Ohio Business Insurance

General liability insurance, also known as commercial general liability (CGL), protects your business from another person or business’s claims of bodily injury, associated medical costs, and damage to property. Some examples of what could be covered are below:

• Property damage: An educational consultant went to a student’s home to help the student with his college essay. While they were working, the consultant accidentally dropped the student’s brand new laptop computer, breaking it. The parents demanded that the consultant pay to replace the computer. General liability insurance may protect education consultants against third-party claims of property damage such as this, as well as claims of bodily injury and associated medical costs.
• Bodily injury: An engineer is giving a site tour to a client. Despite being instructed to wear a hard hat on the job site, the client does not, and incurs a head injury. The engineer is sued for the medical costs associated with the client’s injury. General liability insurance may protect engineers against third-party claims of bodily injury and associated medical costs, as in this case, as well as property damage.
• Personal injury: A human resources consultant made disparaging remarks about an executive at a client company, and they were overheard by the assistant to the executive. She reported them to the executive, who sued the HR consultant for defamation. General liability insurance may protect human resources consultants against third-party claims of personal injury such as this, as well as bodily injury, associated medical costs, and property damage.

Learn about how much general liability insurance costs.

Professional liability insurance, also known as errors and omissions insurance (E&O insurance), covers claims against businesses that provide professional services. Some examples of what could be covered include:

• Negligence: An investment consultant advises a client to invest in a start-up company that goes bankrupt in a year. It is later discovered that the consultant did not thoroughly research the company before advising the client to invest, and the client sues. A professional liability insurance policy may protect the consultant, including defense costs, up to policy limits.
• Defense costs: A consultant is sued by a client who consistently expanded the scope of work during the project despite having signed a contract. The lawsuit was found to be without merit, but the consultant’s professional liability policy covered their defense costs.

Learn more about professional liability insurance.

Business owner's policy (BOP) is a combination of general liability and business property insurance. A BOP is often used to provide balanced coverage for small businesses that also want to protect their own business equipment. Some examples of what could be covered are below:

• Business equipment: A computer programmer spills water on his high-end computer system causing irreparable damage. A business owner's policy may cover the cost to replace the system, letting the programmer get back to work.
• Business property: The office above a management consultant's office is flooded by a burst pipe and the water leaks into the office below, damaging several desks, chairs, and computers. The business owner's policy may cover the cost to replace the damaged furniture and equipment.

Learn more about business owner's insurance.

Cyber security insurance, sometimes called cyber risk insurance, provides protection against computer- and technology-related risks, such as data breaches and ransomware. Businesses that have a website, use email or accept digital forms of payment should consider cyber security insurance. Here are some situations that may be covered.

• Malware: An employee clicks on a malicious link in an email and the company’s computer network is infected with malware, rendering the system unusable. A cyber security insurance policy may cover the cost to recover the data and get the business back up and running.
• Data breach: A medical billing company suffers a data breach. It’s not clear if patient records were compromised, but the company is required to notify its customers and provide credit monitoring. The company’s cyber security insurance policy may cover the cost to comply.

Learn more about cyber security insurance.