There are about 2,000 businesses located in the Columbus neighborhood of Clintonville, OH. From small Etsy shops run out of people’s homes to the many businesses that line N. High Street, each of these businesses can benefit from having the protection of a solid business insurance plan.
Putting together a comprehensive insurance policy package for your business can be difficult, but it doesn’t need to be. Independent agents can help by identifying the risks your company faces and recommending the right policies to cover against each of them.
Contact an independent insurance agent in Clintonville to learn more about this important coverage and to start comparing customized business insurance quotes.
Why Do Clintonville, OH, Businesses Need Liability Insurance?
Even if the courts ultimately rule in your favor, a liability lawsuit against your company can be extremely expensive. That is why business liability insurance is so important. It is designed to cover court costs, legal fees, and financial damages if your company is sued for a covered event.
It is important that you have the right policies in place to cover each of the liability risks your business may face.
A local independent agent can help you identify all of your company’s liability exposures and can recommend the right insurance products to cover against each of them. That way, you do not need to worry about having any unintentional coverage gaps.
The following are some of the many available commercial liability products you may want to consider including in your business insurance policy package:
- Premises liability insurance: This is designed to cover third-party injuries, illnesses, and property damage if it is caused by an accident on your business premises and your business can be deemed responsible.
- Product liability insurance: This is designed to cover third-party injuries, illnesses, and property damage that is caused by defects or design flaws in products your business produces, sells, or promotes.
- Commercial vehicle liability insurance: This is required if your company owns and operates vehicles. It can cover your company’s increased liability risks if one of your drivers accidentally causes property damage or injuries to someone else while operating a company-owned vehicle.
- Cyber liability insurance: This can cover your company’s financial responsibilities if criminals hack into your computer system and steal sensitive information such as your customers’ social security numbers, financial data, or personal details.
- Employment practices liability insurance (EPLI): This can cover your legal defense and damages if your business is accused of illegal employment practices like discrimination, harassment, wrongful termination, and retaliation.
- Liquor liability insurance: This can cover against lawsuits related to damage or injuries caused by a patron of your establishment who has had too much to drink. This is necessary because Ohio’s dram shop laws enable the injured party to sue the establishment that served the alcohol to the intoxicated perpetrator.
You can learn more about these and your other commercial liability coverage options by consulting an independent insurance agent in Clintonville.
What Insurance Products Cover Your Business Property?
Commercial property insurance is designed to cover against loss or damage to your business property including assets such as computers, office furniture, supplies, inventory, merchandise, outdoor signs, and more.
Businesses in Clintonville, OH, are most likely to experience property loss or damage due to hazards like structure fires, thefts, and severe weather events like storms, strong winds, tornadoes, hail, heavy snows, freezing temperatures. Fortunately, commercial property insurance covers against all these risks.
Sometimes, additional property insurance products are necessary. Your insurance agent may recommend supplementing your commercial property insurance with optional products such as:
- Inland marine insurance: This can cover your company’s portable property whenever it being transported to or from a different location as well as when it is being kept at a place other than your business, such as at a job site or in a warehouse.
- Bailee's insurance: This can cover your customer’s belongings whenever they are in your company’s care, custody, or control. This may prove quite beneficial if your business provides repair, alteration, or maintenance services on expensive property.
- Boiler & machinery insurance: This can cover the cost to repair or replace your business’s essential machinery if it breaks down or malfunctions. It can also cover any financial losses your business may sustain because of this equipment failure.
- Commercial flood insurance: This is important because flood damage is excluded from your commercial property insurance coverage. Businesses located near waterways like the Olentangy River, Bill Moose Run, and Adena Brook are most at risk, but when heavy rains fall, flash flooding can occur just about anywhere in the Clintonville area.
A local independent insurance agent can help you be certain that all your valuable business assets are suitably covered, and that your coverage limits are high enough to enable you to rebuild, repair, or replace, when necessary.
Is Business Interruption Insurance a Good Idea in Clintonville, OH?
The risk of tornados in the Clintonville area is 19% greater than the national average. One of the worst to hit in the vicinity was an F3 twister that touched down close to Clintonville in 1971 causing millions of dollars’ worth of damage to area homes and businesses.
A major disaster like a tornado or an out-of-control structure fire can do more than just damage your company’s valuable property. If the destruction is particularly severe, your business might also be forced to remain closed for several weeks while repairs are made.
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
Many small businesses cannot survive the financial impact of a long-term closure following a disaster. Fortunately, business interruption insurance provides a solution to this problem.
Business interruption insurance is designed to provide your company with a continuation of income during the times it must remain closed for repairs due to damage caused by a covered event. Coverage can continue until your business is able to safely resume normal operations.
Consult a local independent insurance agent for help deciding whether business interruption insurance is a good fit for your Clintonville business.
Do Businesses in Clintonville Need Workers’ Compensation Insurance?
Even when all reasonable precautions are being taken, employees sometimes get injured on the job. That is why, with few exceptions, all employers in Ohio are required to carry workers’ compensation insurance.
Workers’ compensation insurance is designed to shield your business and your employees against financial losses related to workplace injuries and occupational illnesses. It does this by covering the cost of necessary medical treatments, follow-up care, disability pay, and other related expenses.
Ohio is a monopolistic state. This means that workers’ compensation policies can only be purchased through the state-administered fund. Because of this, independent insurance agents are not able to shop around to find you coverage at a lower rate.
What about Insurance Products for Employee Benefits Packages?
When shopping for health and life insurance products to include in your employee benefits package, you will find that there are several different kinds of products available to choose from. This can make it difficult to determine which policies make the best choices.
An experienced independent insurance agent in Clintonville can explain the pros and cons of each of your various options so that you are equipped to make an informed decision when making a purchase. Your agent can also help you obtain and compare policies and quotes from a few competing providers.
Why Work with an Independent Insurance Agent in Clintonville, OH?
Independent agents make buying business insurance easy by offering guidance and advice as you consider your many policy options. These agents are not tied to a single insurance company so they can shop around to help you obtain the best and most affordable products to cover against all the potential risks your company faces.
Set up a one-on-one consultation with an insurance agent near you to get more information about business insurance and start comparing customized quotes from a variety of competing providers.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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