Business insurance is essential when starting a new business in Ohio. In 2020, over 4 million new companies were registered with the United States Census Bureau. If you are one of these new entrepreneurs adding to this statistic each year, it would be worthwhile for you to have a business insurance policy.
Whether it is a small policy for your small startup or a large policy for your corporation with dozens of employees and multiple locations, you must protect your business.
What is Business Insurance?
In layman’s terms, business insurance provides coverage options that help protect your business and your employees. Typically, a standard business policy includes property insurance, general liability, and business income coverage.
ROI and Safety Net Ohio Companies
It is safe to assume that if you are just starting your business, you have to make smart business decisions especially regarding spending. In this case, you probably set up a safety net plan or have a strong understanding of your returns on investments (ROI). When building their business, most small companies follow these two guidelines, so they do not fail when unexpected losses arise, such as equipment failure or a market downturn.
A safety net plan is critical, just as it is for renters with renter’s insurance, in that it acts as an emergency fund for your small business to fund unexpected expenses. These expenses can range from equipment failures, employee shortages, property damages, inflation, and more. If your business were to face one of these hardships, then your safety net plan would need to be enacted to cover the costs of these issues. Other small businesses may initially decide to spend more money and strongly track their returns on investments (ROI).
Essentially, an ROI is a financial concept that measures the profitability of an investment. If your small business is doing well and you need to hire another employee or two to keep up with the demand, then you would turn back to your ROI plan and determine if hiring and paying new employees would benefit your company in the long run. You may be putting up more money upfront, but the profits will outweigh the cost of hiring your new employees when you meet your demand.
Although these execution plans can work in some instances, you may be surprised to hear that owning a business insurance policy can save you money in the long run. Instead of dipping into savings funds in the event of financial hardships, you would be relying on your insurance provider to cover the cost of these unexpected expenses. All you would have to do is pay your deductible, and your insurance provider will cover the rest up to your policy limit. Doesn’t that sound much easier than constantly analyzing your checks and balances?
Situations Where You’d Need Business Insurance
You may not even be aware of the many instances where owning a commercial insurance plan may save you!
Building or Property Insurance
Most businesses operate out of a dedicated workspace; whether it is a small office in a strip mall, a stand-alone building, or a whole floor in a high rise, your business is typically responsible for any damages within the occupied space. A standard business insurance policy protects the building itself and everything inside of it.
Equipment
Think about how much equipment your business uses to operate. From computers and furniture to printers and special machinery, you are responsible for replacing these items if they are stolen or damaged in a fire. However, if you had a policy, you would be compensated for these damages.
Inventory
Inventory is another important feature of your business. Could your business operate if you had an inventory shortage? Probably not, but this is why owning a standard business insurance policy could help! The insurance provider may refund you for your inventory loss, allowing you to get right with your customers and get your business back on its feet!
Vehicles
Owning a business insurance policy allows coverage for the vehicles owned, leased, hired, or borrowed by your business. There are both compulsory auto policies and optional coverage that you can add to your plan! Be sure to assess your needs before purchasing a business insurance policy.
Frequently Asked Questions
What happens if we don’t have business insurance?
If you do not own a business insurance policy, you could end up facing financial hardship due to unexpected events or damages. If you do not own a policy, it would be up to you to pay out of pocket for these unexpected expenses.
How much does business insurance typically cost?
The cost of a business insurance policy depends on a few factors: the size of your business, the number of employees, the amount of coverage needed, and how much you are willing to spend. Contact a Zimmer Insurance Group representative today to discuss pricing and coverage options.
Is business insurance mandatory?
Business insurance is not mandatory. However, it would be beneficial for you, in the long run, to invest in a good business insurance policy so that you can be safe rather than sorry.
Who can I talk to if I want to get started?
Get a quote today from a professional team member at Zimmer Insurance Group. Their team will assess your policy needs and find you the best coverage options.
Ensure Your Business is Protected Today
Purchasing a business insurance policy is one of the smartest business moves you can make, no matter the size of your company. Insurance is a necessity when you need it most. Don’t let stolen inventory or damaged property ruin your day.
If you’re looking for business insurance in Ohio, then let the experts at Zimmer Insurance Group find a policy that is right for you! Zimmer Insurance Group proudly hails from Cincinnati and features a local staff packed with plenty of Buckeye pride. So reach out to us for a free quote today and see why our array of insurance solutions are the right choice for your business.