Get the right commercial insurance for your Columbus business
Which insurance policies are recommended for Columbus businesses?
As one of the leading states for small business growth, Ohio and the city of Columbus are bustling with opportunity. Protect your small Columbus business with these common insurance products.
General liability insurance
A general liability policy protects Columbus businesses from legal costs related to customer accidents, defamation, and copyright infringement. Commercial leases often require it.
- Customer accidents at your business
- Libel and other advertising injuries
- Product liability insurance
Professional liability insurance
This policy covers lawsuits related to mistakes and oversights, such as a consultant's advice that leads to financial loss. It's also called errors and omissions insurance (E&O).
- Mistakes that cause financial loss
- Accusations of professional negligence
- Missed deadlines
Cyber insurance
Cyber liability insurance covers the costs of data breaches and cyberattacks. Every Columbus business that handles credit cards or other personal information should carry this coverage.
- Customer notification costs
- Fraud monitoring services
- Data breach investigations
Business owner’s policy
A BOP bundles general liability coverage and business property insurance together at a discount. It's the policy most often recommended for small businesses in Columbus.
- Customer injuries
- Damaged business property
- Business interruption coverage
Workers’ compensation insurance
All Columbus businesses with employees are required to carry workers' comp. It also covers work-related medical bills for sole proprietors, which personal health insurance may not cover.
- Medical expenses from employee injuries
- Disability benefits
- Workplace injury lawsuits
Commercial auto insurance
All vehicles owned by Columbus businesses must be covered by commercial auto insurance. This policy covers auto accident injuries and property damage.
- Medical bills from an accident
- Property damage caused by your vehicle
- Auto accident lawsuits
Errors and omissions insurance
Consultants and professional services in Columbus carry E&O to protect against legal costs from clients harmed by your advice or services. It's sometimes called professional liability insurance.
- Errors and oversights
- Late or incomplete work
- Negligence accusations
Commercial property insurance
This policy covers the cost of repair or replacement of your building's physical structure and its contents. Bundle it with general liability coverage in a BOP for a discount.
- Storm damage
- Fires
- Theft and vandalism
Commercial umbrella insurance
An umbrella policy provides coverage once the limit is reached on your underlying general liability insurance, commercial auto insurance, or employer's liability insurance.
- Customer lawsuits
- Auto accident lawsuits
- Employee injury lawsuits
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Which business insurance policies are required in Columbus?
State and local laws can determine the type of insurance you need. These policies help you comply with Ohio business insurance requirements, as well as protect your business operations.
Workers' compensation insurance
The workers’ compensation system in Ohio is different than in most other states. Ohio law requires every business with employees to provide workers’ compensation insurance purchased through a state agency.
This policy covers medical bills for work-related injuries and illnesses. It also provides disability benefits for injured Columbus workers.
Workers' comp policies purchased through the state fund don't include employer's liability insurance, which helps pay for lawsuits related to employee injuries. Columbus employers can buy this protection through a private insurer as stop gap coverage.
Commercial auto insurance
Ohio small businesses, from Columbus to Akron, are required by state law to carry commercial auto insurance for all vehicles that are owned by a business. This auto policy pays for medical costs, legal fees, and property damage after an auto accident.
Columbus businesses must meet the state's requirements for auto liability coverage, which are:
- $25,000 bodily injury liability per person
- $50,000 bodily injury liability per accident
- $25,000 property damage liability per accident
Keep in mind that this is the minimum you're required to carry. It's worth considering higher limits, given the potential cost of a lawsuit. Trucking companies also may need more coverage to comply with regulations.
If you need business insurance coverage for a personal, rented, or leased vehicle, you may want to consider hired and non-owned auto insurance (HNOA) instead.
How much does business liability insurance cost in Columbus?
Small businesses in Columbus don't have to pay a lot for commercial insurance solutions. Here are a few average costs for Ohio businesses, based on policy data from Insureon customers:
General liability: $42 per month
Professional liability/E&O: $78 per month
Business owner's policy: $71 per month
The cost of business liability insurance depends on factors such as:
- Type of business
- Business operations
- Number of employees
- Policy limits and deductibles
- Claims history
Top professions we insure
FAQs about Columbus business insurance
Review answers to frequently asked questions about Columbus insurance.
How do I get a certificate of insurance for my business?
Sometimes you need to get insured quickly to sign a contract or other agreement. With Insureon, you can get same-day insurance in three easy steps:
- Fill out our easy online application to get quotes from top-rated insurance carriers.
- Choose the insurance option that suits your coverage needs and pay for it online.
- Download a certificate of insurance (COI) by logging into your account.
Our licensed insurance agents will help you get the right types of coverage for your small Columbus business that match your risks and specific needs. Most businesses can get their certificate of insurance within a few hours of applying for quotes.
Can my business be held liable for a data security breach?
Yes – that's why cyber insurance is so crucial. Small businesses are a common target of cyberattacks since they often have fewer security measures in place.
Ohio's data breach laws require Columbus businesses to notify any residents whose personal information is exposed in a data breach within 45 days. Your business could also end up paying for a data breach investigation, a PR campaign, and other costs related to a breach or cyberattack.
Cyber insurance covers these costs and provides resources so you can get back to business fast.
Does my industry affect Columbus insurance requirements?
Yes, the city of Columbus may have special requirements for business insurance and bonds, depending on the type of work you do. There are a few requirements for businesses operating in Columbus, including having the appropriate business license, a letter of good standing, and a background check.
Here are a few examples of businesses with additional obligations:
- Contractors, carpenters, and other construction professionals often need commercial contractor general liability insurance or a surety bond to sign a contract or bid on a project. Having the right insurance and bonds helps you comply with state licensing requirements.
- Real estate agents and brokers and other professionals who offer advice or services sometimes need errors and omissions (E&O) insurance to get licensed in their state.
- Attorneys in Columbus must either carry malpractice liability insurance with policy limits of $100,000 per claim and $300,000 annual aggregate, or notify clients in writing if they don’t have this coverage.
When running a business in Columbus, you need to be aware of laws and regulations for Ohio, Franklin County, and the city of Columbus.
How can I get help starting a small business in Columbus?
As one of the top states to build a small business, Ohio and its capital city of Columbus offer plenty of opportunities for growth. To help you get started, here's a list of local organizations available to provide guidance and resources:
- The Columbus Public Library offers several resources for starting a small business in Columbus.
- The Columbus Chamber of Commerce enables networking opportunities and support for small businesses.
- Ohio Small Business Development Center (SBDC) works to help launch, grow, and sustain small businesses in the state of Ohio.
- SCORE Columbus OH provides free business advice and training, with support from experienced entrepreneurs from diverse industries and specialties.
- The City of Columbus offers a network of business resources for starting and growing a business in Columbus.
- The Ohio SBDC at Columbus State helps facilitate small business growth, job creation, and access to capital.
Keep in mind that many lenders will require you to first obtain several types of business insurance, which is yet another reason to insure your investment.
How can I save money on Columbus business insurance?
Small business owners can save money on insurance by comparing quotes from different insurance companies. With Insureon, you can get free quotes from top-rated providers by filling out one easy application.
There are a few other ways to save, such as:
- Bundle policies for a discount. The most popular option is a business owner's policy.
- Choose less expensive policy options, such as lower limits or a higher deductible.
- Focus on workplace safety. Fewer accidents means fewer claims, which helps keep your premium low.
Learn more about how to find cheap business insurance.