There are more than 4.600 businesses located in the city of Kettering, Ohio. From sole proprietorships based out of people’s homes to the many shops and restaurants that line Wilmington Pike, these companies play a significant role in the local economy. Business insurance helps them stay profitable when disaster strikes.
Building a comprehensive policy package for your business can be complicated. Fortunately, you do not need to do it alone. Independent insurance agents can help by identifying your company’s potential risks and recommending the best and most affordable policies to cover against them.
Set up a consultation with an independent insurance agent near you to learn more and to start reviewing customized quotes for business insurance.
Why Do Businesses in Kettering, Ohio Need Liability Insurance?
Liability lawsuits against your company can be filed by customers, employees, or even other businesses. Even if the courts ultimately rule in your favor, these lawsuits can prove extremely expensive.
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 liability products that you can include in your business insurance policy package. You will need to be sure to purchase the right policies to cover against each of your company’s potential liability risks. The following are some examples of what is available:
- Premises liability insurance: This can provide coverage if a third party suffers an injury, illness, or property damage as the result of an accident, like a slip and fall, on your business property.
- Product liability insurance: This can provide coverage if a third party suffers an injury, illness, or property damage as the result of a defect or design flaw in a product your business produces, sells, or promotes.
- Employment practices liability insurance: This can provide coverage against accusations of illegal employment practices such as discrimination, harassment, retaliation, and wrongful termination.
- Cyber liability insurance: This can provide coverage for expenses incurred 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. It can pay for restitution and credit monitoring services for affected customers.
- Liquor liability insurance: This can provide coverage against lawsuits related to damage and injuries caused by a person who became intoxicated while at your place of business. This insurance is crucial for companies that sell or serve alcoholic beverages, because Ohio’s dram shop laws allow the injured party to sue the establishment that provided the alcohol.
- Environmental liability insurance: This can provide coverage 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. It can pay for cleanup costs, damages, and other financial obligations.
Talk to an independent insurance agent in Kettering 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 exposures.
What Insurance Products Cover Your Business Property?
Businesses in Kettering are most likely to experience property damage due to electrical storms, windstorms, hail, heavy snows, freezing temperatures, thefts, and accidental fires. Fortunately, all of these risks are covered by commercial property insurance.
This coverage, which is included as a standard part of your business insurance policy, is designed to pay for the repair or replacement costs for your company-owned property. Covered items include office furniture, computers, supplies, inventory, shelving, and outdoor signs.
Sometimes, specialized property insurance policies are also necessary in order 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 is often necessary because flood damage is specifically excluded from commercial property insurance coverage. Heavy rainfalls in the area can cause drainage systems to back up and Little Beaver Creek to overflow its banks. If your business is at risk for flood damage, a local agent can help you secure flood insurance through the National Flood Insurance Program (NFIP).
- Inland marine insurance: This can cover your company’s portable property whenever it is being transported or is being stored away from your place of business, like at a job site or in a warehouse.
- Bailee's insurance: This can cover your customers’ valuable property whenever it is in your company’s custody, care, or control. This insurance is ideal for companies that perform maintenance, repair, or alteration services on expensive items.
- Boiler & machinery insurance: This can cover the cost of repairing or replacing your company’s essential machinery if it breaks down or malfunctions. This insurance can also cover business revenue losses associated with the malfunction.
A local independent insurance agent can help you be sure that all of your business assets are covered by appropriate policies and that your coverage limits are high enough to enable you to rebuild, repair, or replace lost or damaged property, when necessary.
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Is Business Interruption Insurance a Good Idea in Kettering, OH?
Tornado activity in Kettering is 57% greater than the national average. Among the worst to strike in the area was an F5 twister that touched down just 7.2 miles from the Kettering city center in 1974. This tornado caused more than $50 million in damage to area homes and businesses.
A major disaster, like a tornado or a structure fire, can result in more than just damage to your business property. It could also force your company 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
Most small businesses cannot financially withstand long-term temporary closure. 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 bills, loan installments, and employee salaries even during the times it is temporarily unable to generate revenue.
Business interruption insurance isn’t a good fit for every business. Talk to a local independent insurance agent for help determining whether this coverage is a good idea for your Kettering business.
Do Businesses in Kettering Need Worker's Compensation Insurance?
Workers sometimes get injured on the job, even when all reasonable safety precautions have been taken. If this happens, your business is responsible for covering their medical treatment and related financial losses.
Worker's compensation insurance is designed to provide this coverage. With only a few exceptions, all employers in the state of Ohio are required by law to cover their employees with this insurance.
Costs for worker's compensation insurance are based mainly on the types of jobs your employees do and the chances that they will be seriously injured while doing them. It would cost a lot more to insure a construction worker than to cover an instructor at Kettering College.
Ohio is a monopolistic state. This means that all worker's compensation policies must be purchased through the state-administered fund. An independent insurance agent can help you secure the coverage you need, but cannot help you shop around for a competitive rate.
What about Insurance Products for Employee Benefits Packages?
Health insurance in the United States can be quite expensive. But did you know that offering subsidized coverage to your employees can actually have money-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
High employee turnover costs businesses a lot of money. However, human resources managers have consistently demonstrated that when companies offer competitive employee benefits, they find it easier to attract and retain highly qualified employees.
Other studies have shown that workers who have health insurance tend to call off sick from work less frequently.
Additionally, many businesses that offer subsidized health care to their employees can benefit from tax incentives. These are all good reasons to consider purchasing insurance products for your workers.
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 choose from. With health insurance, you can opt for a PPO, HMO, or managed care plan.
This can make it difficult to determine which policies to purchase. 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.
Why Work with an Independent Insurance Agent in Kettering, OH?
Every company has its own specific risks, and these can vary significantly from one business to the next. That is why insurance companies offer so many commercial insurance products and policy options.
An independent agent can help you identify your company’s specific coverage needs and can assist with finding the best and most affordable policies to meet them. Your agent can also help you rest assured that your business isn’t left with any unintended coverage gaps.
Talk to an independent insurance agent in Kettering to learn more. You will soon discover how easy it can be to purchase a comprehensive business insurance policy package at a competitive price.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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