When it comes to business insurance, requirements can vary state by state and may depend on the industry you work in. 

In most cases, commercial business insurance in Springfield, Ohio is not mandated by law. However, some businesses or states may require one or all of the following when it applies to your business.

Most states require businesses with employees to purchase workers’ compensation insurance. Sometimes other policies are required, as well.

Workers Compensation Insurance

Almost all states, including Ohio, require businesses with employees to purchase workers’ compensation insurance. Workers’ compensation insurance protects a business owner from claims by employees who experience a work-related injury or illness either sustained on business premises or due to business operations

Commercial Auto Insurance

Just as auto insurance is required by law for your personal vehicle you will also need to purchase commercial auto insurance should your business own a commercial vehicle. A commercial auto insurance policy will provide protection if an employee gets into an accident. This can help cover injuries, property damage, and legal fees. 

Professional Liability Insurance

Some professionals such as real estate agents or financial advisors may be required to obtain professional liability insurance. This would protect you in a situation where a client chooses to sue over a mistake or oversight that caused financial loss. 

Liquor Liability Insurance

If your business is a bar or restaurant or anywhere that will serve or sell alcoholic beverages then you may need to purchase liquor liability insurance. In order to obtain a liquor license, in many states, you will have to have liquor liability insurance. This policy will provide protection for injuries or property damages caused by an overserved patron. 

There are many situations unique to your business that could require you to purchase some form of business insurance. Even when business insurance isn’t required by law, there are many business insurance policies that are crucial and beneficial for business owners to obtain. 

For more on business insurance near Springfield, Ohio, contact Link Hellmuth Insurance today.