Business Insurance Toledo, OH
There are numerous options to find coverage for business insurance in Toledo, OH. You absolutely need insurance to protect your business from liability and accidents. This guide will help you choose the right coverage at an affordable price.
According to data on the insurance industry, 75% of US businesses are underinsured, and 40% of small business owners have no protection whatsoever.
A study conducted by Advisor Smith found that 75% of small businesses faced an insurable event in 2020. Use an online insurance provider to get a quote, find personalized insurance products, and easily file claims.
Recommended: Estimate your premiums and coverage options in Ohio. Get a quote from a dedicated small business insurer.
What Insurance Do I Need for My Toledo Small Business?
With average premiums for general liability insurance in the United States at about $800/year, protecting your business can be affordable and a smart decision.
Your premiums in Toledo, OH will depend upon your industry, revenue, and risk. A brick-and-mortar business providing any kind of general product, services, or consulting could use a host of coverage options, such as general liability insurance for onsite accidents, commercial property insurance to protect against theft, or workers’ compensation to offer support in the event of workplace injuries.
Ecommerce businesses have unique needs and may be more concerned with data breaches or cybersecurity coverages. You can bundle most of these into a business owner’s policy (BOP).
What Are the Different Types of Business Insurance?
Below are the most popular types of coverage that a small business in Toledo, OH may need:
General Liability Insurance Toledo
General liability insurance is the most common type of business insurance, as it covers the most basic needs that are shared among all types of companies. Things like bodily injury on your business's property and physical damage caused by employees or employers are covered by this policy.
Workers' Compensation Insurance Toledo
Workers' compensation insurance is meant to protect the interests of your employees if they are injured on the job. It can also protect your business from a lawsuit if that employee needs compensation for their injuries. Workers' comp is mandated for any company with employees in every state except Texas and South Dakota.
Business Owner’s Policy Toledo
A business owner's policy is a bundle of insurance policies usually consisting of general liability, commercial property, and business interruption insurance. Since they are packaged and sold as one policy, this makes the administration of your protection simpler, and it may even come at a discounted rate.
Find the Most Affordable Coverage
Visit our Cheapest Business Insurance review to find the best coverage at the lowest rate.
Online Business Insurance vs. Traditional Insurance Agency in Toledo
Online insurance agencies generally provide comparable coverage to a traditional insurer at a lower price. As a result, a growing number of small businesses prefer to use online business providers to find personalized insurance products and save on costs. They offer other benefits as well:
We highly recommend using an online provider like Next Insurance for a number of reasons:
- Mobile App: Easily access all your coverage provided and Certificate of Insurance (COI) through an app.
- Personalized Coverage: Online insurance providers use AI and predictive data to provide customized insurance options tailored to the unique risks to your business.
- Lower Premiums: Online insurance providers save on expenses by not having brick-and-mortar locations or full-time agents and pass on these savings to their customers through lower premiums.
- Quick Turnaround on Claims: You can file a claim online and receive a resolution, usually within 48 hours
- Convenience: Save time by avoiding speaking to an agent on the phone, get a quote instantly and insure your business within 24 hours.
Two Ways To Start Coverage
Compare Quotes Online
Use our dedicated small business insurance provider to generate a quick and accurate online quote, specifically for your small business.
Speak With an Insurance Representative
Representatives are online from 8:00 a.m.–8:00 p.m. ET, Monday–Saturday, to answer your questions and help you discover the best coverage.
Frequently Asked Questions
Do I really need business insurance?
A study conducted by Advisor Smith found that 75% of small businesses faced an insurable event in 2020. Because of this, it’s in your best interest to get insured.
How much should business insurance cost?
The cost of business insurance for a small business is typically between $700 and $3,800 a year, but this depends greatly on what types of insurance your business needs, your industry and the risk associated with your state.
What are the business insurance requirements in Ohio?
In Ohio, business insurance requirements may vary based on the type and size of your business. It's crucial to have the right insurance to protect your business from potential risks. For a comprehensive understanding of business insurance requirements in other states, please refer to our easy-to-understand guide.
