Once a largely industrial city, Cuyahoga Falls is now dominated by businesses in the health care and educational sectors. However, this city is home to more than 4,500 small businesses representing a wide range of industries, so any company that meets the needs of the community has the potential to thrive. Business insurance helps these companies stay profitable in times of trouble.
If you are a business owner, independent insurance agents in Cuyahoga Falls can help you build a comprehensive, yet affordable, business insurance policy package. These agents can identify the specific risks your company faces and can recommend the right insurance policies to cover against each of them.
Set up a one-on-one consultation with an insurance agent near you to learn more.
Why Do Businesses in Cuyahoga Falls, Ohio Need Liability Insurance?
In our litigious society, businesses can sometimes wind up on the wrong end of a liability lawsuit. If that happens, having the right liability insurance in place is crucial in order for your company to avoid large financial losses.
Business liability insurance is designed to absorb liability-related expenses like court costs, legal defense fees, and financial damages if your company is sued for a covered event.
All business insurance policies include commercial general liability insurance (often simply referred to as CGL). CGL provides coverage for some of the most common liability exposures businesses face. It includes:
- Premises liability insurance: This can cover third-party injuries or property damage that occurs due to accidents that take place on your business property.
- Product liability insurance: This can cover third-party injuries or property damage caused by a defect or design flaw in a product your company produces, sells, or promotes.
- Advertising liability insurance: This can cover against lawsuits related to accusations of copyright infringement, false advertising, and deceptive pricing.
Many businesses have liability risks that go beyond what CGL alone can cover. An independent agent can help you identify any other liability exposures your business may have and can recommend the appropriate insurance policies to cover against them.
The following are some examples of the many available commercial liability insurance policies you may want to consider:
- Cyber liability insurance: This can cover your company’s financial responsibilities and damage if hackers break into your business computer system and access sensitive customer data like financial and personal information.
- Employment practices liability insurance: This can cover your business against accusations of wrongful termination, discrimination, breach of contract, or any other illegal employment practice.
- Liquor liability insurance: This can protect businesses that sell, serve, or otherwise furnish alcoholic beverages if an intoxicated patron causes property damage or injuries to others. It is important because Ohio dram laws allow injured parties to sue the establishment that provided the alcohol.
Talk to your insurance agent to get more in-depth information about these and any other commercial liability products that may be a good fit for your Cuyahoga Falls business.
What Are the Property Damage Risks in Cuyahoga Falls, OH?
Commercial property insurance is another important part of every business insurance policy. It is designed to cover loss or damage to your company’s assets like merchandise, inventory, supplies, furniture, computers, tools, and more.
Businesses in Cuyahoga Falls are most likely to experience loss or damage due to hazards like accidental fires, severe storms, gusty winds, hail, heavy snows, freezing temperatures, and theft. Fortunately, your commercial property insurance is designed to cover against all of these hazards.
There are additional property coverage products that may also be appropriate for your business. These include:
- Commercial flood insurance: This is necessary since flood damage is excluded from commercial property insurance coverage. Businesses located near the Cuyahoga River are most at risk, but flash flooding can occur just about anywhere in this city.
- Inland marine insurance: This can cover your portable property during the times that it is in transit or is being stored away from your place of business, such as at a job site or in a warehouse.
- Boiler & machinery insurance: This can cover your company’s essential mechanical equipment if it breaks down or malfunctions. It can also cover associated business losses.
- Bailees insurance: This can cover your customers’ property whenever it is in your business’s custody, care, or control, such as if you are providing maintenance or alteration work on it.
Your local insurance agent can explain all of these coverage options in greater detail and can help you be sure that all of your business assets are suitably covered.
How Does Business Interruption Insurance Help Companies in Cuyahoga Falls, OH?
In 1985, an F5 tornado touched down just 18 miles from Cuyahoga Falls. This twister caused more than $50 million in damages to area homes and businesses. While the risk of tornadoes in this city isn’t especially high, it is important to be prepared for the worst.
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
When it comes to disasters like tornadoes and structure fires, commercial property insurance alone isn’t enough to save your business from expensive losses. This is because property damage isn’t the only loss your company is likely to face.
Serious damage has the potential to force your business to shut down for several weeks or months while repairs are made. Without an ongoing stream of revenue, many small businesses can be forced into bankruptcy.
Business interruption insurance protects against this risk by providing a continuation of income during the times that your company is forced to shut down because of damage caused by a covered event.
This insurance can provide the funds necessary for your company to pay regular expenses like bills, loan installments, and salaries until you can get back to normal operations. Talk to a local independent insurance agent to learn more about how business interruption insurance can protect your Cuyahoga Falls business.
Are Employers in Cuyahoga Falls Required to Carry Workers' Compensation Insurance?
With few exceptions, all employers in Ohio are required by law to carry workers' compensation insurance.
This insurance is designed to cover your employees’ medical treatments, follow-up care, and other related expenses if they suffer a work-related injury or an occupational illness. It can also provide employees with disability pay and other compensation for serious injuries.
The cost for workers' compensation coverage is based mainly on the types of jobs your employees do and the likelihood that they will sustain significant injuries while doing them. You may qualify for discounts on your coverage if your business has a long-standing record of employee safety.
In Ohio, all workers' compensation policies must be purchased through the state-administered fund. This means there is no competition from private insurers.
Are You Looking for Insurance Products for Your Employee Benefits Package?
Some businesses offer their employees benefits like health insurance, life insurance, paid vacation and sick time, and other perks. If you are looking to put together a benefits package for your employees, you may need some help finding affordable insurance products to include in it.
- 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
When it comes to health insurance products, there are a wide range of policy types and options available to you. Each type has pros and cons, and the cheapest policy is not necessarily the best policy. This can make it hard to choose.
You may therefore find it beneficial to have the guidance of an experienced insurance professional. Talk to a local independent agent for help determining which policies are the best to include in your employee benefits package.
Why Work with an Independent Insurance Agent in Cuyahoga Falls, OH?
There is no such thing as a one-size-fits-all business insurance policy. This makes sense since businesses in different industries have widely different coverage needs.
Insurance companies offer a wide range of policies and options so that business owners can fully customize their policy packages. Independent insurance agents in Cuyahoga Falls can help you choose the right products to meet your company’s specific coverage needs.
Because they do not work for a particular insurance company, independent agents can shop around to help you find the best policies at the most competitive prices. Find an insurance agent near you to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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