Columbus Business Insurance

The Complete Columbus, OH Business Insurance Guide

Find the right business insurance policy for you.

As Ohio’s capital and largest city, Columbus is a hub for small businesses in a variety of sectors. Here, you’ll find a thriving economy giving major advantages to businesses in many industries ranging from tech startups to steel manufacturing plants. During previous years, there were 926,977 small businesses in Ohio, providing employment to 2,123,945 people. Of course, owning a business in Columbus, OH also carries serious risks. Recently, loss payouts to Ohio businesses totaled $7,372,566. You can minimize your risks as a business owner by investing in Columbus business insurance.

Our Independent Insurance Agents offer personalized assistance to Columbus business owners who are searching for affordable commercial insurance solutions. Our experienced agents can help you determine the risks that could be most damaging for your company and then design a customized business insurance plan to act as your safeguard. Liability is a serious danger that every small business should stop to consider. Even one lawsuit could do irreversible damage to a new or struggling company. 

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. The best way to protect your business from liability lawsuits is by investing in general liability insurance.

  • Product Liability: According to a national study, 71% of product liability awards by the courts amounted to $1 million or more. This type of financial burden can be catastrophic for a business that is barely getting by. Even if your business has been successful, losing a liability lawsuit is a major loss that could set you back months or even years. Product liability insurance offers protection for Columbus businesses, stepping in to cover legal fees and related financial needs during a lawsuit.
  • Errors & Omissions/Professional Liability: Even if your company is focused on a service rather than sales, liability can pose a significant threat. Lawsuits alleging negligence or contract breaches can be financially devastating, but professional liability insurance gives you a safety net in case a disgruntled client ever takes legal action against your company.

Business Interruption Insurance for Columbus 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

Columbus is no stranger to bad weather leading to significant closures for local businesses. If your commercial space is damaged in a storm, fire or flood, business interruption insurance gives you a lifeline to survive the catastrophe. While you focus on making property repairs, this policy pays you for lost profits during the time you have to stop your usual operations. For a new business, this policy can really be the key to survival after an unexpected tragedy.

Property Insurance for Columbus 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

Ohio businesses face a steady onslaught of severe weather threats. Each winter, heavy snowfall and occasional ice storms can do extensive damage to businesses across the state. If your office is damaged in a storm, you can rely on commercial property insurance to step in and pay for the repairs. Our agents can help you select the right level of property insurance to protect against the threat level you face as a company in Columbus.

Workers' Compensation for Columbus Businesses

Workers' compensation is one of the first types of commercial insurance that most businesses will invest in. Before you hire employees, you’ll want this policy in place to protect your financial future in case of a worksite injury. If one of your employees is hurt on the job, workers' comp steps in to pay the medical bills and lost wages while offering you a shield of protection from legal ramifications related to the accident.

Employee Coverages for Columbus 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

Health care benefits are increasingly expensive for small businesses, but our agents specialize in helping Columbus business owners find affordable employee coverage options. If you’re searching for budget-friendly health or life insurance for your staff, our friendly agents can help you compare rates and choose the best plan.

Cyber Crime Insurance for Columbus Businesses

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

In recent years, cyber attacks have become a growing problem for Ohio’s small businesses. Hackers target small businesses because they often lack safeguards that larger companies have in place to protect against data breaches. Only 22% of small businesses have a response plan in place to deal with cyber crime and data breaches. You can get a plan in place now by adding cyber crime coverage to your Columbus commercial insurance plan.

When it comes to choosing the best business insurance in Columbus, the options can feel overwhelming. There are many risks to consider, and no one policy seems to cover them all. Our Independent Insurance Agents step in to help you build a customized policy that will address your company’s unique needs. Our experienced agents will help you compare rates on multiple policies to find a plan that offers maximum protection without draining your business bank account. 

Contact an agent today to get a free quote on Columbus commercial insurance for your business.

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