Cleveland Heights Business Insurance

Your Complete Guide to Cleveland Heights, OH Business Insurance

Find the best policies to cover your business against all of its exposures.

Cleveland Heights Ohio business insurance

Cleveland Heights is a largely white-collar city. Its economy is based mainly on industries in the health care, educational services, and professional, scientific & technical services industries. Regardless of the type of company you may own, business insurance can protect it from large financial losses.

If you own a company in this Cleveland suburb, a local independent insurance agent can help you build an affordable business insurance policy package that will provide coverage against a wide range of potential exposures. Talk to an insurance agent in  Cleveland Heights to learn more.

Why Do Businesses in Cleveland Heights Need Liability Insurance?

We live in a litigious society, and it is not uncommon for liability lawsuits to result in judgments exceeding $1 million. That is why business liability insurance is so important. It can cover the various expenses related to liability lawsuits, such as court costs, legal defense fees, and financial damages.

All business insurance policies include commercial general liability insurance (CGL) as a standard part of their coverage. This insurance is designed to cover the most common liability hazards businesses can face. The coverage offered by CGL includes:

  • Premises liability insurance: This is designed to cover third-party injuries, illnesses, and damage that occur due to an accident on your business property.
  • Product liability insurance: This is designed to cover third-party injuries, illnesses, and damage that are caused by products your company produces, sells or promotes.
  • Advertising liability insurance: This is designed to cover your business against accusations of advertising mishaps such as false advertising, deceptive marketing practices, or copyright infringement.

CGL coverage isn’t always enough to protect your business. You may need to purchase additional liability policies for your company to be fully covered against all of its potential liability exposures.

Some of the many commercial liability products you may want to consider for your business include:

  • Employment practices liability insurance: This is designed to cover your business if someone makes an accusation of illegal employment practices such as discrimination, harassment, breach of contract, or wrongful termination.
  • Cyber liability insurance: This is designed to cover damages and restitution to your customers if cybercriminals install skimmers on your credit card readers or break into your company’s computer system and steal sensitive information like financial and personal data.
  • Liquor liability insurance: This is designed to protect businesses that sell, serve, or otherwise furnish alcoholic beverages. This is necessary because Ohio’s dram shop laws allow someone who is injured by an intoxicated person to sue the business that sold or served the alcohol.

Consult a local independent insurance agent to learn more about these and any other commercial liability insurance products that may be right for your Cleveland Heights business.

How Does Property Insurance Protect Cleveland Heights Businesses?

Commercial property insurance is designed to cover loss or damage to your company-owned assets like outdoor signs, office furniture, tools, machinery, computers, merchandise, and supplies. This coverage is a standard part of every business insurance policy.

Businesses in Cleveland Heights are most at risk for loss or damage caused by accidental fires, theft, and severe weather events like hail, electrical storms, strong winds, heavy snows, and freezing temperatures. Fortunately, these hazards are all covered by commercial property insurance.

In addition to your standard property coverage, you may also want to consider purchasing supplemental policies such as:

  • Commercial flood insurance: This insurance is often necessary, since commercial property insurance excludes coverage against floods. Businesses near Doan Brook at most at risk, but when heavy rains fall, drainage systems can become overwhelmed and flash flooding can occur just about anywhere in this city.
  • Inland marine insurance: This insurance can cover your portable business property whenever it is in transit or is being stored away from your place of business, such as in a warehouse or at a job site.
  • Boiler & machinery insurance: This is designed to cover repair costs and business losses related to the failure of your essential business machinery and equipment.
  • Bailee's insurance: This is designed to cover valuable property belonging to your customers whenever it is in your business’s custody, care, or control, such as if you are performing alterations, maintenance, or repair services on it.

Talk to your local insurance agent to learn more about your various business property coverage options.

Is Business Interruption Insurance a Good Idea in Cleveland Heights, OH?

When it comes to major disasters like tornadoes and windstorms, Cleveland Heights is a relatively safe place to own property. However, the risk of a disaster affecting your company still exists. If it happens, will you be prepared?

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

Major disasters, like structure fires, can do more than just damage your business property. If your business must remain closed for several weeks while structural repairs are made, the loss of income during that time can be overwhelming for many small businesses.

Business interruption insurance is designed to provide your company with a continuation of income during such times. This optional coverage provides the funds needed for your business to pay monthly bills, loan installments, employee salaries, and other regular expenses until it can resume normal operations.

Business interruption insurance is not a good fit for every company. A local independent insurance agent can help you determine whether it makes sense for your Cleveland Heights business.

Do Businesses in Cleveland Heights Need Worker's Compensation Insurance?

The state of Ohio requires all businesses to cover their full- and part-time employees with worker-s compensation insurance. There are a few exceptions. You are not required to cover sole proprietors, partners, or LLC members, but you can if you want to.

If your employees are injured on the job or come down with an occupational illness, worker's compensation insurance can cover the cost of any necessary medical treatment, follow-up care, and prescriptions, and can compensate these injured workers for lost wages and other related expenses.

Rates for worker's compensation coverage are based on your company’s overall payroll, the number of employees you have, and the types of jobs they do. The more dangerous the job, the more coverage will cost. A worker at a landscaping company would cost more to insure than a loan officer at a bank.

In Ohio, all businesses must purchase their coverage through the state-administered fund. This means that private insurance companies cannot sell coverage in this state. An independent insurance agent can help you get the coverage you need, but cannot shop around for a competitive rate.

What about Employee Benefits for Businesses in Cleveland Heights?

As a business owner in Cleveland Heights, you may be thinking about putting together an employee benefits package that includes subsidized health insurance and life insurance options for your employees.

  • 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

Even though purchasing health insurance for your employees can be quite expensive, doing so may come with some money-saving benefits for your business.

Many companies that subsidize healthcare coverage for their workers qualify for tax incentives. Additionally, human resources professionals have demonstrated that when businesses offer an attractive benefits package, they find it easier to recruit and retain highly qualified employees.

There are many different insurance products available to choose from when you are building an employee benefits package. You may therefore find it beneficial to have guidance and advice from a local insurance professional. Talk to an independent agent near you for help finding the best and most affordable policies.

Why Work with an Independent Insurance Agent in Cleveland Heights, OH?

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

A local independent agent can help you navigate through your various coverage options as you build your business insurance policy package and can ensure that you are getting your policies at a competitive price. Find an insurance agent near you to get started.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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https://www.census.gov/quickfacts
https://www.fema.gov/disasters
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https://www.business.org/hr/benefits/top-reasons-to-offer-employee-benefits
https://www.city-data.com/city/Cleveland-Heights-Ohio.html