The first and most basic business insurance policy every Ohio business owner needs is a general liability insurance policy. Why? Because we live in a world where people can and will sue you if they think they’ll get a big payout. Even when you offer to correct the problem or pay for the damage.
In Ohio, general liability insurance coverage protects you and your business by providing the financial means to pay for property damage, bodily injury, and the legal costs associated with a lawsuit. If a third-party -- a customer, a vendor, a stranger standing in your parking lot -- gets hurt or suffers damage, you’re liable for their damages.
What Does Ohio General Liability Insurance Cover?
- A customer slips and falls in your store, injuring their back
- A client has their laptop stolen while doing business with you
- An employee dings a customer’s vehicle with a cherry picker or forklift
No business is safe from accidents, injuries, or damage. All you can do is take care of your customers and vendors as well as you can -- and have enough liability coverage to help pay for it. Especially when you receive the summons that you’re being sued.
Another basic form of liability coverage that every business owner needs is EPLI, Employment Practices Liability Insurance. EPLI specifically protects you as an owner from accusations from employees. Accusations like discrimination, wrongful termination, and harassment. It also protects you when a manager employed by you is accused by a lower level employee.
Liability insurance, regardless of type, protects you financially. If you get sued for something your business got wrong or because of mistakes made, you have two options: pay out of pocket or use liability insurance. Of the two, liability coverage makes much more financial sense. Your business could be bankrupted by a single lawsuit, but it doesn’t have to be, and it won’t. Not when you protect your company and yourself with the right liability insurance.
Not sure how much general liability coverage your Ohio business needs? Want to make sure you have the right insurance for your company? Contact SFM Insurance today and let’s discuss your options.
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Additional Coverage to Consider
Commercial Umbrella
The reality is that it only takes one catastrophic accident and a too-large liability claim to bankrupt your business. That’s where an Ohio Commercial Umbrella policy becomes a lifeline.
Directors & Officers
Over the years your company has grown by leaps and bounds, and today, you have a board of directors and officers helping you run your business with sights on growing beyond Ohio.
Cyber Liability
You might think breaches and hacks only happen to the biggest businesses, but they’re much more common in smaller companies. How does it protect you? A lot more than you realize.
