Best Small Business Insurance in Ohio 2023: Outstanding Picks

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Best Small Business Insurance in Ohio

Starting a small business in Ohio can be a rewarding and fulfilling experience, but it’s essential to protect your investment with the right insurance coverage. As you start an LLC in Ohio, it’s crucial to research and choose the best small business insurance that fits your needs. 

With many insurance providers offering a wide range of coverage options, selecting the best small business insurance can take time and effort. But fear not! LLCBase is here to help you navigate this critical aspect of running a successful business. In this guide, we’ll introduce you to the best small business insurance in Ohio for 2023, highlighting their unique offerings, eligibility criteria, financial strength, and customer satisfaction. 

Best Small Business Insurance

What is a Business Insurance

Business insurance refers to a set of insurance policies designed to protect a business and its owners from potential financial losses and liability risks associated with operating a business. These policies cover various aspects of the business, safeguarding it from unforeseen events such as property damage, lawsuits, employee injuries or illnesses, and interruptions in business operations.

The diverse range of business insurance policies in Ohio allows business owners to customize their coverage to suit their industry’s specific needs and potential risks. By investing in the appropriate business insurance policies, owners can focus on growing their business confidently, reassuring that they are protected against any unforeseen challenges that may arise during their entrepreneurial journey.

Small Business Insurance Coverage

If you want to start a business in Ohio and apply for business insurance, remember that it only covers the following:

  • Third-party bodily injury and property damage resulting from your business operations
  • Professional errors and omissions
  • Damage to your business property
  • Employee injuries and illnesses
  • Auto accidents involving your business vehicles
  • Cyberattacks and data breaches
  • Loss of income due to a covered event
  • Claims related to wrongful termination, discrimination, and harassment

On the other hand, small business insurance generally does not cover the following:

  • Intentional acts of damage or harm
  • Damage caused by normal wear and tear
  • Floods and earthquakes (unless specifically added to your policy)
  • Employee dishonesty or criminal activity
  • Losses resulting from business activities not disclosed to the insurance provider

10 Best Small Business Insurance Providers in Ohio

Choosing the right insurance provider is critical for any small business owner who wants to start a business; perhaps you want to start an insurance company in Ohio. Ohio is home to a thriving entrepreneurial environment, making it essential for businesses to have comprehensive insurance coverage. To help you make an informed decision, we have compiled a list of Ohio’s best small business insurance providers.

1. Allianz

Allianz is a global insurance and financial services provider with a strong presence in over 70 countries. They offer various insurance coverages, including general liability, professional liability, commercial property, and workers’ compensation insurance. Allianz is recognized for its extensive coverage options, global expertise, and strong financial rating, making it a reliable choice for small businesses seeking comprehensive insurance solutions.

Eligibility Criteria: Varies by policy type and industry

Complaint Level: Low

A.M. Best Financial Strength Rating: A+ (Superior)

Pros
  • Wide range of coverage options
  • Strong financial rating
  • Global presence and expertise
Cons
  • Limited online resources for policy management
  • Not specialized in small businesses
Apply to Allianz

2. Allstate

Allstate is a well-known national insurance provider that offers a variety of customizable insurance policies for small businesses with up to 500 employees. Their coverage options include general liability, commercial property, and workers’ compensation insurance. Allstate is known for its personalized service through local agents and online policy management tools, making it a convenient choice for small business owners.

Eligibility Criteria: Must be a small business with up to 500 employees

Complaint Level: Average

A.M. Best Financial Strength Rating: A+ (Superior)

Pros
  • Customizable coverage options
  • Local agents for personalized service
  • Online policy management tools
Cons
  • Limited industry-specific coverages
  • Mixed customer service reviews
Apply to Allstate

3. Clear Blue Insurance

Clear Blue Insurance is a specialty provider focusing on niche and hard-to-place risks. They offer tailored coverage options for small businesses, including general liability, professional liability, and commercial property insurance. With a strong financial rating and a commitment to underwriting unique risks, Clear Blue Insurance is an ideal option for businesses looking for customized insurance solutions.

