Insurance for Ohio Contractors
Whether you’ve been in business for 20 years or you’re just now branching off on your own, the fastest way to bankrupt a business is to have a Liability claim that is not covered.
Regardless of whether you’re an Electrical, HVAC, Roofing, Landscaping or General Contractor in Ohio, the State typically requires you to carry a General Liability policy and Workers Compensation. These policies are complex and that’s why it’s so important to have the proper coverages for the financial health of your business.
Worker’s Compensation in Ohio
First, let’s discuss Worker’s Compensation. Ohio is a monopolistic state which means that the State operates the Worker’s Comp fund. Therefore it is not offered through private insurance companies and not sold through agents. If you are a General Contractor it is extremely important that you make sure all of your Sub-Contractors have the proper Worker’s Comp insurance otherwise you may be held liable for any non-compliant Sub-Contractor under Ohio R.C. 4123.01.
General Liability is the foundation of a good insurance policy. Just like building a good home, if the foundation is poor, the rest of the home is at risk. Well the same thing can be said for your insurance policy.
General Liability protects you and your business from lawsuits brought against you from a third party. One single claim may result in the closure of your business, bankruptcy or possibly losing your personal assets.
Additional Coverage’s for Contractors
Most Contractors have additional exposures that require additional coverage’s and in some cases additional policies. Most insurance companies in Ohio will offer a Contractors Package which will allow an agent to add needed coverages to the existing GL policy instead of writing multiple stand-alone policies. These coverages may be Commercial Auto, Commercial Property, Business Personal Property, Inland Marine, Employment Practices Liability Insurance and Surety Bonding.
Experience is a MUST
Commercial insurance is very complex. It is important to work with an agent who has experience in insuring businesses like yours and understands the necessary coverage’s. To put it in other words, would you build your dream home with a Contractor who has never built a home before?
Best Insurance Companies in Ohio
In my experience some of the best insurance companies in Ohio for Contractors are only offered through independent agencies. Independent agencies work for you, the client and not for any one individual insurance company. A list of companies that I feel is very competitive with pricing, claims and service is as follows.
- Cincinnati Insurance Companies
- Motorists Mutual
- Pekin Insurance Company
- Grange Insurance Company
- Westfield Insurance Company
If you would like to talk with an Insurance Advisor who has experience insuring businesses like yours, please call us at 330-494-7900.