Business Licenses and Permits

One of the most important things to consider when you start a business is your employees.  Each state has different requirements for employee related taxes and registrations.  One requirement that is sometimes overlooked is Workers’ Compensation insurance.  All states require businesses to have some sort of Workers’ Compensation insurance to cover their employees. 

Some states offer assistance in obtaining coverage.  Ohio has an exclusive state program administered by the Ohio Bureau of Workers’ Compensation.  Employers may be self-insured, but they may not insure through private carriers.  The state’s application process can be done on a short form or online for a small minimum security deposit.  This is ideal for small and first time business owners and helps take the guess work out of finding insurance coverage.

Before you start hiring employees be sure you take some time to understand the insurance laws in your state.  A few minutes of research can prevent significant headaches down the line.

Amy Lee, Business License Research Analyst, Corporation Service Company

Tags: Ohio, workers' compensation