Business Insurance
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March 7, 2023

We have a small business. We don't need much insurance, right?

It may be tempting to go without insurance for your small business or think that simply registering it as an LLC is enough, but failing to have the necessary coverages can end up costing you in big ways. In fact, most states require small businesses to carry certain types of insurance. In Ohio, for example, businesses must have workers compensation insurance if they employ more than one person.

Failing to have insurance can also cause significant financial strain should an employee or customer get injured on the job or while visiting your business. If you own a yoga studio and don’t have the right coverage, for example, you could face a mountain of medical bills if a student gets injured doing downward facing dog (it’s happened!).

What insurance does my business need?
There are many different types of insurances for small businesses. While some offer protection for specific industries, others are more comprehensive and benefit nearly every type of business.

Below are three types of business insurances you should definitely have:

Workers’ compensation insurance - As we mentioned above, it’s mandatory for Ohio businesses with more than one employee to carry workers’ compensation insurance. This insurance helps cover medical costs if your employee gets injured on the job or develops a job-related medical condition like carpel tunnel syndrome, for example.  

General liability insurance - These policies can protect your business if you are sued for bodily injury or property damage. In the yoga studio scenario mentioned above, for example, if the studio owner had general liability insurance, they’d be able to breathe easy knowing that a large percentage of the student’s medical bills would likely be covered by the policy.

Does your business make products? If so, consider product liability insurance that helps protect your assets if your product causes bodily injury or property damage.

Professional liability insurance - If you offer professional services like accounting and tax preparation, or legal assistance, it’s important to carry professional liability insurance to help cover costs if you make an error. This type of insurance (also called errors & omissions insurance) can also offer protection from breach of contract, failure to meet standards, and even copyright infringement.

Remember: If your business is not properly insured, you could be required to pay out-of-pocket for lawsuits and employee injuries. To learn more about what insurances are best for your business, contact the team at Roehr Insurance Services Agency. We can help you choose the right insurances so your business stays protected and you can focus on making it grow.

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