Springfield Business Insurance

Your Complete Guide to Springfield, OH, Business Insurance

Don't leave your company exposed.

Springfield Ohio business insurance

Once largely a blue-collar city, Springfield, OH, has lost several manufacturing companies over the last two decades. The economy has therefore shifted more toward the healthcare, transportation, education, finance, and retail sectors for employment. All companies in this city can benefit from the added protection offered by business insurance.

Local independent insurance agents make shopping for coverage easy. These agents can help you identify your company’s specific risks and can find the best and most affordable insurance products to cover against them. 

Find an insurance agent in Springfield to get more information and to start comparing customized business insurance quotes.

What Kinds of Liability Coverage Can Your Springfield, Ohio, Business Insurance Provide?

If your business ends up on the wrong end of a liability lawsuit, having the right insurance coverage is crucial for protecting your company’s finances. Business liability insurance products are designed to absorb expenses like court costs, legal defense fees, and financial damages if your company is sued for a covered event.

All business insurance policies include, at a minimum, commercial general liability insurance (CGL)

CGL is designed to cover many of the most common liability risks faced by businesses including third-party injuries, illnesses, and damage, whether they are caused by an accident on your business property (premises liability insurance) or because of a defect or design flaw in a product your company produces, sells or promotes (product liability insurance).

Many companies have liability risks that go well beyond what a basic CGL policy can cover. An independent insurance agent can help you identify your business’s other liability exposures and can recommend the right liability coverage products to protect against them. 

Examples of some of the many commercial liability insurance policies available to you include:

  • Employment practices liability insurance: This is important for any business that has employees. It covers against accusations of perceived illegal employment practices such as discrimination, harassment, retaliation, and wrongful termination.
  • Cyber liability insurance: This covers businesses that electronically store customer data if this information is stolen by cybercriminals like hackers. This insurance can pay for the resultant damage and can provide restitution in the form of compensation and credit monitoring services for those who were affected by the data breach.
  • Liquor liability insurance: This covers businesses that serve alcoholic beverages. It is necessary because if an intoxicated patron goes on to cause injuries or property damage to others, Ohio’s dram shop laws allow the injured party to sue the company that provided the alcohol.
  • Pollution liability insurance: This covers businesses that use, sell, or produce toxic substances. It can pay for cleanup costs and damage if an accident or disaster leads to these substances polluting the environment, including the land, air, or water.

Talk to your insurance agent to learn more about these and other liability products that may be a good fit for your Springfield business.

What Kinds of Property Does Springfield Business Insurance Cover?

Commercial property insurance is a standard part of every business insurance policy. It is designed to cover the cost of repairing or replacing your company’s property if it is damaged or destroyed by a covered event.

Businesses in Springfield are most likely to experience property damage caused by severe weather events like tornadoes, severe storms, blizzards, freezing temperatures, and hail. Fortunately, all of these hazards are covered by your commercial property insurance.

Commercial property insurance on its own is not always enough to cover all of your business insurance property. Depending on the nature of your business, an independent insurance agent may recommend supplementing your coverage with additional policies such as:

  • Commercial flood insurance: This is necessary because commercial property insurance specifically excludes flood damages from its coverage. In Springfield, businesses located near waterways like Mad River and Buck Creek are most at risk for experiencing flood damage, but when heavy rains fall, flash flooding can happen just about anywhere in this city.
  • Inland marine insurance: This is important for companies that have expensive portable property that is often kept away from your place of business. It can cover this property while it is being transported and while it is being stored at a job site or in a warehouse.
  • Bailees insurance: This is important for businesses that perform maintenance, alteration, or repair services on expensive property. It can cover your customer’s belongings whenever they are in your company’s custody, care, or control.

Talk to a local insurance agent to learn more about these policies as well as other property coverage options that are available to your business.

Why Purchase Business Interruption Insurance?

Tornado activity in the Springfield area is 44% greater than the national average.

Damage to your business-owned property isn’t the only expensive risk your business faces during a catastrophic event. Major damage caused by disasters like fires and tornadoes can potentially cause your businesses 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

A long-term forced closure can be devastating or your company. Without an ongoing stream of revenue, many small businesses would be forced into bankruptcy.

Business interruption insurance protects against this risk by providing a continuation of income during the times that your company is forced to shut down temporarily because of damages caused by a covered event.

When your company is covered by business interruption insurance, you can afford to continue to pay regular expenses like loan payments, bills, and employee salaries until your business is able to once again resume normal operations.

Do All Springfield Businesses Need Workers' Compensation Insurance?

If you have employees in Ohio, you are required by law to carry workers' compensation insurance. Exceptions are made for certain employees such as sole proprietors, partners, LLC members, and corporate officers of family farms, though you may cover these workers if you want to.

Workers’ compensation insurance is designed to cover medical treatments, lost wages, and other related expenses if your workers are hurt on the job or if they suffer an occupational illness due to exposure to toxic substances at the workplace.

Costs for workers’ compensation insurance are based primarily on the types of jobs your workers do and how much they are paid. The more dangerous the job, the higher the cost for coverage will be. Therefore, it would cost much more to insure a long-haul trucker than it would to cover a professor at Wittenberg University.

In the state of Ohio, private insurance companies are not permitted to compete with the state-administered fund. Because there is no competition in this state, an independent insurance agent cannot help you hunt around for the provider that offers workers’ compensation coverage at the lowest price.

What about Purchasing Insurance Benefits for Your Employees?

It’s an undisputed fact that healthcare coverage in the United States is expensive. However, subsidizing this coverage for your employees can have money-saving benefits for your company.

Studies by human resource experts have repeatedly shown that workers who have access to healthcare coverage tend to use fewer sick days. Also, offering an attractive benefits package helps businesses recruit and retain some of the most qualified employees.

  • 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

If you are looking for health insurance and life insurance products to include in your employee benefits package, you will find that there are many different policy types and options available to choose from.

You may therefore find it beneficial to have the guidance and advice of an experienced insurance professional when you are deciding which policies to purchase. Talk to a local independent insurance agent for help when you are shopping for employee benefits insurance products.

Why Work with an Independent Insurance Agent in Springfield, OH?

Insurance needs can vary significantly from one company to the next. That is why there is no such thing as a one-size-fits-all business insurance plan. With a wide variety of products and options at your disposal, you have the opportunity to fully customize your business insurance coverage.

Independent insurance agents can help you choose the right policies and options to meet your company’s specific coverage needs. Because they do not work for a particular insurance company, these agents can shop around to find the best policies at the most competitive prices.

Contact an insurance agent in Springfield, OH, to learn more.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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https://www.city-data.com/city/Springfield-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