Errors and Omissions Insurance in Ohio
- Compare prices in minutes. There’s no obligation to purchase
- Purchase online to instantly receive your coverage confirmation
- Access only top-quality insurance companies (A-rated or better)
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?
Ohio’s Errors and Omissions insurance 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 |
Speak with our licensed agents today
You can relax knowing you’ve secured the right insurance at a competitive price. BizInsure’s licensed and knowledgeable agents are here to help you find the right product.
What is the cost of Errors & Omissions insurance?
In Ohio, the average annual cost for Errors and Omissions Insurance hovers 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
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.
Learn more about errors and omissions insurance in the states where you work.
© Copyright 2023 BizInsure LLC, 2015 ALL RIGHTS RESERVED BizInsure LLC; CA DBA: Simple, Smart, BizInsure Insurance Agency LLC; NY DBA: BizInsure Services LLC; NH DBA: Simple, Smart, BizInsure Insurance Agency; PA DBA: BizInsure Services LLC. 2950 Buskirk Ave Suite 300, Walnut Creek CA 94597. License #0H81929
