Do I need workers comp insurance in Ohio?

For anyone that wants to start a small company, coming to the Cincinnati, OH area can be a great option. This is a great place to start a company as it has a large population and good economic benefits. When starting a company here, you are going to need many forms of insurance to provide protection. One important form of insurance to obtain is worker’s compensation insurance. There are a variety of reasons why getting worker’s compensation insurance is important. 

Required by Law

One of the primary reasons why you need to have workers comp insurance in Ohio is because it can be required by law. Depending on the type and size of your company, you may be required by state law to carry this form of coverage. If you do not have it, you could face a variety of penalties, which could include losing your right to operate your business.

Provides Valued Coverage

Even if worker’s comp insurance was not required for your company, you should still consider getting it. The workers’ compensation insurance will provide coverage to an employee if they are hurt while working for you. Ultimately, this makes it a great form of insurance coverage and benefit for your employee, but it also helps to reduce your business’s liability risk as employee injuries will be covered by this insurance. 

If you want to start a business in the Cincinnati, OH area, it is very important that you know all of your insurance obligations. For those that are looking for insurance, the team at Advantage Insurance Network can be a great resource. When you call the Advantage Insurance Network, you can receive the advice and support you need to choose any type of insurance for your company, including worker’s comp coverage. 

How does commercial insurance protect my small business?

While it comes with many innumerable benefits, starting a business means exposing yourself to all manner of risks. A small business is also vulnerable to accidents and perils that can possibly wipe it out before it has the chance to sprout. Fortunately, commercial insurance can help take care of your small business so that you can only worry about critical matters like customer attraction & retention and hiring.

Advantage Insurance Network can help you find a policy customized just for you. If you intend to start a small business in or around Cincinnati, OH, here are three major coverages that can help protect your small business.

General liability insurance 

Also known as commercial general liability insurance, liability coverage helps pay for injuries that a visitor or customer can sustain while at your business. It can also be used to pay legal fees in case you are sued and are found to be at fault.

Business property coverage

Like home insurance, property coverage helps protect the business premises and all its contents against the covered perils. Common perils like theft and fire are always on the list of most commonly covered accidents. Your insurance provider will either replace or repair the property based on the damage. You can choose your coverage limit based on the estimated repair or replacement cost.

Business interruption

Also known as business income coverage, business interruption coverage is essential in reimbursing extra expenses and lost income when your business gets interrupted by a peril. For instance, if your business catches fire and burns down completely, business interruption coverage will come in to pay for a temporary office, rent costs, and any other expense that may surface as a result of the peril.

Whether big or small, businesses need to have some form of protection. This will give you some peace of mind and help you focus on what matters to you most. To learn more about commercial insurance, visit Advantage Insurance Network in Cincinnati, OH today!

Starting a Contractor Business? Here is the Insurance Needed

If you just got your contractor’s license, congratulations! However, before you run out to pick up a hammer to do your first job, take the time to consult with your insurance agent at Advantage Insurance Network serving Cincinnati, OH and the surrounding area. The contracting business has significant insurance needs.

Here are the types of insurance needed for a contractor:

  • Worker’s Compensation: This is required by law to provide protection for your workers for on-the-job injuries and accidental deaths.
  • General Liability: This is the basic foundational coverage needed by all businesses for protection against third-party injuries and damages.
  • Professional Indemnity Insurance: This is also called errors and omissions (E&O) insurance and provides protection if you make a mistake.
  • Commercial Vehicle Insurance: If you use any vehicles for business purposes, even if only occasionally, you need to have commercial vehicle insurance for them and all the drivers that use them.
  • Public Liability Insurance: This insurance provides protection if someone is injured or property is damaged at your business premises, on the job site, or in public spaces.
  • Bonding: Most contractors need to be bonded to be licensed properly. Being bonded means that the contractor purchased a surety bond. A bond is a financial instrument that may be called upon, if a contractor fails to complete a job, does not pay suppliers, doe not pay for permits, or fails to pail for other job obligations.
  • Property/Casualty (PC) Insurance: This insurance provides protection for real estate, equipment, and other property owned or leased by the contractor.
  • Business Interruption: This protection helps pays the bills if the business cannot operate normally, through no fault of its owner, such as during a natural disaster.
  • Key Person: This provides protection for the person that is critically important for the ongoing business operations.

Summary

Talk with your agent at Advantage Insurance Network in Cincinnati, OH to get a comprehensive commercial insurance review, which includes recommendations for adequate coverage for all your contractor’s insurance needs.

Can You Still Pay Employees if Your Business is Temporarily Inoperable?

Do you own a business in Cincinnati, OH? Have you experienced time periods where your business was inoperable and you were not able to pay your employees? If so, you are in need of business interruption coverage that is available with commercial insurance. Below is an overview of this coverage and how it can benefit your business. 

What is business interruption coverage? 

