Cleveland Business Insurance

The Complete Cleveland, OH Business Insurance Guide

Find the right business insurance policy for you.

From the Rock & Roll Hall of Fame to the scenic shores of Lake Erie, Cleveland, OH has much for residents and visitors to see and do. This vibrant city offers a thriving economic backdrop for budding entrepreneurs who are seeking the perfect place to start a business. During previous years, there were 926,977 small businesses in Ohio, providing employment to 2,123,945 people. Of course, owning a business also carries serious risks. Recently, loss payouts to Ohio businesses totaled $7,372,566. To give your business the best chance for success, invest in Cleveland business insurance from the start.

Our Independent Insurance Agents can help you find the best business insurance plan for your company’s unique needs. Whether you run a souvenir shop in the theater district or a biotech startup near the Cleveland Clinic, our agents can help you choose the best commercial insurance solutions to protect your business from serious risks. One of the most troublesome risks for any small business is liability. 

According to a recent Travelers Business Risk Summary, 60% of small-business owners ranked medical cost inflation as their highest concern and more than 30% said they felt the least prepared to handle this issue. Liability lawsuits can cripple a small business, but general liability insurance is designed to offer a shield of protection to help you stay afloat.

  • Product Liability: According to a national study, 71% of product liability awards by the courts amounted to $1 million or more. If you’re regularly selling products to the public in Cleveland, you have a significant risk of facing a lawsuit at some point in the future. A customer could allege that your products were misrepresented, defective or even harmful and take legal action that leaves your business struggling to survive. Product liability insurance is a valuable protection that covers your legal fees and safeguards company assets in case you are sued.
  • Errors & Omissions/Professional Liability: For Cleveland companies that offer some form of public service, liability is still a concern. Consultants, financial advisers, and marketing firms can benefit from professional liability insurance. This coverage protects you from lawsuits alleging judgment errors, contract breaches or gross negligence. Disgruntled customers are hard to avoid in today’s world, but professional liability insurance gives you peace of mind that you’re covered even if a lawsuit comes your way.

Business Interruption Insurance for Cleveland Businesses

  • Recent Gross domestic product: 2.2%
  • Recent Ohio gross state product: 1.8%
  • The recent GSP increase was 0.4% less than the recent GDP increase

Interruptions to normal business hours can have serious financial consequences for a small business. If a fire or flood damages your commercial space and you have to shut down and make repairs, business interruption insurance compensates you for the lost income during the unexpected closure. This makes it possible to keep the bills paid and get back to business without added financial difficulty after the repairs are complete.

Property Insurance for Cleveland Businesses

  • Number of recent natural disasters: 119
  • Only 61% of losses from natural disasters were covered
  • Total uncovered property damage in recent years: $9.7 billion

If you’ve lived in Cleveland for any length of time, you probably already know that the winter weather can be severe. Heavy snowfall and ice storms can cause extensive property damage, so your company needs a reliable commercial property insurance policy on hand to pay for repairs. Property insurance is a vital piece of the business insurance puzzle, and our agents can help you find the best property coverage for your unique needs.

Workers' Compensation for Cleveland Businesses

It only takes a split second for an employee to get hurt on the job, but the financial consequences can last for years if you don’t have workers' compensation insurance. This important policy steps in to pay for medical bills and lost wages after work-related injuries, giving a vital benefit to both the injured employee and the business owner.

Employee Coverages for Cleveland Businesses

  • Total recent spending on premiums in Ohio: $2,070,022
  • Ranked 43rd for the highest premiums in the U.S.
  • Annual cost of health care for small businesses in recent years: $5,886/person or $15,955/family

Offering quality health and life insurance benefits can go a long way toward attracting a loyal and hard-working staff. But these benefits can get expensive in Cleveland, putting an added financial strain on small businesses. Our agents specialize in matching Cleveland businesses with the best rates on employee coverages. Whether you have only a few people on staff or your payroll includes hundreds, our experienced agents can match you with the most affordable employee coverages.

Cyber Crime Insurance for Cleveland Businesses

  • 9,161 identity theft complaints in Ohio in recent years
  • Ranked #20 highest for identity theft complaints in the U.S.

Far too often, small businesses fail to think about the potential consequences of a cyber attack until it’s too late. Only 22% of small businesses have a response plan in place to deal with cyber crime and data breaches. A single hacker can do long-lasting damage to your business finances and to your company’s reputation, so make sure you’re prepared in advance by adding cyber crime insurance to your Cleveland commercial insurance policy.

Shopping for business insurance in Cleveland can seem like an overwhelming task. There are dozens of options to choose from and many potential risks to consider. Our Independent Insurance Agents can take the pressure off the business owner by gathering quotes on multiple policies and shopping rates on your behalf. 

If you’re searching for affordable Cleveland commercial insurance options, contact an agent today to get a free quote for your business. 

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