The laws of your state have a big impact on the insurance policies that you buy. Each state has its own requirements for insurance, and that includes commercial insurance. If you need commercial insurance in Ohio, call us at Advantage Insurance Network in Cincinnati, OH.
Required Commercial Insurance
When you have a small business in Ohio, it is required for you to take out workers’ compensation insurance. This kind of commercial insurance will pay for the medical expenses of employees if they should become sick or injured while on your business’ premises. This required insurance is for the workers, but it benefits you as well as a business owner. In our litigious society, you can expect lawsuits if someone gets sick or injured at work. This insurance is ready with the medical expenses so that lawsuits are less likely.
Every vehicle in Ohio needs to be insured, but a personal insurance policy won’t cut it for your business-owned vehicles. Those vehicles are required to have commercial auto insurance on them. There are mandated minimums for these policies for the amount of bodily injury liability for each person, and another minimum for all of the bodily injuries for each accident, and an amount for all of the property damage done for each accident. There is also a type of auto insurance called hired and non-owned. This isn’t required for personal vehicles used for business purposes, but it is generally best to get it for those vehicles. Personal auto insurance often won’t pay out if the vehicle wasn’t be used for personal business.
If your business needs commercial insurance, call us today at Advantage Insurance Network in Cincinnati, OH.