This type of coverage refers to your business being closed for reasons out of your control, which impacts the salary of your employees. With this coverage, you are able to still pay them their regular check and maintain your employees. This coverage is available for only certain types of situations. 

It covers the following:

  • Employee wages
  • Taxes
  • Rent
  • Loan payments

This coverage helps your business stay afloat while you are not able to work so that you can jump right back into business upon reopening. 

When can I use this coverage?

Natural disasters that include uncontrollable weather are one of the most common reasons for businesses to utilize this coverage option. This includes winter weather that has removed power from the business or damaged the business to the point of repairs. Accidental fires that were not caused by the business are also situations that would call for this coverage.

However, all of these incidents must be covered initially with commercial property insurance first, as this policy is only supplemental and aids the initial policy. 

Get your coverage today.

At Advantage Insurance Network, we want to see all of our local businesses thrive even in situations out of their control. If you own a business in or around Cincinnati, OH, give us a call today to get the information you need about business interruption coverage and how it can help you. 

Food Trucks, Pop-Ups and Restaurants: When do you need insurance?

Not everyone who wants to sell food in Cincinnati, OH has the money, or the interest, to rent out a building and create a whole sit-down eating experience. There are plenty of people who are more than happy to run a food truck or a simple pop-up or a stand at local fairs and festivals and farmers markets.

The question then is: What are the insurance needs for these eateries? Obviously, you don’t have the same risks as restaurants, but you do need some sort of protection. Here’s what you need to know:

  • Going without insurance isn’t worth the risk. Plenty of people run food trucks and pop-ups with no insurance or permits, and plenty of people wind up paying the price in heavy fines and paying for liability suits out of pocket. Don’t risk it. If you’re running a business that sells food, you need to do it all above board.
  • The cost of insurance is usually scaled on how much you’re making. The cut-off is different from insurer to insurer, but the reasoning is simply that a food truck making six figures a year has a lot more at risk than one making only a little bit of supplemental income for the owners.
  • Professional liability is a necessity. Just because you’re not running a physical property doesn’t mean you can’t be held accountable if someone slips on your cooking oil or turns out to be allergic to something you serve.
  • Insure the truck’s contents. It’s not hard to find a used food truck for cheap, but once you’ve added propane tanks, stoves, mini-fridges, and inventory, the value stacks up quickly.

As a general rule of thumb: If you’re running a business, get covered. Especially if you’re serving food. Advantage Insurance Network can help to protect you and your business.

Can You Take out a Commercial Insurance Policy on Someone Else’s Business?

A commercial insurance policy is a must for anyone that owns a business. A commercial policy is going to protect the user from any issue that might occur and to help make sure that if something does happen, you are able to use that insurance money to rebuild the business. For those that live in the Cincinnati, OH area, the agents with Advantage Insurance Network can help you to find the insurance policy that is going to work best for you.

Commercial policies are necessary to help protect your business and to help you recover if something does happen to your business. This means that you cannot take a commercial policy out on a business that you do not have a vested interest in. Say for instance that you have loaned money to someone to start a business if you can prove the loan and prove that you have a vested interest in that business and its success and safety, you can take out a policy on that business. Generally, your insurance company is going to want you to prove that you have a vested interest in the business before you are able to take out any sort of commercial policy on it.

If you own a business, you can easily get a great policy to protect your company from things like fire, theft, vandalism and more so that you can rest easy knowing that your business is 100% safe and that you are not going to have to deal with loss of income if something happens to destroy your business. For those in the  Cincinnati, OH area, the agents with Advantage Insurance Network can help you find the policy that is going to work best for you and your individual needs.

Is Business Insurance Only for Large Companies?

Do you have a small business or a home-based business in Cincinnati, OH? Business insurance isn’t just for larger companies. Even a single person doing any kind of commercial activity can benefit from business insurance. Advantage Insurance Network offers business policies to suit even the smallest businesses.

Why Small Businesses Need Business Insurance

All business creates liability. You can sell small, handmade trinkets from home, or rent a small office space somewhere.

In all cases, you create risks just by engaging in any form of business activity. Those risks can cost you a great deal if you don’t protect yourself against them.

The risks your small business creates will depend on the type of business. Generally, if you’re selling someone a product or a service, you create the risk of that product or service causing harm in some way.

Even when the harm is negligible, someone may attempt to sue you for damages. This can happen no matter the size of your business.

In addition, your business also comes with assets. Even if all you’re using is some craft materials and a computer, you’ll want to protect those things.

For example, if someone steals your laptop, you may find yourself out of business for a little while. If a fire destroys your inventory, you’ll have to pay in time and money to replace it all.

For people working from home, you need to understand your home insurance may not cover anything business-related. Check with your home insurance policy if you’re running any business activities from your home or any other part of your property.

