Ohio General Liability Insurance – OH
Ohio General liability insurance is necessary coverage to have for any businesses big or small.
This form of insurance protects your business against different claims stemming from damage to third parties or your customers.
The fact is that all businesses face some form of risk, which is why they need general liability insurance.
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This type of coverage can help protect your business against claims pertaining to malpractice or bodily offenses.
General liability insurance in Ohio is available in many types of coverage, and the one you must have will depend on the form of business you have.
For example, if you run a construction business, then you will opt for a higher level of general liability insurance coverage.
5 Big Reasons Why You Must Have General Liability Insurance in Ohio
One of the many common questions business owners ask is do I really need to buy general liability insurance? And the short answer is Yes!
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As a business operator, you should already know that growing any size of a business is already risky.
General liability insurance in Ohio not only safeguards your business against claims stemming from injury and property damage, but also from any claims as a tenant if you are renting a space.
Further, it offers coverage for not only your business, but also your staff against claims stemming from injury or property damage to third parties.
Apart from being an important part of your business, here are 5 excellent reasons your business should have general liability insurance.
Workers’ Compensation Insurance in Ohio
If you are a handyman, you already know about the compensation you can miss if you fall ill.
As a handy worker, you are not shielded by government workers’ compensation perks, therefore you should have OH handyman insurance.
Research reveals that injuries to independent workers in Ohio were on the rise by a whopping 12 percent.
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When you buy Ohio general liability insurance, you are shielded financially for medical costs related to the injury at the worksite.
Depending on the general liability insurance plan you opt for, you may also be eligible for cash for the weeks you are off work.
Third-Party Bodily Injury Protection
This is perhaps the most crucial reason to buy general liability insurance in Ohio.
If your company runs services that can cause damage to others including clients, then buying general liability insurance should not be an option.
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One good example of this is OH dog walker insurance, which covers your pet sitting business if the animal causes harm to others.
Another example is when you are repairing your client’s drywall, and they fall over your tools, then you will be have to pay for their injury.
If you buy general liability insurance in Ohio, your policy will pay for the costs of these claims.
Third-Party Property Damage
Another important reason to get general liability insurance in Ohio is to protect your business from third-party property damage.
For example, you are fixing your customer’s roof, and you mistakenly damage an expensive vase, then you will have to reimburse for the damages.
Depending on the cost of what you break, you may have to pay for these claims from your own pockets, that is if you do not have a general liability insurance contract.
Ohio General liability insurance can help cover your business against any lawsuits originating from claims that you failed to deliver services as promised.
Things such as negligence can be paid for under a general liability insurance policy.
General liability insurance can also sometimes include professional liability insurance, so speak to your insurance agency to check if they give this form of insurance.
While general liability insurance protects your business against myriad different types of claims, professional liability insurance is more geared towards errors you make in your business services.
If you are manufacturing and selling merchandise under your own company, then it is important to have general liability insurance in Ohio, and here is why!
If a person claims bodily harm due to the use of your establishment’s products, then general liability insurance will shield you against these types of claims.
And if you sell your products via your website, then it is a good idea to check out OH ecommerce insurance to better shield your interests.
Take, for example, your business is selling facial creams, and a customer has an allergic reaction to your cream, then general liability insurance can help cover costs if you get sued.
What is Not Shielded Under General Liability Insurance?
Depending on the type of general liability insurance you choose, there are certain things that may not be covered under your insurance policy.
The first thing that may not be shielded is against claims not related to your services. Employee injuries may also not be covered under your general liability insurance terms.
As a business, you may be storing several expensive tools in your truck or even at your client’s property.
If these tools do get stolen, you will need specialized general liability insurance.
In the case of theft of your personal tools, your truck insurance policy will not replace these items against theft.
Another area where general liability insurance may not offer protection is if you make mistakes in your services.
When investing in general liability insurance, you should select your coverage limit wisely. Because your general liability insurance policy will not pay costs that are over your policy limit.
Different Kinds of General Liability Insurance
General liability insurance is a broad term for many types of insurances, most notably:
General Liability Insurance
Also known as CGL commercial liability insurance or BL business liability insurance, this (type of insurance shields your company against claims that cause bodily injury or property damage to others.
Further, general liability insurance also covers your corporation against reputational harm or oversight in your advertising.
Some examples of things general liability insurance will protect your business against include property damage, advertising errors, and reputational harm.
Professional Liability Insurance PL
Also referred to as errors and omissions insurance, professional liability insurance comes claims against your entity that stem from errors in the services you offer.
For example, if you are a financial broker that provides a client with incorrect figures, and they sue you, professional liability insurance will cover the legal expenses.
If you give professional services to clients, then you should as your insurance agent about professional liability insurance.
Employer Liability Insurance
If your company has several employees, opting for employee liability insurance is a good idea.
This type of insurance covers your workers against any injury they may incur at the work location.
Additionally, employer liability insurance can also provide disability benefits, missed wages, and funeral costs.
What is the Charge of General Liability Insurance?
The charge for general liability insurance changes across insurance providers. It depends on a lot of different factors including the type of business you are operating.
For example, if you are running a roofing business, then the charge for your premiums will be more than other types of businesses, hence you should have OH roofing insurance.
But to give you a ballpark idea, general liability insurance costs $40 per month, but a little lower if you opt to pay annually.
High-risk businesses can expect to pay higher premiums such as contracting categories.
You can save money if you pay for your insurance plan in full annually.
Furthermore, you can also save money on your general liability insurance policy if you group all your policies under one insurance company.
You should also minimize your organization’s claims on your general liability insurance policy.
How to Find General Liability Insurance Companies in Ohio?
When searching for the best general liability insurance company in your state, it is important to check the organization’s reputation.
You should then choose your coverage limit, where the higher the coverage, the higher the charge of premiums.
But it is critically important that you choose the right amount of coverage.
If you are unsure about the coverage limit you need, speak to your general liability insurance provider to help evaluate your company’s risks for the right coverage limit.
But $1 million and $2 million are the most selected coverage limits of general liability insurance.