insurance will pay for covered claims so your business doesn’t have to. It should give you 360 degrees of financial protection so you can rest assured knowing you're stable if a bad storm, criminal act or liability claim occurs.
Here’s what a standard business insurance policy should do:
Pay For Damage To Your Building
- We call this “Commercial Property Insurance.”
- Example: A tree falls on your office building.
Pay For Damage To Your Business Property
- We call this “Business Personal Property Insurance.”
- Example: A fire destroys all your computers.
Pay For Damage To Someone Else’s Property
- We call this “General Liability Insurance.”
- Example: A contractor does a poor job of installing a cabinet, resulting in its falling and breaking homeowner's kitchenware.
Pay For Someone Else’s Medical Bills
- We also call this “General Liability Insurance.”
- Example: A customer slips and falls on your recently mopped floor and breaks an arm.
Pay For Accidents in Company Vehicles
- We call this “Commercial Auto Insurance.”
- Example: Your salesperson rear-ends someone while driving to an appointment.
Pay For Employee Injuries & Compensation
- We also call this “Workers' Compensation.”
- Example: An employee falls off a ladder at work and can’t work for two weeks.
Take this information with a grain of salt. Sometimes, these coverages are not enough to properly protect a business against risk. Your business faces its own unique risks and may need additional coverages.
To make sure you're properly insured, you should find a local independent insurance agent who specializes in covering businesses in your field. That way you'll get the expertise necessary to be properly insured.
- What insurance does Ohio require for businesses?
A commercial insurance policy is required for any business with one or more employee in the state of Ohio. But if you're a sole proprietor, in a partnership or a family farm, it may be optional.
Additionally, businesses that have company-owned vehicles must carry commercial auto insurance. To learn more about coverage that you may be required to carry, talk to a local independent insurance agent.
- How much does Ohio business insurance cost?
It primarily depends on how risky your business is. The riskier your business is, the higher your insurance will be. Here are two examples.
- A sole proprietor who owns a garment hemming business: $260 per year
- A commercial landscaper with five employees who operate heavy machinery: $22,700 per year
- How do I find the best business insurance in Ohio?
Business insurance rates are calculated using a number of factors such as the risks to your business property, your liability coverage needs and the amount and types of coverage you want.
Policies can vary significantly by business industry, so it is best to talk with an experienced insurance agent when building a suitable and comprehensive policy for your business.
It’s usually wise to work with an independent agent in Ohio since they have access to multiple insurance companies. Sometimes its difficult to find an insurance company who will cover your business.
- There are 1,504 independent agents in Ohio who are ready to help.
- In 2017 our agents helped 4,483 people.
- What are the top business insurance companies in Ohio?
An independent insurance agent compares policies from multiple companies to find the best coverage for your needs.
Find the Best Insurance in Your City
How does your city measure up?
- Number of businesses in the U.S.: 27,626,360
- Number of businesses in Ohio: 904,814
- Burglary rate per 1,000 residents in the U.S.: 4.69
- Burglary rate per 1,000 residents in OH: 5.76
- Auto theft rate per 1,000 vehicles in the U.S.: 2.37
- Auto theft rate per 1,000 vehicles in OH: 1.69
| City | Population | Number of Established Firms | Burglary Rate Per 1,000 Residents | Auto Theft Rate per 1,000 Vehicles |
| Columbus | 860,090 | 67,994 | 8.99 | 4.12 |
| Cleveland | 385,809 | 32,679 | 17.87 | 9.86 |
| Cincinnati | 298,800 | 26,855 | 16.19 | 3.69 |
| Akron | 197,633 | 16,308 | 12.27 | 3.03 |
| Dayton | 140,489 | 10,307 | 20.78 | 4.12 |
| Parma | 79,425 | 5,777 | 3.41 | 1.50 |
| Canton | 13,643 | 1,563 | 13.27 | 3.34 |
| Lorain | 63,730 | 3,676 | 13.84 | 1.31 |
| Springfield | 59,087 | 3,487 | 22.24 | 3.62 |
| Hamilton | 62,127 | 3,809 | 15.09 | 0.14 |
| Strongsville | 44,631 | 4,582 | 1.46 | 0.45 |
| Fairfield | 42,617 | 3,595 | 3.36 | 1.36 |
| Dublin | 45,568 | 5,458 | 2.11 | 0.27 |
| Lima | 37,414 | 2,283 | 15.96 | 1.96 |
| Huber Heights | 38,019 | 2,453 | 4.61 | 2.38 |
| Westerville | 38,985 | 4,602 | 1.93 | 0.14 |
| Reynoldburg | 37,449 | 2,892 | 4.19 | 1.42 |
| Grove City | 39,721 | 2,861 | 3.59 | 1.44 |
| Stow | 34,711 | 2,592 | 1.90 | 0.26 |
| Delaware | 38,643 | 2,677 | 3.98 | 0.38 |
| Kettering | 55,306 | 4,613 | 4.03 | 0.72 |
| Elyria | 53,715 | 3,676 | 6.41 | 1.81 |
| Lakewood | 50,279 | 4,605 | 2.86 | 1.33 |
| Cuyahoga Falls | 49,206 | 4,621 | 2.36 | 1.02 |
