Cincinnati Small Business Insurance Is More Complicated Than the Price We Pay for It™

When you own a business you need to take steps to protect your financial interest in your company with business insurance in Cincinnati.

The reason why it’s important not to neglect protecting your company is really no different than reasons why you purchase car or homeowners insurance.

Three Crucial Mistakes Business Owners Make on Business Insurance in Cincinnati

In a worst-case scenario these mistakes could lead to the permanent closure and complete liquidation of that business. Additionally if the owner has not taken the legal step to set up a Corporation, and is operating under a sole proprietorship, all of his or her personal assets are subject to seizure when a business fails!

Imagine for just a moment that you have either built a successful business from the ground floor, purchased a local business making a sizable financial investment, or you inherited a family business that disappears right before your eyes because of an insurance mistake!

You might not believe that it could ever happen to you, but that’s the first mistake business owners make.

It Will Never Happen to Me!

In my early years in the insurance business I was working with a local company that sold products to the construction industry and they would deliver their products to job sites using large trucks.

When I initially contacted the owner of this building supply company he was only interested in obtaining health insurance quotes for his two sons and their families. I was able to help them with their health insurance and I asked if I could review the commercial insurance for his business.

The owner of the building supply company was about 70 years old at the time because he was on Medicare and he told me, “Son, I don’t believe in insurance. The only reason why I bought the health insurance is to take care of my two sons and their families.”

I was new in the business so I didn’t press the issue. 

About three years later one of the sons called to cancel their health insurance for the business. Naturally I asked why they were canceling and he told me that they had lost their business because of an auto accident.

Apparently one of the employees was not paying attention while driving a delivery truck to a jobsite and this employee caused a fatal accident involving a young mother. 

The business was sued because of the actions of their employee and found liable for more than $1 million in damages.  Because they did not have insurance, the business was liquidated to pay for the judgment and 6 people, including family members of the owner of that business, lost their jobs because the business owner did not believe in insurance.

His lack of belief in insurance may have been translated into, “I don’t think anything would ever happen so I don’t need business insurance.” 

Of course the family of the poor young mother lost the most, however the business owner lost a company that he had built from scratch starting in the 1950s because of the negligence of one of his employees, and his family lost the ability to inherit a successful business.

The owner of this once successful building supply company lost his business because he did not believe anything would ever happen!

Business Owners Should Double Check Their Coverage Needs

You need to take time to review your potential liability exposures for your business activities even if it’s a brand-new business venture. 

Where would Microsoft, one of the most prominent technology companies in existence be today if Bill Gates had a judgment rendered against him for $1 million because he did not own business insurance, within the first 90 days of Microsoft’s existence?

Would that $1 million judgment have shut down a future multi-billion dollar company because he did not have the foresight to purchase business insurance?

That’s how important business insurance is even to brand-new business ventures.  If chaos strikes you may have to close your doors even before you really get started!

Business Insurance in Cincinnati is Available From Top Rated Companies

We can help you find the best business insurance in Cincinnati for your business . Call 513-662-7000.

Looking for Business Insurance Quotes in Cincinnati?

Our agency can help your company find business insurance for nearly any type of situation. No matter if you are looking to insure complex construction projects, or you are a one-person contractor  call our office at 513-662-7000 for the best business insurance quotes in Cincinnat.

If your business is outside of these three states click here to receive an online business insurance quote in the other 47 states.

The Best Place to Purchase Business Insurance in Ohio

An independent insurance agent is the best place to find Cincinnati business insurance. The reason why is because independent agents can represent many different insurance carriers giving your business the best opportunity to find the best rates on business insurance in Cincinnati.

What is Business Insurance?

It’s a specific type of insurance to protect a variety of different exposures that a business may face.  For instance let’s assume that you are a contractor and you use your personal vehicle to transport tools and equipment and supplies to your individual jobsites. 

You likely will need to purchase commercial automobile insurance.  A personal automobile insurance policy may exclude certain business type activities in the event you are legally responsible for an accident.

Additionally you could be held responsible for property damage or injuries that occur due to your work activity and therefore you would need General liability insurance.  There are a number of other situations that could arise for your business requiring specific types of business insurance. Call our agency so that we can provide you a free analysis for your business.

Do I Need Business Insurance?

If you own a business and you want to protect your personal assets simply incorporating your business may not provide you complete protection. Commercial insurance in Cincinnati can provide you the protection that you need in the event you were held liable for a claim.

What Can Happen to My Business without Business Insurance?

Claim scenario -An employee working for a construction supply business drives his commercial truck through a red light and hits a minivan killing the driver of the vehicle instantly. The family of the driver files a civil lawsuit against the company and a judgment of $1 million was assessed. There are The owner of the construction supply business did not have commercial auto insurance and he was forced to sell his business to cover the $1 million judgment.

Contact Our Independent Insurance Agency for in Cincinnati Business Insurance Quotes

If your business is located outside of Ohio, Kentucky, or Indiana, click here to receive an online business insurance quotes.