More than 949,000 small businesses are operating in Ohio. Collectively, they employ 2.2 millions employees in the state of Ohio, which accounts for 45.8% total workforce in Ohio. Similar to other states, only workers compensation insurance and commercial auto insurance are required in Ohio. However, general liability insurance is an essential business insurance that all businesses in Ohio that conduct their business with clients in a location should have it. We explain the reasons and recommend the 5 best general liability insurance companies in Ohio for your consideration.
- The 5 best general liability insurance companies in Ohio
- Is general liability insurance required in Ohio?
- What does general liability insurance cover?
- What doesn’t general liability insurance cover?
- Why small businesses in Ohio should get general liability insurance
- What affects how much I’ll pay for general liability insurance in Ohio?
- How much does general liability insurance cost in Ohio?
- How to find cheap general liability insurance in Ohio?
The 5 best general liability insurance companies in Ohio
We research more than 20 companies offering general liability insurance in Ohio and here are our recommendation of the 5 best providers.
- Simply Business: Best for finding cheap coverage from top-tier carriers
- NEXT: Best for a sleek digital experience and affordable rates
- CoverWallet: Best for comparing online quotes
- The Hartford: Best if you prefer an insurance company with a long history and excellent financial strength
- InsurePro: Best if you just need temporary coverage
Simply Business: Best for finding cheap coverage from top-tier carriers
Simply Business is a digital brokerage firm specializing in serving small businesses. What sets them apart is that they partner with several reputable carriers that have solid financial strength ratings and tend to offer low-cost coverage. That makes it easy for you to find the cheapest general liability insurance quotes with them.
After submitting your information, Simply Business will provide several quotes from partners that they work with. Many of their carrier partners may not be well-known but offer great affordable quotes that you wouldn’t be able to access otherwise.
Getting and comparing several quotes online are fast and simple. Within 10 minutes you will find the cheapest one for you.
Simply Business also has a great customer satisfaction rating on trustpilot.
NEXT: Best for a sleek digital experience and reasonable rates
Next is changing how businesses purchase general liability insurance and other coverage.
Their operation is focused on delivering the ultimate online insurance experience. Because of this, you’re able to purchase a policy, file a claim or get a certificate of insurance any place, any time, 365 days a year. Even though Next is an online insurer, you can get expert help over the phone when you need it. The firm is also known for being able to make most claims decisions within 48 hours.
Even though Next is a relatively new and innovative company, you can rest assured knowing it has an excellent rating from A.M. Best, an insurance company rating agency. All the company’s policies are backed by MunichRe, an established insurance company and reinsurer. More than 10,000 business owners have turned to Next for their insurance needs. The firm has earned a solid 4.7 customer rating.
One caveat about Next: It offers insurance coverage for a limited number of industries.
CoverWallet: Best for comparing online quotes
CoverWallet is not an insurance company. They are a digital broker. They work with several leading insurance companies such as Liberty Mutual, the Hartford, Nationwide, etc. An advantage of working with a digital broker like CoverWallet is that they can provide you with several quotes from their partner companies so that you can compare them in one place. Otherwise, you have to get quotes from each company individually to make comparison. That process can be time-consuming.
After buying a policy through CoverWallet, you can use their digital dashboard to manage all of your business insurance policies in one place. The dashboard offers great features such as downloading the certificate of insurance, filing a claim, or renewing a policy.
If you are new to buying business insurance, you should consider calling their customer service to discuss your situation. They are very knowledgeable and helpful. They will explain the nuts and bolts of business insurance so that you can feel more informed and confident with the types of policies you’d need to protect your business.
The Hartford: Best if you prefer an insurance company with a long history and excellent financial strength
The Hartford is one of the oldest insurance companies with a long history operating in the business insurance industry. They have an excellent financial strength rating A+ by AM Best. The Hartford offers general liability insurance and any other types of business insurance policies that a business, large or small, might need it. So if you prefer getting all of your business insurance policies from one company, Hartford might be a good option.
The Hartford also offers good discounts if you bundle general liability insurance with workers compensation insurance and BOP or business owners policy together.
InsurePro: Best if you just need temporary coverage
InsurePro is an insuretech startup that has grown popularity thanks to its unique approach to business insurance. They are probably the only one insurance company offering temporary coverage, for just a few hours, a few days, or a few weeks. It is a perfect option for freelancers or independent contractors who need to conduct their business for a few hours or a few days and need insurance coverage during these periods.
Buying a policy from InsurePro is super easy and quick. You can get a quote, buy a policy online, and download the certificate of insurance within a few minutes. They might not be the cheapest if you want permanent insurance coverage though.
