If you have an Ohio LLC, there are still a few things to consider for your business. One of those things is insurance. Why is insurance important? Because it helps reduce the liability of your LLC in Ohio.
LLC stands for Limited Liability Company and can help benefit your business in many ways, such as protecting your assets, boosting the credibility of your company and even saving you time on paperwork, by having a registered agent. In this article we will focus on the insurances that you can get for your company and discuss the difference between general insurance and professional liability insurance.
What is General Liability Insurance?
General liability insurance is a basic insurance that is aimed to protect your assets as a company. This is from a wide amount of risks that can be challenging the company and is generally designed for LLC companies and small businesses.
It can benefit and reduce the liability of your company if someone is injured on your business property, which covers the damage of the costs for you and your employees. Examples of injury can be bodily injury, personal injury or property damage. It is also beneficial for your company because it helps contribute towards the professionalism of the reputation for the company by showing that you have insurance that protects your business and its employees.
The general annual cost for this kind of insurance can be anywhere between $300 to $1000. This is all dependent on the state that you’re in, your location, the risk exposure for your company, the annual payroll amount, pay occurrence limit, the deductible and the aggregate limit.
What is Professional Liability Insurance?
Professional liability insurance is an insurance designed for both small and large businesses. For this insurance you get added benefits, such as protections against claims of inaccurate, negligent or unfinished work, which can result in lawsuits. An example of this is that an employee of yours has made an important mistake that can cost your clients, which will result in them suing you. The professional liability insurance covers legal fees and helps you fight against that.
However, the professional liabiity insurance does not cover what is highlighted above for the general liability insurance. However, it helps reduce any liability for your company in the form of lawsuits or accusations made against your company.
It can cost anywhere between $500 to $1800 for an annual professional liability insurance for your company. It is all down to the policy limit and policy prices. Things that you need to consider is the location, industry, number of employees, age of business and claims history.
It is actually recommended to purchase both insurances, so that you can protect your company in every way possible.
What companies can I use to form an LLC?
There are two companies that are recommended to use in Ohio. ZenBusiness is one example and has been widely praised by publications such as Fortune, The New York Times, Yahoo! Finance, TechCrunch and Austin American-Statesman. They offer excellent customer service and general support towards both new and existing customers. They offer three different packages, with the starter pack beginning at $39 annually, then the pro pack starting at $149 and lastly the premium pack starting at $249 annually.
The second company is LegalZoom, where they are known to practically help you in every way; even if you are not tech savvy. They also offer reasonable prices for general fees. The economy packages start at $79 annually, then the standard starts at $329 and the golden package starts at $349.
Which company can quote me for insurance?
CoverWallet is an insurance company that offers great quotations for free. They have all your insurance organised as a ‘digital wallet’, which includes assistance from insurance experts, certificate requests, instant quotations and even coverage comparison. This company is very popular for its personalized services, great customer support and insurance quotes.