In addition to being the headquarters for several worldwide corporations, the city of Elyria is home to more than 3,500 small businesses. Whether you own a larger company with several employees or are a sole proprietor who works out of your home, you can benefit from the protection offered by a solid business insurance policy.
Building a comprehensive business insurance policy package can be difficult, but it doesn’t need to be. Independent agents can help by identifying your company’s specific risks and recommending the right policies to cover against them. Contact an insurance agent in Elyria to learn more.
Why Do Elyria, Ohio, Businesses Need Liability Insurance?
If a liability lawsuit is filed against your company, the resulting costs can be extremely expensive. This is true even if the courts ultimately rule in your company’s favor.
Business liability insurance is designed to cover your company’s court costs, legal fees, and financial damages if it is sued for a covered event. However, you will need to be certain that you have the right policies in place to cover against 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 policies to cover against each of them. That way, you do not need to worry about unintentional coverage gaps.
Some of the many commercial liability products that are available to you include:
- Premises liability insurance: This is designed to cover third-party injuries, illnesses, and property damage when it is caused by an accident on your business premises.
- 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 others 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 your customers’ social security numbers, financial data, or personal information.
- Employment practices liability insurance: This can cover your legal defense against accusations of illegal employment practices like discrimination, harassment, breach of contract, and wrongful termination.
- Environmental liability insurance: This can cover cleanup costs, damage, and your company’s financial responsibilities if an accident at your business causes toxic substances used or produced by your company to pollute the ground, water, or air.
- Liquor liability insurance: This can cover against lawsuits related to damage or injuries caused by an intoxicated patron of your establishment. This is necessary because Ohio’s dram shop laws enable the injured party to sue the establishment that served, sold, or furnished the alcohol to the perpetrator.
You can learn more about these and other commercial liability coverage options by consulting an independent insurance agent in Elyria.
What Insurance Products Cover Your Business Property?
Businesses in Elyria, OH, are most likely to experience property loss or damage due to hazards like structure fires, thefts, severe storms, gusty winds, tornadoes, hail, heavy snows, and freezing temperatures.
Commercial property insurance is designed to cover against loss or damage caused by these risks. This insurance covers business assets such as computers, furniture, supplies, inventory, merchandise, outdoor signs, and more.
Sometimes, additional property insurance products are necessary. Depending on the risks faced by your particular business, 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 or is being kept at a location other than your place of business, such as a job site or a warehouse.
- Bailees insurance: This can cover your customer’s property whenever it is in your company’s care, custody, or control. This may be essential if your business provides repair, alteration, or maintenance services on expensive items.
- 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 as a result.
- Commercial flood insurance: This is often necessary because flood damage is excluded from your commercial property insurance coverage. Businesses located near Black River are most at risk, but when heavy rains fall, drainage systems can become overwhelmed and flash flooding can occur just about anywhere in this city.
A local insurance agent can help you be certain that all your valuable business assets suitably covered, and that your coverage limits are high enough to enable you to rebuild, repair, or replace, when necessary.
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Is Business Interruption Insurance a Good Idea in Elyria, OH?
In March of 2007, a small tornado touched down in Elyria. The good news is that nobody was hurt, but a couple of businesses experienced significant damages. If a larger tornado were to strike in the area, would your business be able to manage the aftermath?
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 major disaster like a tornado or a 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.
Many small businesses cannot survive the financial consequences of long-term closure following a disaster. Fortunately, business interruption insurance provides a solution to this problem.
This insurance is designed to provide your company with a continuation of income during the times it must remain closed for repairs due to damages caused by a covered event. Coverage can continue until you are able to safely resume normal operations.
Consult a local independent insurance agent for help determining whether or not business interruption insurance is a good fit for your Elyria business.
Do Businesses in Elyria Need Workers' Compensation Insurance?
Unfortunately, workers sometimes get injured on the job. This can happen even when all reasonable precautions are being taken. That is why, with few exceptions, all employers in Ohio are required to carry workers' compensation insurance.
Workers' compensation insurance is designed to protect your business and your employees from financial losses related to workplace injuries and occupational illnesses. It does this by covering the cost of related medical treatments, follow-up care, disability pay, and other expenses.
Because Ohio is a monopolistic state, workers' compensation policies can only be purchased through the state-administered fund. This means that independent insurance agents will not be able to shop around to find you the best policy, but they can help you secure the coverage you are required to have.
What about Insurance Products for Employee Benefits Packages?
Most companies find it easier to attract and retain highly qualified employees when they offer attractive benefits packages. This has been demonstrated in several studies conducted by human resource professionals.
Have you been considering subsidizing life insurance and health insurance for your employees? If so, you have probably discovered the cost for coverage can be quite high. However, independent agents can help you find suitable policies at competitive prices.
- 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 shopping for life and health insurance products to include in your employee benefits package, you will find that there are several different kinds of coverage available to choose from. This can make it difficult to determine which policies make the best choices.
An experienced independent insurance agent in Elyria can explain the pros and cons of each of your various options so that you are equipped to make an informed decision about which to purchase.
Why Work with an Independent Insurance Agent in Elyria, OH?
Independent agents simplify the process of shopping for business insurance 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 find the best and most affordable products to cover against all of your company’s various exposures.
Set up a one-on-one consultation with an insurance agent near you to get more information about business insurance and to start comparing customized quotes from a selection of top-rated providers.