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Get Insured and Bonded in Ohio

If you are running any type of business, whether as a sole trader or a one-man company, it is always advisable to purchase some form of liability insurance to protect your assets. Risk professionals also attached as an additional layer of protection against situations recommend always caused by dishonest employees or inability to complete contract job. In Ohio, certain transactions such as construction and day care providers are both committed insured and bonded. Depending on the profession, costs are insured and bonded can be expensive.

Total insurance and bonding process is fairly simple. Check with Ohio Department of Commerce to determine whether your company or line requires the labor insurance and or or binding. It is recommended to always have a liability insurance policy, even if it is not a state requirement.

Get Insured and Bonded in Ohio

Call local business insurance broker. Generally, business insurance brokers not only sell liability insurance but also provide surety or performance bonds. Explain your business model to broker and determine correct amount of liability coverage you need.

Most Ohio municipalities require those seeking to conduct business with local government have at least two million dollars in liability coverage. Also, state of Ohio requires any business with at least one employee, besides owner, to carry workers compensation insurance. broker can also arrange for workers compensation policy with Ohio Bureau of Workers Compensation.

Provide broker with your business registration and financial and professional references and pay fees for coverage. cost of business liability coverage varies depending on amount of coverage requested. Familiarize yourself with bonding requirements and determine what type of bond is required for your business.

Ohio requires surety or performance bonds for business that is regulated by state. surety bond insures that if you fail to complete project, sponsor of project will be paid difference to hire another firm to complete work. surety bond also insures that businesses that handle money, such as lottery vendors, are financially stable and can meet their obligations.

Provide broker with your references and available banking and credit information. broker will determine correct bond amount depending on state of specific project requirements. As with insurance, cost for bond varies, but as May 2011, average cost for bond in Ohio in about 2.5% of coverage provided. broker will provide you with bond certificate.

If your business is required by state of Ohio to have bond, copy of certificate must be on file with state agency that regulates your industry.

We hope this information about “How to Get Insured and Bonded in Ohio” is really helpful to you as well as other information related to Insurance

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How to Get Insured and Bonded in Ohio

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