How do I get business insurance in Toledo?
An insurer like Next Insurance offers convenience and can get you an instant, online quote with your specific needs in mind or we recommend calling a local insurance agency as listed below in Toledo to discuss your unique needs.
What happens if I don’t have business insurance?
- In the event of any liability, such as property damage, client injury, data breaches, etc., you can be held responsible to pay in full any court-appointed charges, with no benefit payout to help cover the cost.
- Businesses may choose not to work with you, as they do not want to assume all of your risk on their own insurance policy.
- Depending on your business and jurisdiction, your state or local government may shut down your business if you do not satisfy their insurance requirements. In addition to this, you may be forced to pay a penalty.
Do I need business insurance if I’m a sole proprietorship?
Yes. Sole proprietorships, like other businesses, should get business insurance.
Small Business Resources in Toledo, OH
Toledo Regional Chamber of Commerce
The Toledo Regional Chamber of Commerce offers entrepreneurs and small businesses multiple avenues to help develop their companies. Membership with the Chamber provides access to a number of free guides, as well as relationships with influential members of the community.
- 300 Madison Ave. Ste. 200, Toledo, OH 43604
- 419-243-8191
Ohio SBDC
The Toledo chapter of the Ohio Small Business Development Center (SBDC) is located within the Toledo Regional Chamber of Commerce. The SBDC offers assistance to aspiring entrepreneurs in all stages of the business lifecycle, including counseling for business plans, financial planning, and marketing strategies.
- 300 Madison Ave. Ste. 200, Toledo, OH 43604
- 567-420-1238
Bitwise Cowork
Bitwise Cowork facilities offer entrepreneurs 24/7 access to comfortable, well-lit workspaces, both individual and shared. They also have reservable conference rooms — all equipped with high-speed internet — as well as podcasting booths.
- 1300 Jefferson Ave., Toledo, OH 43604
- 419-500-3065
SBC Offices
For businesses needing a workspace or an official business address, SBC Offices offers fully equipped meeting rooms for whatever you may need, from launching a new product or having a full team meeting. They also provide virtual and physical office spaces, virtual office addresses, as well as mail forwarding services.
- 1300 Jefferson Ave., Toledo, OH 43604
- 419-500-3065
Local Insurance Agents in Toledo, OH
We have compiled a list of local insurance agencies in Toledo, OH if you prefer to discuss your specific needs by speaking to an independent insurance agency or representative.
Compass Insurance Services
- Google Rating: 5/5
- 3011 Tremainsville Rd., Toledo, OH 43613
- Monday–Friday, 9:00 a.m.–4:30 p.m. ET
- 419-885-7283
Gus Badra Agency
- Google Rating: 4.8/5
- 3454 Oak Alley Ct. #106, Toledo, OH 43606
- Monday–Friday, 9:00 a.m.–6:00 p.m. ET
- 419-469-5522
Paradigm Insurance Company LLC
- Google Rating: 4.9/5
- 2509 W. Sylvania Ave. #14, Toledo, OH 43613
- Monday–Friday, 9:00 a.m.–5:00 p.m. ET
- 419-930-1354
Great Lakes Insurance Partners
- Google Rating: 4.8/5
- 5215 Monroe St. #15, Toledo, OH 43623
- Monday–Friday, 8:30 a.m.–5:00 p.m. ET
- 419-841-2000
Fuller & Sons Insurance Agency
- Google Rating: 5/5
- 5660 Southwyck Blvd. Ste. 200A, Toledo, OH 43614
- Monday–Friday, 8:30 a.m.–5:00 p.m. ET
- 419-866-8796
RBI Insurance Agency & Financial Services
- Google Rating: 4.9/5
- 3421 N. Holland Sylvania Rd., Toledo, OH 43615
- Monday–Friday, 9:00 a.m.–5:00 p.m. ET
- 419-841-4446
Regan Insurance
- Google Rating: 5/5
- 3034 W. Sylvania Ave., Toledo, OH 43613
- Monday–Friday, 8:30 a.m.–4:30 p.m. ET
- 419-292-0001