The city of Dayton is home to more than 10,000 businesses representing several different industries. Each plays an important role in providing goods and services to the community. If you own a company in this innovative city, business insurance can help it stay profitable in times of disaster.
Building a comprehensive business insurance policy package can be a complex task, but you do not need to tackle it alone. Independent insurance agents in Dayton can help you find affordable policies that are customized to meet your company’s specific coverage needs.
Talk to an insurance agent near you to learn more.
Why Is Liability Insurance Important for Businesses in Dayton, Ohio?
Business liability insurance is an essential part of your business insurance policy package. It is designed to cover the various expenses related to liability lawsuits, including court costs, legal fees, and damages. It is important to be sure that you have the right kinds of liability insurance to cover against each of your company’s exposures.
All business insurance policies include, at a minimum, commercial general liability insurance (CGL). This insurance is designed to cover against some of the most common risks faced by businesses. It includes:
- Premises liability insurance: This covers third-party injuries, illnesses, and property damage caused by accidents that occur on your business property.
- Product liability insurance: This covers third-party injuries, illnesses, and property damage caused by design flaws or defects in the products your company produces, sells or promotes.
CGL is very useful, but it is not always enough. An independent insurance agent can help you identify any additional liability exposures your company may have and can recommend the right policies to cover against them.
Here are examples of some of the many commercial liability insurance products you may want to consider for your Dayton business:
- Cyber liability insurance: This covers financial losses, liabilities, and restitution if hackers break into your computer systems and steal sensitive information, such as your customers’ financial or personal data, or if criminals install skimmers on your credit card readers.
- Employment practices liability insurance: This covers against lawsuits related to accusations of illegal business practices such as discrimination, harassment, breach of contract, and wrongful termination.
- Environmental liability insurance: This covers clean-up costs and damages if an accident at your place of business leads to the pollution of the ground, water, or air by toxic substances your company uses or produces. This is particularly important for many of Dayton’s manufacturing plants.
- Liquor liability insurance: This covers against your company’s liability risks if you serve, sell, or furnish alcoholic beverages. If an intoxicated patron causes injuries or property damage to another, Ohio’s dram shop laws allow the injured party to sue your business for providing the alcohol.
You can learn more about these and many other commercial liability coverage options by consulting a local independent insurance agent.
Does Dayton Business Insurance Cover All Your Business Assets?
Commercial property insurance is designed to cover the cost to repair or replace your business property, including office furniture, computers, inventory, tools, and machinery, if it is lost or damaged due to a covered event.
In Dayton, businesses are most likely to experience property loss or damage caused by hazards like theft, accidental fires, severe storms, tornadoes, hail, heavy snows, and freezing temperatures. Fortunately, these hazards are all covered by commercial property insurance.
Some businesses may benefit from supplementing their commercial property insurance with specialized policies. Depending on the nature of your business, a local insurance agent may recommend purchasing optional coverage such as:
- Flood insurance: This is crucial for businesses that are at risk for flooding, since commercial property insurance does not cover flood damage. Dayton businesses located near the Stillwater River, the Great Miami River, and the Mad River are most at risk, but when heavy rains fall, flash flooding can happen just about anywhere in this city.
- Inland marine insurance: This covers your company’s portable property while it is in transit and when it is stored away from your place of business, such as in a warehouse or at a job site.
- Boiler & machinery insurance: This covers the cost to repair or replace broken-down business equipment, and can also compensate your business for losses sustained due to essential machinery malfunctions.
- Bailee's insurance: This covers your customers' property whenever it is in your business’s custody, care, or control. This may be particularly beneficial if your company provides repair or maintenance services on expensive items.
A local independent insurance agent can help you be sure that all of your company’s assets are appropriately covered and that your coverage limits are high enough to enable your business to rebuild, repair, or replace lost or damaged property as needed.
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How Can Business Interruption Insurance Help Dayton Businesses?
Tornado activity in the Dayton area is 59% greater than the national average. Among the worst to strike within 15 miles of the city were an F5 twister that touched down in 1974 and an F4 that occurred in 2000. Combined, these tornadoes caused about $75 million in damage to area homes and businesses.
Major disasters like tornadoes and structure fires can do more than just damage your commercial property. They also have the potential to force your business to remain closed for an extended period 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
A forced extended closure can be financially devastating, especially for small businesses that don’t have a lot to fall back on. Business interruption insurance was designed as a solution to this problem.
This insurance provides businesses with a continuation of income during the times that a covered hazard leads to a long-term forced closure. That way, your company will have the funds necessary to continue paying regular monthly expenses until you can resume normal operations.
Business interruption insurance isn’t ideal for every company. Talk to a local independent insurance agent for help determining whether a policy is a good fit for your Dayton business.
Do Dayton Businesses Need Worker's Compensation Insurance?
In Ohio, all employers are required to cover their employees with worker's compensation insurance. These policies are designed to cover the cost of medical treatment, disability pay, and other expenses related to workplace injuries and occupational illnesses.
Premiums for worker's compensation are based mainly on the types of jobs your employees do and the amount they are paid. The higher the risk that your workers will suffer serious injuries, the more it will cost for you to cover them. An employee at a manufacturing plant would cost more to cover than an aerospace engineer.
Ohio is what is known as a monopolistic state, so all worker's compensation policies must be purchased through Ohio’s state-administered fund. This means that an independent insurance agent cannot shop around to find you the most affordable policy, since competition is not permitted in this state.
What about Insurance Products for Employee Benefits Packages?
According to studies done by human resources professionals, businesses that offer their employees benefits like life insurance, health insurance, paid vacation time, and sick time find it easier to attract and retain highly qualified workers.
- 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 you are shopping for policies to include in your employee benefits package, you will find there are many different health and life insurance products available for you to choose from. This can make it difficult to decide which policies to purchase.
An independent insurance agent can explain the pros and cons of each of your options so that you are able to make an informed decision.
Why Work with an Independent Insurance Agent in Dayton, OH?
Every company faces specific risks, and these can vary significantly from one business to the next. That is why insurance companies enable business owners to fully customize their commercial coverage.
When you are shopping for business insurance coverage, an independent agent can offer guidance and advice and can help you find the best and most competitively priced policies to cover your Dayton business.
Consult an independent insurance agent near you to discover how easy it can be to build a comprehensive, yet affordable, business insurance policy package.