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Smucker Insurance Agency, Inc. Blog

What Happens if I Don’t Have Commercial Insurance

Not only does commercial insurance help safeguard your employees and businesses from costly lawsuits, damages, and more but also it helps you avoid penalties from the state for not having adequate insurance coverage. In Ohio, like other states, small businesses are required to carry two types of insurance for their company: 1) workers’ compensation insurance and 2) commercial auto insurance. 

First, workers’ compensation is legally required for any business with employees – regardless of their status as part-time, full-time, seasonal, or temporary workers – and helps pay for work-related injuries or illnesses sustained while on the job. Unlike many other states, workers’ compensation insurance must be purchased through a state agency in Ohio. Second, commercial auto insurance with at least state minimums for liability is required for any vehicle owned by the business. Additionally, although not required, it is highly recommended that if you require your employees to use their personal vehicle for work functions that they are covered under hired or non-owned insurance as the majority of personal policies exclude business use. 

Consequently, not carrying commercial insurance can have serious ramifications for a business. For starters, you’ll open your business to potential fines and litigation by the state of Ohio. Furthermore, not carrying commercial insurance means that you’ll be exposing your business and risking your own personal assets should you be found liable in a lawsuit from employees or a third party.

When you need to find commercial insurance, but don’t know where to start contact the all-star team at Smucker Insurance Agency Inc. in Plain City, OH. Our friendly and professional group of insurance experts will walk you through your options and learn about your business so that we can customize a commercial insurance policy that checks all the boxes.