Mansfield Business Insurance

Your Complete Guide to Mansfield, OH, Business Insurance

Make sure your Mansfield business isn't left with unintentional coverage gaps.

Mansfield Ohio business insurance

There are more than 3,000 businesses located in the city of Mansfield, OH. From AK Steel to the many shops and restaurants that line 4th Street, these companies play an important role in the local economy. If you own a company of any size in this rust belt city, you can benefit from protecting it with business insurance.

Building a solid business insurance policy package can be difficult, but you do not need to do it alone. Independent agents in Mansfield can identify your company’s various exposures and can recommend the right policies to cover against each of them.

Contact an insurance agent near you for help finding comprehensive, yet affordable, coverage for your Mansfield business.

Why Do Businesses in Mansfield, Ohio, Need Liability Insurance?

Liability lawsuits against your business can be particularly expensive, even if the courts ultimately rule in your favor. Liability insurance is designed to protect your company by covering court costs, legal fees, and financial damages if it is sued for a covered event.

There are lots of different liability products available. You will need to be sure that you purchase the right policies to cover against all of the potential liability exposures your business has. Some of the commercial liability products your insurance agent may recommend include:

  • Premises liability insurance: This can cover third-party injuries, illnesses, and property damage that is caused by accidents that occur on your business property. 
  • Product liability insurance: This can cover third-party injuries, illnesses, and property damage that is caused by defects or design flaws in products your business produces, sells or promotes.
  • Employment practices liability insurance: This can cover lawsuits related to accusations of illegal employment practices such as discrimination, harassment, breach of contract, retaliation, and wrongful termination.
  • Cyber liability insurance: This can cover financial losses and liabilities if cybercriminals hack into your business’s computer systems and steal customer information such as credit card data, social security numbers, and personal details.
  • Liquor liability insurance: This can cover lawsuits related to damage and injuries caused by a person who became intoxicated while in your establishment. This is a real risk due to the dram shop laws in Ohio which allow injured parties to sue the business that served the alcohol.
  • Environmental liability insurance: This can cover cleanup costs and damage if an accident at your business results in the pollution of the ground, water, or air by toxic substances sold, used, or produced by your company.

Talk to an independent insurance agent in Mansfield to learn more about these and other commercial liability policies that may be a good fit for your business.

What Insurance Products Cover Your Business Property?

Businesses in Mansfield are most likely to experience significant property loss or damage due to hazards such as severe storms, hail, blizzards, freezing temperatures, high winds, accidental fires, and property crimes.

Fortunately, each of these risks is covered by commercial property insurance, which is a standard part of every business insurance policy. This insurance is designed to cover your company-owned property including things like furniture, computers, supplies, merchandise, and outdoor signs.

Sometimes, adding specialized property insurance policies is also necessary. An independent insurance agent may recommend supplementing your commercial property insurance with products such as:

  • Commercial flood insurance: This is important because commercial property insurance specifically excludes flood damage from its coverage. Many businesses in Mansfield are at risk for flood damage, particularly those located near waterways like Rocky Fork and Touby Run, which can overflow when heavy rains fall.
  • Inland marine insurance: This can cover your company’s portable property during the times that it is in transit or is away from your place of business, such as on location at a worksite or stored in a warehouse.
  • Boiler & machinery insurance: This can cover the cost to repair or replace broken down essential machinery and can also cover any business losses associated with the mechanical malfunction.
  • Bailees insurance: This can cover your customers’ valuable property during the times that it is in your business’s care, custody, or control, such as when you are performing repair or maintenance services on it.

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, when necessary.

Why Is Business Interruption Insurance a Good Idea in Mansfield, OH?

Tornado activity in the Mansfield area is 26% greater than the national average.

Disasters in Ohio

  • Number of federally declared disasters in OH since 1953: 59
  • Most common reasons for declared disasters: Severe storms, floods, and tornadoes
  • The average number of tornadoes in OH per year: 19.2

A major disaster like a tornado or a hurricane can do more than just damage your business property. If the destruction left in its wake is particularly severe, it could also force your company to remain closed for several weeks while repairs are made.

If your company experienced a forced long-term closure due to damages caused by a covered event, business interruption insurance can help by providing a continuation of income until it is able to resume normal operations.

Business interruption insurance can provide the funds necessary for your company to pay regular monthly expenses such as utility payments, loan installments, and employee salaries even though it is temporarily unable to generate revenue. Talk to a local insurance agent to learn more.

Do Businesses in Mansfield Need Workers' Compensation Insurance?

Workers occasionally get hurt on the job. If someone who works for you suffers a serious injury or develops an occupational illness, your business is responsible for covering their medical treatments and financial losses. Workers' compensation insurance is designed to provide this coverage.

With very few exceptions, all employers in Ohio are required by law to carry workers' compensation insurance. You do not need to cover sole proprietors, partners, family farm corporate officers, or individuals incorporated as a corporation so long as they have no employees.

Rates for workers' compensation insurance are based mainly on the types of jobs your employees do and the likelihood that they will be injured while doing them. It, therefore, costs a lot more to cover a worker at a car manufacturing plant than it does to cover an instructor at North Central State College.

Ohio is a monopolistic state, meaning private insurers are not permitted to compete with the state-administered workers' compensation fund. Because of this, independent insurance agents cannot shop around to find you a policy at a competitive rate. They can, however, help you secure this mandatory coverage when you are building your business insurance policy package.

What about Insurance Products for Employee Benefits Packages?

Are you thinking about putting together an employee benefits package for your employees? If so, there is no getting around the fact that healthcare coverage in the United States can be quite expensive.

  • 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

However, offering subsidized healthcare coverage to your employees can actually have cost-saving benefits for your company.

Studies conducted by human resource managers have shown that businesses that offer competitive employee benefits packages find it easier to attract and retain some of the best employees. Workers with access to healthcare also tend to call off sick from work less frequently.

When you are looking for the right insurance products to include in your employee benefits package, you will find that there are many different health insurance and life insurance plans available to choose from. This can make it difficult to determine which 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 Mansfield, OH?

Insurance providers understand that every company has specific risks and exposures. That is why business insurance comes with so many products and policy options. An independent agent in Mansfield can help you find the best and most affordable policies to fully cover your business.

Set up a one-on-one consultation with an independent insurance agent near you to learn more. You will soon discover how easy it can be to get a comprehensive business insurance policy package at a competitive price.

Share this page on Twitter Share this page on Facebook Share this page on LinkedIn

TrustedChoice.com Article | Reviewed by Jeffrey Green

©2021, Consumer Agent Portal, LLC. All rights reserved.

https://www.city-data.com/city/Mansfield-Ohio.html
https://www.census.gov/quickfacts
https://www.fema.gov/disasters
http://www.naic.org/prod_serv/AUT-PB-14.pdf
https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/alter-benefits-attract-retain.aspx
https://www.business.org/hr/benefits/top-reasons-to-offer-employee-benefits
https://www.nfib.com/content/legal-compliance/legal/workers-compensation-laws-state-by-state-comparison-57181