Canton Business Insurance

Your Complete Guide to Canton, OH Business Insurance

Don't let a disaster bankrupt your business.

Canton Ohio business insurance

Home to companies like TimkenSteel Corporation, Diebold, and Medline Industries, Canton, OH is primarily an industrial city. Of course, businesses of all sorts can be found here. If you own a company in this midwestern city, you can protect it against disasters by investing in a solid business insurance plan.

Selecting the right business insurance products can be complicated, but you don't need to do it on your own. Independent agents in Canton can help by identifying your company’s specific risks and recommending the right policies to cover against them. Contact an insurance agent near you to learn more.

Why Do Canton Businesses Need Liability Insurance?

Commercial liability insurance is one of the most important parts of every business insurance policy package. It is designed to pay your company’s court costs, legal fees, and damages if your business is sued for a covered event.

You will need to be sure that you have the right kinds of liability insurance to cover against each of the specific risks faced by your Canton business. A local independent agent can help you determine which policies your company needs and which it can do without.

Some of the many commercial liability products that are available to you include:

  • Premises liability insurance: This covers third-party injuries, illnesses, and property damage if they occur due to an accident that takes place on your business property. 
  • Product liability insurance: This covers third-party injuries, illnesses, and property damage if they are caused by defects or design flaws in products your business produces, sells, or promotes.
  • Employment practices liability insurance: This covers lawsuits related to accusations of illegal employment practices such as harassment, discrimination, breach of contract, and wrongful termination.
  • Pollution liability insurance: This coverage may be particularly beneficial for the manufacturing and industrial companies in Canton. It is designed to cover businesses that use or produce toxic substances. It can cover clean-up costs and damages if an accident leads to these toxic substances polluting the ground, water, or air.
  • Cyber liability insurance: This covers against financial losses if cybercriminals install skimmers on your credit card readers or hack into your computer system and steal sensitive client data such as financial information, Social Security numbers, or personal data. It can cover restitution and credit monitoring services for affected customers.

You can learn more about these and many other commercial liability coverage options by consulting an independent insurance agent in Canton.

What Insurance Products Cover Your Business Property?

All business insurance policies include commercial property insurance. This is designed to cover loss or damage to your business property, such as outdoor signs, computers, furniture, supplies, merchandise, and inventory.

Businesses in Canton, OH are most likely to experience property loss or damage due to hazards such as structure fires, severe storms, hail, and tornadoes. Fortunately, commercial property insurance covers against all of these risks.

Sometimes, other property insurance products are also necessary. Depending on your business’s scope and location, your insurance agent may recommend supplementing your commercial property insurance with additional policies such as:

  • Inland marine insurance:  This covers your company’s portable property whenever it is in transit or is stored away from your place of business, such as on location at a job site.
  • Boiler & machinery insurance: This covers the cost to repair or replace a broken-down furnace or other machinery and can also cover any business losses associated with mechanical malfunctions.
  • Bailee's insurance: This covers your customer’s property whenever it is in your company’s care, custody, or control.
  • Commercial flood insurance: This may be necessary because commercial property insurance will not cover flood damage. Canton business located near West Branch Nimishillen Creek are most at risk, but flash flooding can happen anywhere in this city, particularly during severe storms and heavy rainfall.

A local insurance agent can help you be sure that all of your business assets are appropriately covered, and that your coverage limits are high enough to enable you to rebuild, repair, or replace, if necessary.

Why Is Business Interruption Insurance a Good Idea in Canton, OH?

What would you do if a windstorm blew the roof off the building where your business is housed? Or what if there was a large fire at your company?

Sure, your commercial property insurance would cover the cost of replacing lost or damaged items, but it might take several weeks before your company could reopen for business. Most small businesses cannot withstand a long-term loss of income like this.

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

Business interruption insurance provides a solution to this problem by providing your company with a continuation of income until it is able to resume normal operations. This coverage is only applicable to closures due to the covered events listed in your policy documents.

When you have this insurance, your business can afford to pay regular monthly expenses such as utility payments, loan installments, and employee salaries even though your business is temporarily unable to generate revenue.

Talk to an independent insurance agent for help determining whether this optional insurance is a good fit for your Canton business.

Do Businesses in Canton Need Worker's Compensation Insurance?

As a business owner in Canton, you are required to provide a safe and healthy workplace for your employees. Unfortunately, even when all reasonable precautions are taken, workers sometimes get hurt or suffer occupational illnesses.

Worker's compensation insurance is designed to protect your business from liability losses by covering the cost of medical treatment, disability pay, and other expenses related to these workplace injuries. In the event of a fatal accident, this insurance can also provide long-term benefits to surviving family members and dependents.

With a few exceptions, if you have at least one employee in this state, you are required by law to cover them with worker's compensation insurance. Ohio is what is known as a monopolistic state. This means that all policies must be purchased through the state-administered fund.

A local insurance agent can help you purchase this mandatory coverage to include in your business insurance policy package.

What about Insurance Products for Employee Benefits Packages?

Although health insurance can be rather expensive, offering subsidized coverage to your employees may have cost-saving benefits.

According to studies conducted by human resources professionals, businesses that offer competitive employee benefits packages find it easier to attract and retain the most qualified employees. Also, many businesses can benefit from tax incentives for purchasing employee health insurance products.

  • 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 are many different life insurance and health insurance products available for you to choose from. This can make it difficult to determine which policies are the best to include in your employee benefits package.

An independent insurance agent in Canton can go over the pros and cons of each of your various options and can provide you with customized quotes from a few competing providers.

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

Every business has it is own specific risks and exposures.  That is why insurance companies enable business owners to fully customize their commercial insurance coverage.

Independent agents in Canton make shopping for coverage easy and stress-free by offering guidance and by shopping around to help you find the best and most affordable policies to cover your company. Set up a one-on-one consultation with an insurance agent near you to learn more.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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https://www.city-data.com/city/Canton-Ohio.html

https://www.census.gov/quickfacts
https://www.fema.gov/disasters
http://www.naic.org/prod_serv/AUT-PB-14.pdf
https://www.nfib.com/content/legal-compliance/legal/workers-compensation-laws-state-by-state-comparison-57181
https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/alter-benefits-attract-retain.aspx
https://www.business.org/hr/benefits/top-reasons-to-offer-employee-benefits