Errors and Omissions Insurance in Ohio

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What is Errors and Omissions insurance?

An Errors and Omissions insurance policy (also known as E&O or Professional Liability insurance) is an essential policy that protects you and your company in case of a lawsuit due to alleged professional wrongdoing.

According to the U.S. Small Business Administration’s Office of Advocacy, there were 996,693 small businesses in Ohio as of 2022. They accounted for 99.6% state-wide businesses, but these numbers are on the rise.

There are many opportunities to make mistakes, regardless of what industry you work in and what types of products or services you offer. Even if you have a great track record, one mistake can lead to a lawsuit against your business.

Errors & Omissions insurance is essential to many small business owners to safeguard their future financial security in a highly competitive market. Your business is protected against any claims arising from your negligence (errors) and insufficient services (omissions).

What does Errors and Omissions insurance cover?

Errors and Omissions insurance in Ohio covers approved expenses up to the limits specified in your contract, such as:

  • Legal costs – Most lawyers charge an hourly rate. Even if the case is resolved quickly, it can be costly to hire good legal counsel. The longer it takes for the matter to be resolved, the more money you will have to spend.
  • Court Expenses – Filing documents with court, underwriting charges and other administrative costs.
  • Settlements – To save both sides money and avoid expensive, long-drawn-out litigation costs, most claims are settled outside of court. You might need to pay a client a specific amount depending on the advice of your legal counsel.
  • Judgments – If your case goes to trial and the judge rules in favor of the plaintiff, then you will need to pay the adjudged amount. Otherwise, there is the possibility of a lien being placed against your business assets.

Who needs Errors and Omissions insurance in Ohio?

Errors & Omissions insurance is recommended for professionals and businesses whose work involves providing advice, educated recommendations, or designing solutions.

No matter if the claim is valid or not, Errors & Omissions insurance protects you, your business, and your reputation from costly consequences.

Professions that often require E&O insurance include, but are not limited to:

Architects Notary Publics 
Consultants Personal Trainers
Engineers  Pilates Instructors 
Home Care Providers and Businesses Yoga Instructors 
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What is the cost of Errors & Omissions insurance?

In Ohio, the average annual cost for E&O Insurance is around $616. However, this depends on your business. Like most insurance, the greater the risk element, the higher your premiums may be to cover it.

Some factors that may affect the cost of your Errors and Omissions coverage:

  • Your business’s priorities, location, and risk appetite
  • The turnover and size of your business
  • How much insurance you require
  • If any, your previous claims history
  • The persons being covered – their qualifications, suitability to the job and any past claims

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Does General Liability include Errors and Omissions coverage?

Errors and Omissions coverage is not included in a General Liability policy. General Liability covers bodily injury and property damage caused by customers, vendors or other third parties. You can be held responsible for errors or omissions that may arise from the services you provide if you do not have an E&O policy.

Continue reading: Errors and Omissions vs. General Liability insurance

How can I get Errors & Omissions insurance for my Ohio business?

BizInsure allows you to compare E&O policies with top-rated U.S. insurers and discover small business protection at an affordable price.

As with any insurance, coverage will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this guide is general only and should not be relied upon as advice. The number of quotes provided varies between products, occupations and other underwriting factors determined by the insurers.
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