What Kind of Business Insurance Does Your Small Business Need

You need business insurance that will protect you, your equipment, and your finances if something untoward happens. Your business insurance needs will depend on what you’re doing and how you’re doing it. To find a business insurance package tailored to your small business in Cincinnati, OH, contact Advantage Insurance Network today.

When Can You Claim Your Commercial Insurance?

Running a business is a risky venture, and anything can happen at any time. The trickiest part of running an enterprise is that a single mistake can bring down your lifetime investment. That is why every business owner in Cincinnati OH should have a commercial insurance policy from Advantage Insurance Network to protect his/her business from suffering significant financial losses when the unexpected happens.

A commercial insurance policy offers property and liability coverage that will ensure your company can still run even when the worst happens. However, the big question among business owners is; when can I file a claim on my commercial insurance policy? Basically, you should file a claim when something goes wrong and causes a significant impact on the normal operation of your business. You should file a claim when:

A Lawsuit Is Filed Against Your Business

Today, lawsuits are common, and a client can file a lawsuit against your business any time. We all understand the fact that court cases can be expensive and the results of court cases may not always favor your business. Your business liability coverage is there to make sure that your company can go through the expensive lawsuits without hurting business processes. Therefore, if a client feels aggrieved or dissatisfied with your products or services and files a lawsuit demanding compensation, you should file a claim so that you get the right legal representation in court.

Your Business Property Is Damaged By a Covered Event

Disasters can strike any time, and the aftermath of it can be devastating. Imagine a huge fire destroying your entire business premises. Your property protection coverage is designed to reimburse you when you go through such scenarios since it covers your business premises and everything inside it. File a claim so that your commercial insurance provider in Cincinnati, OH can help you restart your business and take it to the level where it was before the disaster struck.

Are you a business owner in Cincinnati, OH? Contact Advantage Insurance Network and let us help you protect your business.

What Should Small Businesses Know about Workers’ Comp Insurance?

Even though workers’ compensation insurance can protect businesses from lawsuits and provides payouts for employees injured on the job, many small businesses in Cincinnati, OH go without it.

Many small business owners go without workers’ compensation coverage because they are owned by the sole proprietor and aren’t required to purchase the policy. Additionally, some believe that their risk is small based on the size of their businesses. However, even if you think the risk is small, there is still a chance that your business will deal with any injury claim in the next 10 years, even if you only have one employee.

It doesn’t matter what industry your business is in. Some people think workers’ compensation is only necessary for jobs where physical labor is required, but even if employees are sitting at a desk all day, you still need to protect them.

Workers’ compensation covers injuries, illness, medical treatments, rehabilitation so that employees can return to work, lost wages, and death. It may be an added business expense, but it can protect you from expensive litigation should an employee be injured or worse on the job.

Workers’ compensation is required in Idaho except in a few instances, depending on the industry. It’s important to note that businesses that operate in multiple states have different requirements, and it’s a good idea to speak with your agent at Advantage Insurance Network.

OSHA affects small businesses as well, even though workers’ compensation insurance is regulated by states. Businesses with less than 10 employees don’t have to keep records for OSHA, but they do have to report any employee fatalities or any hospitalizations.

Looking at the safety of the work environment can help reduce claims and may lower premiums. Speak with an agent at Advantage Insurance Network serving Cincinnati, OH for information regarding your specific needs for workers’ compensation.

Getting Commercial Insurance for a New Business or a New Location

If you are just starting a new business, one of your main concerns will be getting commercial insurance coverage that provides adequate coverage. Another thing that causes a need for an upgrade to commercial insurance is when a business expands to open a new location. Commercial insurance includes coverage for your workers for on-the-job injuries or death under the State Workers’ Compensation Insurance program. You also need to coverage of your commercial property for damage to business property. Additionally, you need liability insurance for any damages caused to customers or third-parties. 

If your new business or new location is in Cincinnati or the surrounding areas, the agents at Advantage Insurance Network LLC will be happy to discuss the details of the coverage you need to be sure you have adequate commercial insurance protection. If your business has more than one location there may be advantages of insuring all of them with one underwriter.

In order to get a comprehensive quote from your insurance agent, you will need to collect information about your business. This same information is needed for policy renewals and upgrades.

Here is a handy checklist  of the basic things you will need (additional information may be required):

  • Business Owner(s) Information – Name, Percentage of Ownership, Address, Date of Birth, Social Security # or Federal Tax ID #, Telephone, Mobile Phone, and Email Address.
  • Business Information – Business Description, Website, Legal Entity Type (C or S corp., LLC etc.), Year Business Started, Federal Tax ID #, List of Directors and Officers.
  • Employee Information – Number of Employees, Employee Breakdown by Job Description, and Payroll Information by Job Description.
  • Previous Insurance Coverage – Insurance Carriers (Past Three Years) and Copies of Current Policies.

For all of your commercial insurance needs contact an agent at Advantage Insurance Network LLC serving Cincinnati and the surrounding areas. We look forward to helping make your business a success.