Small Business Insurance in Columbus OH
Business Insurance for Small Businesses Across Columbus, Cleveland and Cincinnati, Ohio
Small businesses make up an integral component of the economy while often being able to offer goods and products in different ways than their larger counterparts. However, while small businesses may provide more personalized or local services, they generally need more financial security than larger companies. As such, even a single accident or error could have irreparable financial ramifications. With that in mind, such organizations must maintain an adequate insurance portfolio.
How Does Small Business Insurance Work?
Small companies should first be aware that small business insurance generally does not refer to a single policy that covers all potential risks and exposures. In many cases, a suitable small business insurance package must be composed of several types of coverage. Once assembled, an adequate small business insurance portfolio can provide financial protection in response to many common incidents while limiting policyholders’ out-of-pocket costs.
What Types of Insurance Do Small Businesses Need?
Although the insurance needs of small businesses may vary significantly across sectors, several common risks and perils may be relevant concerns for most. With that in mind, most small business insurance portfolios should include the following:
Commercial property insurance, or business property insurance, can financially protect physical property used to operate a small business. This may include coverage for the following:
Business interruption insurance can help small businesses absorb and manage losses related to a temporary interruption or change in their normal operations. This coverage, also known as business income insurance, may render financial aid for the following:
- General liability insurance can provide financial assistance if a small business is at fault for third-party losses, such as the following:
Workers’ compensation insurance, legally required for many employers, can help small businesses and their employees financially manage the aftermath of workplace injuries or illnesses. This type of insurance may help pay for the following:
- Rent and mortgage payments
- Vocational rehabilitation
- Disability/death benefits
Depending on a company’s industry and operations, it may be necessary to consider additional coverages to ensure the adequacy of an insurance portfolio. This may include a combination of the following:
- Errors and omissions insurance—Businesses that provide professional services or advice to clients should strongly consider this coverage.
- Commercial auto insurance—This coverage is a critical investment for companies that use motor vehicles.
- Cyber liability insurance—Regardless of size, any business that stores, transfers or otherwise handles sensitive data could be targeted by cyber criminals. As such, this type of coverage may prove to be an invaluable investment.
- Employment practices liability insurance—If a small business has employees, it should maintain this coverage to protect itself financially from employment practices liability claims, such as those arising from allegations of discrimination or wrongful termination.
How Much Does Insurance Cost for a Small Business?
The cost of suitable small business insurance will depend largely on a company’s unique circumstances. Insurance companies must thoroughly vet an organization before providing an accurate quote. In most cases, the following criteria may be considered:
- Insurance portfolio details (e.g., coverages acquired, policy limits, deductibles)
Do Small Businesses Have to Provide Health Insurance?
The Affordable Care Act (ACA) generally incurs financial penalties if a business with more than 50 full-time employees does not offer a group health plan. For businesses with 50 or fewer full-time workers, the Small Business Health Options Program may be an attractive option for providing health insurance at lower costs.
Get the Right Coverage
At ProtectALL Insurance, we have over 20 years of experience serving individuals, families and businesses throughout Ohio. Our agents will work with you to assess and address your coverage needs and compile optimal insurance solutions. Contact us today to get started.