Best General Liability Insurance in Ohio (2024)
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MoneyGeek ranked Ohio’s top general liability insurance companies by examining crucial factors such as affordability, customer satisfaction and financial stability. Thimble is Ohio's best general liability insurance company, receiving a MoneyGeek score of 90 out of 100. Policies from this provider cost an average of $54 per month for LLCs with 20 employees and $22 per month for sole proprietors without employees.
We also ranked companies based on affordability and found that Next provides Oho’s cheapest general liability insurance for budget-conscious small business owners. Next’s general liability coverage is an average of $25 per month for LLCs with 20 employees and sole proprietors without employees.
Best Overall General Liability Insurance in Ohio
When it comes to securing top-notch general liability insurance coverage, Thimble stands out as the best overall company, with an impressive MoneyGeek score of 90 out of 100.
To illustrate the market’s rankings, the table below showcases the rates and MoneyGeek scores for the various companies we analyzed in Ohio, giving you a view into how Thimble excels compared to its competitors.
Offers the most affordable policy for sole proprietors
Strong financial stability
Provides the fastest online quotes
Relatively expensive for LLCs
Low customer satisfaction
Thimble offers sole proprietors the most affordable average rates for general liability insurance, a significant benefit for business owners just starting out or simply looking to cut costs. Its high financial stability ratings may reassure businesses seeking a reliable and trustworthy insurance partner. The provider's online quote system is also the fastest in the market.
However, this provider is relatively expensive for LLCs, and its customer satisfaction ratings could be better. These downsides are relevant to consider when choosing your insurance provider, as a lack of satisfaction from policyholders may indicate poor service.
Cheapest General Liability Insurance in Ohio
Next stands out as the most affordable company, offering the lowest average monthly premiums for sole proprietors and LLCs at around $25 per month. To rank these companies, we used an affordability score that combines the monthly costs for sole proprietors and LLCs, with both contributing equally (at a 50% weighting) to the overall score.
While Next is the cheapest insurer on average, specific companies may offer the lowest rates for sole proprietors or LLCs separately.
Most affordable general liability insurance for LLCs
Provides quick online quotes
Subpar financial stability
Doesn’t offer the lowest premiums for sole proprietors
Next generally offers the most budget-friendly general liability insurance for LLCs and a rapid online quotation service for added convenience, streamlining the experience for potential clients.
However, the company's subpar financial stability could indicate that it is at risk of insolvency, which may result in the denial of insurance claims or the inability to pay them out entirely. This issue could be especially problematic for businesses that depend on insurance coverage to protect their assets and operations from unexpected financial losses. Next also doesn’t provide the lowest premiums for sole proprietors, potentially making them less attractive to individual business owners.
Best General Liability Insurance for Employers in Ohio
Nationwide tops the chart as the best employer insurance provider, with a MoneyGeek score of 96 out of 100 and an average monthly cost of $34 for LLCs. We determined this ranking by examining the average monthly price of general liability insurance for LLCs with 20 employees.
Your number of employees dramatically influences the cost of general liability insurance. Smaller businesses with less than 20 employees can expect to pay less than the average rates, while larger firms will likely need to pay a higher premium.
Offers strong financial stability
Provides excellent customer service
Slow online quote processing system
Doesn’t offer the cheapest general liability policies for LLCs
Nationwide is well-regarded for its strong financial stability and high customer satisfaction, indicating that customers are generally pleased with its coverage and services. However, the company may need to be faster in processing quote requests, and customers may be more likely to seek out competitors who offer a quicker and more seamless online experience.
While it is competitive in terms of LLC rates, it places second in providing the most affordable average rates on the market. Those looking for the lowest rates available may consider another company instead.
Best General Liability Insurance for Sole Proprietors in Ohio
biBERK emerged as the top choice for sole proprietors, securing an impressive MoneyGeek score of 96 out of 100. It has an average monthly cost of $23.
We tailored these rankings to the average sole proprietor without employees. However, rates may be higher for those venturing into riskier industries, such as construction. This discrepancy is due to the increased potential for accidents and liabilities inherent in these types of businesses.
Sound financial standing
Provides excellent customer satisfaction
Slow online quote platform
Doesn’t offer the cheapest general liability policies
biBERK boasts a solid financial position, ensuring stability and trustworthiness in its services. This metric usually reflects the company's ability to meet its financial obligations and assures customers and stakeholders that the company is a reliable and trustworthy partner. Its stellar customer approval ratings also testify to its dedication to exceptional service.
That said, its online quote system could benefit from increased efficiency, and its pricing may not be the most budget-friendly option for some customers who are particularly keen on affordability.
Do You Need General Liability Insurance in Ohio?
General liability may not be a legal requirement in Ohio, but it can be a good investment. This coverage acts as a safety net, shielding businesses from any financial burdens arising from accidents, injuries or property damage linked to their products, services or operations. By investing in insurance, you're fortifying your business against potential lawsuits and fostering a sense of trustworthiness and credibility among clients and partners, particularly in industries where contracts or licenses require coverage.
In Ohio, businesses are subject to specific business insurance requirements. For instance, workers' compensation insurance is obligatory for companies with any number of employees. This coverage ensures that employees injured on the job receive adequate benefits and protection, ultimately creating a secure and supportive work environment.
Moreover, Ohio requires commercial auto insurance for vehicles utilized for business purposes. The state requires a minimum coverage of $25,000 per person, $50,000 per accident for bodily injury and $25,000 for property damage. This insurance protects businesses from financial liabilities resulting from vehicular accidents, underlining the importance of comprehensive coverage in maintaining a resilient and thriving enterprise.
Ohio dedicated its Minority Business Enterprise (MBE) initiative to empowering minority-owned enterprises by helping them secure state government contracts for various products and services. Acknowledging the importance of cultivating the growth of these businesses, Ohio designed the MBE program to facilitate progress and expand the pool of skilled contenders in the commercial landscape.
How Much Is General Liability Insurance in Ohio?
Securing general liability insurance in Ohio can be prudent for sole proprietors and LLCs. For a policy that includes a $2 million aggregate limit, a $1 million occurrence limit and a $0 deductible, the average monthly cost is $27 for sole proprietors and $51 for LLCs.
The aggregate limit represents the highest sum an insurance company will disburse for claims within a policy's duration. The occurrence limit indicates an insurer’s maximum coverage for a single claim. The deductible refers to the expense that entrepreneurs must pay before their insurance takes over to cover a claim.
Factors That Impact General Liability Insurance Costs in Ohio
General liability insurance costs in Ohio can vary significantly for businesses, depending on several key factors. We outline these factors and their impact on coverage expenses below:
Frequently Asked Questions About General Liability Insurance in Ohio
Selecting the most suitable general liability insurance for your business depends on various factors particular to your enterprise. We answered some commonly asked questions to provide valuable insights into navigating this complex process.
About Melissa Wylie
Melissa Wylie is a Content and SEO Manager at MoneyGeek. Melissa has worked in the financial content space since 2018 and has spent much of that time focused on all things small business.
Prior to joining MoneyGeek, Melissa held SEO positions at Bankrate and LendingTree. Melissa’s work has also appeared on LendingTree-owned websites ValuePenguin and MagnifyMoney.
Melissa began her career at American City Business Journals in 2015 as a reporter for the company’s women-focused publication Bizwomen. Melissa has a Bachelor of Arts in Journalism from the University of North Texas. Melissa relies on her foundation in journalism to craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.
Melissa's other work can be read on LendingTree and Bizwomen.