Be sure to shop around with a few companies or with a digital broker to compare several quotes to find the cheapest one for your company.
Is general liability insurance required in Ohio?
No, general liability insurance isn’t required in Ohio. Only workers compensation insurance and commercial auto insurance are required in Ohio. However, general liability insurance is probably the most essential insurance policy for any business that conducts their business in a location. The location can be the business’s premies, like offices or workshop or retail front, or the client’s premise, like a client’s house for construction or interior designer contractor. The general liability insurance policy protects small businesses from damages caused to its clients or its clients’ properties.
What does general liability insurance cover?
If you can only get one business insurance policy that is not legally required, you may consider general liability insurance. It covers:
- Third party injury
- Third party property damage
- Product liability
- Advertising injury
Whatever business you’re in, if you deal with customers at a physical location, whether it is your business’s premise or your client’s, it’s a good idea to have general liability insurance. Customers can trip over something and sue you for medical expenses. If you visit clients at their homes and you accidentally damage something, general liability insurance covers that, too. It also covers you if you are sued for slander or libel.
For example, you would think that if you do something like financial advisor, there is very little bodily injury and property damage risk to your clients. But one of your customers doesn’t see a small wrinkle the rug, trips and falls and breaks an ankle in your office. General liability insurance will cover her medical bills, and your legal costs when she sues you.
What doesn’t general liability insurance cover?
Although general liability insurance is an essential policy, it doesn’t cover everything that can go wrong. It doesn’t cover:
- Injuries to your employees (that’s workers compensation)
- Damage to your own property (you’ll need commercial property insurance)
- Data breaches and cyber crime (you’ll need cyber security insurance)
- Damages caused to your customers when they use or consume your product (you’ll need product liability insurance)
- Your clients sue you because they are not happy with your service (you’ll need professional liability insurance for that)
- Bodily and property damages caused by auto accidents while you are driving for work (you’ll need commercial auto insurance for that)
- Illegal acts
- Damage that you do on purpose
The first six are covered by different types of policies. Anything illegal and destructive is not covered at all.
Why small businesses in Ohio should get general liability insurance
According to businessnewsdaily, slip-and-fall accidents and premises liability are the two in the the top 3 most common lawsuits against small businesses (after breach of contract). And according to a survey conducted by smallbizdaily, 36%-53% small businesses had to deal with a lawsuit every year. So, getting sued due to your customers slipping and falling in your business location is a lot more common than you would think. These statistics are national, but Ohio businesses should expect to have similar frequencies of slip-and-fall accidents.
Getting sued is expensive. From a study by National Center of State Courts, the median combined costs of lawsuits for both parties in a premise liability lawsuit such as slip and falls is $54,000. This can easily bankrupt a small business if they have to pay everything out of the pocket.
Then, too, you’ll have to deal with the emotional toll if someone sues you.
For some industries like general contracting or construction, clients prefer you having insurance. More often than not, clients would request you to show insurance proof before signing the contracts for the project.
What affects how much I’ll pay for general liability insurance in Ohio?
Many factors affect how much you’ll pay for insurance, such as:
- Where you work
- What industry you’re in
- How long you’ve been in business
- Revenue
- Number of employees (the more employees you have, the more likely it is that one of them will damage something)
- Claims history
How much does general liability insurance cost in Ohio?
Small businesses in Ohio can expect to pay between $250 and $6,000 a year for a general liability insurance policy. This depends on many variables that we mentioned above such as the industries, the size, the number of employees, revenue, how long you have been in business, claim history, etc.
The cost of general liability insurance for a small business in Ohio varies by providers. So you should expect to have different quotes by different insurance companies. Make sure to shop around with at least 3 companies or a digital broker like CoverWallet to compare several quotes to find the cheapest one for you.
How to find cheap general liability insurance in Ohio?
General liability insurance is essential for small businesses. It is possible to find cheap general liability insurance for your business in Ohio. Below are some tips that you can consider:
- Always make sure to shop around for the cheapest price. Getting quotes from several companies or comparing several quotes with a digital broker like CoverWallet.
- Sometimes insurance companies will let you take a risk assessment to earn a discount
- Bundling several policies together will also earn a discount
- Before renewing your policy, make sure to shop around again to ensure that your current policy has the cheapest price already.
Last Thoughts
General liability insurance is a necessity if you own a small business in the state of Ohio. It may not be too expensive and it will give you peace of mind and allows you to focus on growing your business. After determining how much coverage you need, you should get quotes from at least 3 companies or a digital broker to compare and choose the cheapest one for you. You should also consider the company’s financial strength and customer reviews as well. You want a company with low prices that you can rely on.