Eligibility Criteria: Varies by policy type and industry

Complaint Level: Low

A.M. Best Financial Strength Rating: A- (Excellent)

Pros
  • Specializes in niche and hard-to-place risks
  • Tailored coverage options
  • Strong financial rating
Cons
  • Limited online resources for policy management
  • Not well-known in the market
Apply to Clear Blue Insurance

4. Farmers Insurance

Farmers Insurance is a national insurance provider offering a wide range of coverage options for small businesses with up to 500 employees. Their policies include general liability, commercial property, workers’ compensation insurance, and industry-specific coverages. Farmers Insurance is known for its local agents who provide personalized service and its commitment to meeting the needs of various industries.

Eligibility Criteria: Must be a small business with up to 500 employees

Complaint Level: Average

A.M. Best Financial Strength Rating: A (Excellent)

Pros
  • Wide range of coverage options
  • Local agents for personalized service
  • Industry-specific coverages available
Cons
  • Limited online policy management tools
  • Mixed customer service reviews
Apply to Farmers Insurance

5. Acuity

Acuity is a regional insurance provider offering comprehensive coverage options for small businesses. Their policy offerings include general liability, professional liability, commercial property, and workers’ compensation insurance. Acuity is recognized for its excellent customer service reputation, online policy management tools, and strong financial rating, making it a reliable choice for small business owners.

Eligibility Criteria: Varies by policy type and industry

Complaint Level: Low

A.M. Best Financial Strength Rating: A+ (Superior)

Pros
  • Comprehensive coverage options
  • Excellent customer service reputation
  • Online policy management tools
Cons
  • Not available in all states
  • Limited industry-specific coverages
Apply to Acuity

6. CNA

CNA is a leading insurance provider offering various coverage options for small businesses, including general liability, professional liability, commercial property, and workers’ compensation insurance. They are known for their strong financial rating and industry-specific coverages, making them a solid choice for businesses seeking comprehensive insurance solutions.

Eligibility Criteria: Varies by policy type and industry

Complaint Level: Low

A.M. Best Financial Strength Rating: A (Excellent)

Pros
  • Wide range of coverage options
  • Strong financial rating
  • Industry-specific coverages available
Cons
  • Limited online policy management tools
  • Mixed customer service reviews
Apply to CNA

7. Frankenmuth Insurance

Frankenmuth Insurance is a regional provider offering comprehensive coverage options for small businesses, including general liability, professional liability, commercial property, and workers’ compensation insurance. They are known for their excellent customer service reputation and personalized service through local agents, making them a reliable choice for small businesses in the Midwest.

Eligibility Criteria: Varies by policy type and industry

Complaint Level: Low

A.M. Best Financial Strength Rating: A (Excellent)

Pros
  • Comprehensive coverage options
  • Excellent customer service reputation
  • Local agents for personalized service
Cons
  • Limited availability outside the Midwest
  • Limited online resources for policy management
Apply to Frankenmuth Insurance

8. Travelers

Travelers is a national insurance provider offering various coverage options for small businesses, including general liability, professional liability, commercial property, and workers’ compensation insurance. They are recognized for their strong financial rating and online policy management tools, making them a convenient choice for small business owners seeking comprehensive insurance solutions.

Eligibility Criteria: Varies by policy type and industry

Complaint Level: Average

A.M. Best Financial Strength Rating: A++ (Superior)

Pros
  • Wide range of coverage options
  • Strong financial rating
  • Online policy management tools
Cons
  • Mixed customer service reviews
  • Limited industry-specific coverages
Apply to Travelers

9. Chubb

Chubb is a global insurance provider offering comprehensive coverage options for small businesses, including general liability, professional liability, commercial property, and workers’ compensation insurance. They are known for their strong financial rating and global expertise, making them a reliable choice for businesses seeking extensive insurance solutions.

Eligibility Criteria: Varies by policy type and industry

Complaint Level: Low

A.M. Best Financial Strength Rating: A++ (Superior)

Pros
  • Comprehensive coverage options
  • Strong financial rating
  • Global presence and expertise
Cons
  • Limited online resources for policy management
  • Not specialized in small businesses
Apply to Chubb

10. Westfield Insurance

Westfield Insurance is a regional provider offering comprehensive coverage options for small businesses, including general liability, professional liability, commercial property, and workers’ compensation insurance. They are known for their strong financial rating and personalized service through local agents, making them a reliable choice for small businesses in the Midwest and Northeast.