| Euclid | 47,360 | 3,565 | 10.88 | 0.86 |
| Middletown | 48,813 | 3,540 | 15.95 | 2.39 |
| Mansfield | 46,678 | 3,257 | 14.55 | 3.16 |
| Mentor | 46,732 | 5,250 | 2.24 | 0.36 |
| Cleveland Heights | 44,633 | 4,822 | 2.64 | 2.19 |
| Beavercreek | 46,376 | 3590 | 1.38 | 0.33 |
| Brunswick | 34,756 | 2,137 | 0.81 | 0.40 |
| Upper Arlington | 34,997 | 4,653 | 1.91 | 0.54 |
| Fairborn | 33,780 | 1,836 | 5.62 | 0.99 |
| Gahanna | 34,956 | 3,531 | 2.84 | 0.18 |
| Hilliard | 34,905 | 2,587 | 1.92 | 0.69 |
| Mason | 33,037 | 2,758 | 0.52 | 0.24 |
| Clintonville | 30,000 | 2,163 | 5.93 | 3.42 |
| Garfield Heights | 27,905 | 1,891 | 8.80 | 0.11 |
| Barberton | 26,120 | 1,951 | 5.54 | 0.14 |
| Green | 25,673 | 2,753 | 2.09 | 1.04 |
Columbus, OH Business Insurance Cost Factors
Covering Your Business Assets
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 office's neighborhood impacts how much you pay for property insurance.
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 a number of factors, including the number and types of vehicles you are covering and the risk of collisions and of vehicular theft in your city.
Workers’ Compensation
Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Ohio employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the two leading industries in Columbus, OH workers comp cost looks like.
- Retail Trade Industry, $410/year
- Manufacturing Industry, $4,260/year
The above average workers' compensation rates are different because each industry has its own associated risks. An employee using a big piece of equipment is more susceptible to injury than a salesman behind a counter.
Cleveland, OH Business Insurance Cost Factors
Covering Your Business Assets
Property: Property damage can happen from a bad storm or from unexpected crimes like theft and arson. No matter the scenario, damage can lead to large business losses if you do not have the right insurance. Keep the crime rate in mind when looking at insurance options to know how much protection you really 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 are injured on the job. It is required for most Ohio employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the two leading industries in Cleveland, OH workers comp cost looks like.
- Manufacturing Industry, $4,260/year
- Retail Trade Industry, $410/year
Why are these two averages different? They are based on the unique risks an employee faces at each type of business. It makes sense that the manufacturing industry has a higher rate, since workers use heavy equipment. Keep the differences in mind when looking at insurance options.
Cincinnati, OH Business Insurance Cost Factors
Covering Your Business Assets
Property: The crime rate in Cincinnati can affect your coverage rates. But that's not all you need to keep in mind. In addition to property crimes like theft and arson, property damage from intense storms and weather can lead to large business losses if you do not have the right insurance.
Commercial Auto: Your commercial auto insurance rates will be based on a number of factors, including the number and types of vehicles you are covering and the risk of collisions and of vehicular theft in your city. There are a lot of things to consider, so it's best to talk to your local independent insurance agent.
Workers’ Compensation
Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Ohio employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the two leading industries in Cincinnati, OH workers comp cost looks like.
- Manufacturing Industry, $4,260/year
- Retail Trade Industry, $410/year
These may be the two most common industries in the city, but they're extremely different when it comes to workers' comp insurance. An employee will have a higher risk of injury at a manufacturing facility than at a retail store. So consider that when you're looking at insurance options.
Akron, OH Business Insurance Cost Factors
Covering Your Business Assets
Property: Your property can be damaged a number of ways: A pipe can burst and cause flooding, a winter storm can damage the roof, and a criminal can break in. All of these situations can lead to serious business losses if you do not have the right insurance.
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 a number of factors, including the number and types of vehicles you are covering and the risk of collisions and of vehicular theft in your city.
Workers’ Compensation
Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Ohio employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the two leading industries in Akron, OH workers comp cost looks like.
- Manufacturing Industry, $4,260/year
- Retail Trade Industry, $420/year
Did you know that workers' compensation rates for manufacturing businesses will be more expensive than those in the retail or food service industries? Each business has its own unique risks, and employees need the appropriate amount of protection at their place of work.
