In the same way that you would want to have your home protected against damages, loss, or theft, your business also needs the same layer of protection as it is equally vulnerable to these unfortunate situations, which can cost you a lot.
More importantly, however, it’s not just a matter of protection but also a matter of compliance. It is mandated by federal law for businesses to provide insurance for workers’ compensation, unemployment, and disability.
Types of Insurance Required
If your business is located in OH, what’s most important are the workers’ compensation and commercial automobile insurance.
Under Ohio insurance laws, anyone working under and for your company should be covered by the workers’ compensation insurance--including subcontractors. You should obtain this insurance coverage from the Bureau of Workers’ Compensation.
As for the required commercial automobile insurance, any vehicle being used by an employee for business purposes should be covered. In the state of Ohio, the minimum coverage requirement for bodily injury liability is $25,000 per person and $50,000 per accident. Meanwhile, property damage liability stands at $25,000 per accident.
Fortify Protection for Your Business
The two mentioned above are just the required types by the Ohio state government. This, however, does not mean that you can enjoy full insurance protection already. There are other types that you should take a look at to see which one fits your needs and preferences best.
Agencies like Overhead Capital LTD for example, can give you a more specific and thorough breakdown of the different insurance types for your state.
Without insurance coverage, your business becomes exposed and vulnerable to liability claims and property damage costs, all of which would have to come from out of your pocket.
Avoid this kind of trouble for your business. Get in touch with a knowledgeable professional from Overhead Capital so you can get a clearer picture of why you need to get business insurance.