There are more than 3,500 businesses located in the small city of Euclid, Ohio. From the companies housed in the industrial parks off Som Center Road to the many stores and restaurants that line Euclid Avenue, each of these businesses plays an important role in the local economy. Business insurance helps these companies stay profitable when disaster strikes.
Building a comprehensive business insurance policy package can be complicated, but you do not need to figure it out on your own. Independent insurance agents can help by recommending the right policies to cover against each of your company’s potential risks. Find an insurance agent near you to learn more.
Why Do Businesses in Euclid, Ohio, Need Liability Insurance?
Liability lawsuits against your company can prove extremely expensive. This holds true even if the courts ultimately rule in your favor. Business liability insurance is designed to help by covering the associated court costs, legal fees, and financial damages if your business is sued for a covered event.
There are lots of different commercial liability products available. You will need to be sure to purchase the right policies to cover against each of the potential liability exposures your business has. Some of the liability products your insurance agent may recommend include:
- Premises liability insurance: This covers third-party injuries, illnesses, and property damage that results from accidents on your business property. This coverage is included in your commercial general liability coverage, which is a standard part of every business insurance policy.
- Product liability insurance: This covers third-party injuries, illnesses, and property damage that is caused by defects or design flaws in products your business produces, sells or promotes. This coverage is included in your commercial general liability coverage, which is a standard part of every business insurance policy.
- Liquor liability insurance: This covers against lawsuits related to damage and injuries caused by a person who became intoxicated at your place of business. This coverage is important for companies that sell or serve alcoholic beverages since Ohio’s dram shop laws allow the injured party to sue the establishment that provided the alcohol.
- Cyber liability insurance: This covers expenses related to restitution and financial responsibilities if cybercriminals install skimmers on your credit card readers or hack into your business’s computer systems and steal customer data such as financial or personal information.
- Employment practices liability insurance: This covers against accusations of illegal employment practices such as discrimination, harassment, retaliation, breach of contract, and wrongful termination.
- Environmental liability insurance: This is covers cleanup costs, damage, and other financial responsibilities if an incident at your place of business results in the accidental pollution of the ground, air, or water by toxic substances used, produced, or sold by your company.
Talk to an independent insurance agent in Euclid to learn more about these and other commercial liability policies that are available to your company. Your agent can help you be certain that your business is properly covered against all of its potential liability exposures.
What Insurance Products Cover Your Business Property?
Given its proximity to Lake Erie, the city of Euclid is frequently subjected to lake effect heavy snows and rainfalls, which can have a damaging effect on business property. Other hazards in this city include severe storms, hail, freezing temperatures, heavy winds, thefts, and accidental fires.
Fortunately, all of these risks are covered by commercial property insurance, which is a standard part of all business insurance policies. This insurance is designed to cover your business-owned property including things like office furniture, computers, supplies, merchandise, inventory, and outdoor signs.
Sometimes, adding specialized property insurance policies is necessary for your business property to be fully covered against all of its risks. Your insurance agent may recommend supplementing your commercial property insurance with products such as:
- Commercial flood insurance: This covers against flood damage, which is specifically excluded from commercial property insurance coverage. Many businesses in Euclid are at risk for flood damage, particularly during the heavy rains that are common due to lake effect precipitation.
- Inland marine insurance: This covers your company’s portable property while it is being transported or is away from your place of business, such as at a job site or in a temporary storage facility.
- Boiler & machinery insurance: This covers the cost of repairing or replacing your company’s essential machinery if it breaks down or malfunctions. It can also cover associated revenue losses.
- Bailees insurance: This covers your customers’ valuable property whenever it is in your business’s care, custody, or control. This insurance is ideal for companies that perform repair, alteration, or maintenance services on expensive items.
A local independent insurance agent can help you be sure that all of your business assets are appropriately covered and that your coverage limits are high enough to enable you to rebuild, repair, or replace lost or damaged property if necessary.
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Is Business Interruption Insurance a Good Idea in Euclid, OH?
A major disaster, like an out-of-control structure fire, can result in more than just damage to your business property. If the destruction it causes is particularly severe, your company could 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
If your company must close for an extended time due to damage caused by a covered event, business interruption insurance can help by providing a continuation of income until you are able to resume normal operations.
This insurance can enable your company to continue paying regular monthly expenses such as utility payments, loan installments, and employee salaries even during the times it is temporarily unable to generate revenue.
Talk to a local independent insurance agent to learn more about business interruption insurance and for help determining whether this coverage is a good fit for your Euclid business.
Do Businesses in Euclid Need Workers' Compensation Insurance?
If your employees are injured on the job, or if they develop an occupational illness due to exposure to toxins at the workplace, your business is responsible for covering their medical treatments and financial losses. Workers' compensation insurance is designed to provide this coverage.
With few exceptions, all employers in the state of Ohio are required by law to cover their full-time and part-time employees with workers’ compensation insurance.
Rates for this insurance are based mainly on the types of jobs your employees do and the likelihood that they will be seriously injured while doing them. It would therefore cost a lot more to insure a worker in a manufacturing plant than it would to cover a cashier at a clothing store.
In Ohio, all workers' compensation policies must be purchased from the state-administered fund. Since it is a monopolistic state, private insurers cannot compete in Ohio. This means that an independent insurance agent can help you secure the coverage you need, but cannot help you shop around for the best rates.
What about Insurance Products for Employee Benefits Packages?
There is no getting around the fact that healthcare coverage in the United States can be quite expensive. However, offering subsidized coverage to your employees can actually have cost-saving benefits for your company.
- 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
For instance, human resource managers have consistently demonstrated that when businesses offer competitive employee benefits, they find it easier to attract and retain the most qualified employees. Low employee turnaround can save your company money.
Additionally, insured workers tend to call off sick from work less frequently, and companies that offer subsidized healthcare can frequently benefit from tax incentives. This is something you may want to discuss with an accountant or financial advisor.
When you are shopping for insurance products to include in your employee benefits package, you will find that there are several different life insurance and health insurance policies available to you. This can make it difficult to determine which policies to choose.
A local independent insurance agent can go over the pros and cons of each of your various options so you can make an informed decision about which makes the best choice.
Why Work with an Independent Insurance Agent in Euclid, OH?
Insurance providers understand that every company has its own specific risks, and these can vary significantly from one business to the next. That is why they offer so many commercial insurance products and policy options.
Independent agents can help you determine what your company’s coverage needs are and can assist with finding the best and most affordable policies to meet them.
Set up a one-on-one consultation with an independent insurance agent in or near Euclid to learn more. You will soon discover how easy it can be to get a comprehensive business insurance policy package at a competitive price.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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