Dayton, OH Business Insurance Cost Factors
Covering Your Business Assets
Property: Property crimes in Dayton can happen when you least expect it, and criminals can break in, wreaking emotional, physical and financial damage. Ensure you have full protection by teaming up with an independent insurance agent.
Commercial Auto: Do you know how commercial auto insurance is calculated? Your rate will be based on a number of unique factors, such as the number and types of vehicles you are covering as well as the risk of collisions and of vehicular theft in your city.
Workers’ Compensation
Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Ohio employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the two leading industries in Dayton, OH workers comp cost looks like.
- Manufacturing Industry, $4,260/year
- Retail Trade Industry, $410/year
Each job has its own risks. That's why manufacturing and retail have different average workers' compensation insurance rates. If you're curious to learn about the differences and understand why it's more expensive for some, talk to a local independent insurance agent.
Parma, OH Business Insurance Cost Factors
Covering Your Business Assets
Property: Severe weather, a burst pipe and, property crimes like theft and arson can lead to large business losses if you do not have the right insurance. But there are a few risks you may not think about often. Just think about the crime rate; It's definitely something your insurance should take care of, a threat you never see coming.
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 a number of factors, including the number and types of vehicles you are covering and the risk of collisions and of vehicular theft in your city.
Workers’ Compensation
Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Ohio employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the two leading industries in Parma, OH workers comp cost looks like.
- Manufacturing Industry, $4,160/year
- Administrative Support & Waste Management Services Industry, $3,160/year
Parma is a big manufacturing town. But the risks an employee faces in manufacturing vary much more than the risks in the waste services arena. It's important to compare the two job tasks to understand why you may be paying more.
Canton, OH Business Insurance Cost Factors
Covering Your Business Assets
Property: In addition to severe weather events, property crimes like theft and arson can lead to large business losses if you do not have the right insurance. The crime rate in Canton can affect your coverage rates, which is why you should talk to a local independent agent to learn about other risk factors.
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
Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Ohio employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the two leading industries in Canton, OH workers comp cost looks like.
- Manufacturing Industry, $4,260/year
- Retail Trade Industry, $410/year
If you're curious to know why a manufacturing business pays more than 10 times that of a retail store, take a look at the job functions in each. An employee at a factory is much more likely to be injured on the job than an employee working behind a store counter. An independent insurance agent will gladly go into the details and explain more.
Lorain, OH Business Insurance Cost Factors
Covering Your Business Assets
Property: Severe weather, a burst pipe, and property crimes like theft and arson can lead to large 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 definitely something your insurance should take care of.
Commercial Auto: You know that the number and types of vehicles you are covering will impact how much you pay for commercial auto insurance. But what about the risk of collisions and of vehicular theft in your city? That counts too. It will all be considered so you can find protection that is comprehensive and customized.
Workers’ Compensation
Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Ohio employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the two leading industries in Lorain, OH workers comp cost looks like.
- Manufacturing Industry, $4,260/year
- Retail Trade Industry, $410/year
These base premium rates reflect the various hazards of a job, which means that more hazardous professions will carry a higher premium than jobs where accidents are less likely to happen. To learn more about the differences, talk to an insurance professional to make sure you are fully covered and in compliance with all state laws.
Springfield, OH Business Insurance Cost Factors
Covering Your Business Assets
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. When you know the facts and risks you face as a Springfield business, you can become properly insured.
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. Talk to a local independent insurance agent to learn more.
Workers’ Compensation
Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Ohio employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the two leading industries in Springfield, OH workers comp cost looks like.
- Manufacturing Industry, $4,260/year
- Retail Trade Industry, $410/year
A workers’ compensation policy will pay out benefits to all employees who are hurt while performing their job. But each job has its own inherent risks, which is why workers' comp policy rates are different. It can get overwhelming, so talk to your local independent agent to learn more.
Hamilton, OH Business Insurance Cost Factors
Covering Your Business Assets
Property: The Hamilton area is generally a safe place, and the crime rate shows that it's true. But 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. Get full protection by partnering with a local independent insurance agent, and receive comprehensive coverage for your business.
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 a number of factors, including the number and types of vehicles you are covering and the risk of collisions and of vehicular theft in your city.
Workers’ Compensation
Workers’ compensation insurance pays for medical bills and lost wages for workers who are injured on the job. It is required for most Ohio employers. Every workplace has unique risks and hazards for its workers, which is why worker’s compensation rates vary so significantly depending on your industry.
Based on a $100,000 annual payroll, here is what the two leading industries in Hamilton, OH workers comp cost looks like.
- Manufacturing Industry, $4,260/year
- Retail Trade, $410/year
These two industries may be the most popular in the area, but they both have their own job-related risks. Workers' compensation coverage is based on these differences, which is why the average rates are so different from one another.