Eligibility Criteria: Varies by policy type and industry

Complaint Level: Low

A.M. Best Financial Strength Rating: A (Excellent)

Pros
  • Comprehensive coverage options
  • Strong financial rating
  • Local agents for personalized service
Cons
  • Limited availability outside of the Midwest and Northeast
  • Limited online resources for policy management
Apply to Westfield Insurance

How to Apply for Business Insurance in Ohio

Securing adequate insurance coverage is crucial to safeguarding your Ohio small business against potential risks and liabilities. Whether you’re just starting or growing your enterprise, follow this step-by-step guide to applying for small business insurance in Ohio confidently.

Step 1: Assess Your Insurance Needs

Analyze the specific risks your Ohio business may face, including potential lawsuits, property damage, worker injuries, or cyber threats. Consider the following types of insurance to help you determine which coverage suits your needs:

  • General Liability Insurance
  • Property Insurance
  • Workers’ Compensation Insurance
  • Professional Liability Insurance
  • Cyber Liability Insurance
  • Business Interruption Insurance
  • Commercial Auto Insurance

Step 2: Research Ohio Insurance Requirements

Each state has unique requirements for business insurance. Research Ohio insurance regulations and mandatory coverages, such as workers’ compensation or commercial auto insurance, if applicable.

Step 3: Compare Insurance Providers

Create a list of reputable insurance providers licensed to operate in Ohio. Compare their coverage options, limits, deductibles, and premiums to find the policy that best addresses your risks and fits your budget.

Step 4: Gather Necessary Documents

Before submitting your application, gather any necessary documents, including:

  • Business name and contact information
  • Federal Employer Identification Number (EIN)
  • Description of your business operations
  • Number of employees
  • Estimated annual revenue
  • Property details (if applicable)
  • Vehicle information (if applicable)

Step 5: Contact an Insurance Agent or Broker

Reach out to an insurance agent or broker to discuss your coverage needs and obtain insurance quotes. An agent can help you navigate the application process and provide guidance on obtaining the best protection for your Ohio small business.

Step 6: Submit Your Application

Fill out the application form provided by your chosen insurance provider. Carefully input the required information and attach any requested documentation. Be accurate and thorough in your responses to ensure you receive the appropriate coverage.

Step 7: Review and Sign the Policy

Once approved, thoroughly review your insurance policy to ensure it accurately reflects the coverage you discussed with your agent or broker. Pay attention to any clauses, exclusions, or limits. If satisfied, sign the policy and make the initial premium payment.

FAQs

What are Ohio’s insurance requirements for small businesses?
Ohio requires all small businesses with employees to have workers’ compensation insurance, as well as minimum liability insurance for commercial vehicles and commercial general liability insurance.
What types of coverage should a small business in Ohio consider?
A small business in Ohio should consider general liability insurance, property insurance, professional liability insurance, workers’ compensation insurance, and cyber liability insurance.
What is workers’ compensation insurance in Ohio?
Workers’ compensation insurance is a type of insurance that provides financial support to employees who have been injured or become ill due to their job. Ohio requires all businesses with employees to carry this insurance.
What is commercial general liability insurance in Ohio?
Commercial general liability insurance protects a business in Ohio from financial losses resulting from bodily injury, property damage, and advertising injury lawsuits.
What is property insurance in Ohio?
Property insurance protects a business’s property, such as buildings, equipment, and tools, from accidental damage, theft, or vandalism in Ohio.
What is professional liability insurance in Ohio?
Professional liability insurance, also known as errors and omissions insurance, protects a business from clients who hold them responsible for errors or mistakes made while providing professional services in Ohio.
What is cyber liability insurance in Ohio?
Cyber liability insurance protects a business in Ohio against data breaches and cyber-attacks that may cause the business to lose money or compromise personal information of customers.
How much does small business insurance in Ohio cost?
The cost of small business insurance in Ohio depends on several factors, including the location, industry, size of the company, and the types of coverage required.
Where can I buy small business insurance in Ohio?
Small business insurance in Ohio can be purchased through insurance brokers, online insurance providers, or through the Ohio Bureau of Workers’ Compensation.
Can I buy workers’ compensation insurance in Ohio through a private insurer?
Yes, workers’ compensation coverage can be purchased through private insurers authorized by the Ohio Bureau of Workers’ Compensation.
Is workers’ compensation insurance mandatory for sole proprietors in Ohio?
In Ohio, sole proprietors are not required to have workers’ compensation insurance unless they employ other individuals.
Is commercial vehicle insurance mandatory in Ohio?
Yes, Ohio requires all businesses that use vehicles in their operations to carry commercial vehicle insurance.
What is a business owner’s policy (BOP) in Ohio?
A BOP is a type of insurance policy that combines property insurance and general liability insurance. This policy is ideal for small businesses in Ohio that want to obtain comprehensive coverage that is affordable.
How much coverage should a small business have in Ohio?
The amount of coverage needed depend on many factors such as the size of your small business. It is best to speak to an agent that tailors what insurance policy responds to the specific needs of your Ohio small business.
Can I customize my small business insurance in Ohio?
Yes, many insurance providers in Ohio offer customizable small business insurance policies.
What should I ask when shopping for small business insurance in Ohio?
When shopping for small business insurance in Ohio, you should ask about deductibles, coverage limits, and types of coverage available.
What is covered by cyber liability insurance in Ohio?
Cyber liability insurance covers data breaches and cyberattacks that may result in monetary losses or the release of personal information in Ohio.
Do I need property insurance if I work from home in Ohio?
If you operate a small business from home in Ohio, it’s important to have property insurance to protect your home, office equipment and supplies in case of accident like a flood or fire.
Can professional liability insurance policy cover lawsuits that exceed the coverage limit in Ohio?
The coverage limitations would often depend on the specific insurer and their policy in Ohio, professional liability insurance policies may or may not cover lawsuits that exceed the coverage limit.
Will general liability insurance in Ohio protect me from liquidation if I’m sued?
In some cases, general liability insurance in Ohio can protect you from liquidation in the event of a lawsuit.
Does commercial property insurance in Ohio cover flooding?
Commercial property insurance policies in Ohio generally do not include flood coverage, but this can be added to your policy.
Are employees who are injured while using their personal cars covered under my commercial auto insurance policy in Ohio?
Employees who use their personal vehicles for work purposes in Ohio are usually protected by their personal insurance policy. But the added hired and non-owned insurance or the commercial liability waiver can cover you on any accidents that your employees, supplies or products you shipped causes while on personal transport.
Is business interruption insurance a requirement in Ohio?
Business interruption insurance is generally not required in Ohio but may be important for small businesses that depend heavily on revenue flowing from a specific location or inventory.
Does my small business need employment practices liability (EPL) insurance?
EPL insurance may come in handy especially for OH small businesses that own with dozens, hundreds or even thousands of employees as it protects an organization against claims made by employees, like wrongful termination, discrimination, or sexual harassment in Ohio.
What if I do not have workers’ compensation insurance in Ohio?
If a business in Ohio do not have workers’ compensation insurance, they will be subject to penalties and fines. Lawsuits as a result will have a probability to occur more easily.
Can I cancel my small business insurance policy in Ohio, and if so, how?
You can cancel your small business insurance policy in Ohio but conditions depend on your insurer, sought counsel when facing such situations.
What happens if an insurance company goes out of business in Ohio?
In Ohio, if your insurance company goes out of business, the Ohio Department of Insurance will take steps to transfer policyholders to new insurers or to provide restitution depending on the financial implications.
How long does it take to get small business insurance coverage in Ohio?
In Ohio, the time it takes to get small business insurance coverage may vary depending on several factors including the chosen insurance coverage you want and the timeframe policy would be effective.
Can I modify existing contracts if I buy insurance in Ohio?
Yes, you can adopt existing contracts along with a policy. For contracts existing prior, should be re-submitted to the other indemnity contractor in writing notifying them and individually track verbal over before coverage should start.
Is bonding insurance required for small businesses in Ohio?
Bonding insurance is generally not required by the State of Ohio unless it is a legal mandate for specific trade practices, positions, more often that not indicated in Ohio Apprenticeship council or Ohio Occupational Shopmanship Agencies.
What is the minimum amount of worker compensation insurance that Ohio businesses are required to have?
Ohio businesses with employees are legally required to provide workers’ compensation insurance and minimum coverage amounts can vary required by the regulatory environment in which a small business is executed. Seek trusted counsel along the same line.

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Conclusion

Selecting the best small business insurance for your Ohio LLC is a crucial step in protecting your investment and ensuring the long-term success of your business. Take the time to research each provider, evaluate their eligibility criteria, complaint level, and financial strength rating, and consider the pros and cons of each option. By doing so, you can make an informed decision and choose the insurance coverage that best meets your needs and protects your business in The Buckeye State. Visit LLCBase for more information about starting an LLC in Ohio.

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