Professional Liability Insurance
in Ohio

  • Compare prices in minutes, with no obligation to purchase
  • Purchase online to instantly receive your coverage confirmation
  • Access only top-quality insurance companies (A-rated or better)

Get instant quotes

According to the U.S. Small Business Administration’s Office of Advocacy (SBA), there are 996,693 small businesses in Ohio which make up 99.6 percent of the total number of the state companies. Small businesses are a major driver of economic growth in The Buckeye State. They added just over 388,158 new jobs to the state economy.

Ohio’s top five industries for small-sized businesses are:

  1. Social Assistance and Health Care
  2. Accommodation and Food Services
  3. Construction
  4. Professional, Scientific and Technical Services
  5. Retail

As Ohio’s economy continues to expand, small businesses may need to have a safety net in order for their businesses to be secure. Professional Liability insurance is one of the ways companies can protect the things they’re creating.

What is Professional Liability insurance?

Clients are increasingly difficult to please because of the increasing competition. No matter how meticulous you may be in completing your work on time, mistakes could quickly turn into an issue that could lead to an action. Each time you offer clients advice or accept work from them, you inadvertently take on exposure to liability as well.

Professional Liability insurance can protect professional service providers from potentially devastating financial damages resulting from alleged negligence or error in the delivery of your services. Professional Liability insurance is also called Errors and Omissions (E&O) insurance. Customers typically file Professional Liability claims if they claim some financial loss resulting from your services, products, employees.

A lawsuit for liability may be brought against you in the event that the product you developed is not performing or if you gave advice that caused financial loss for the customer. The lawsuit could assert that you made an error when you worked or your work wasn’t up to par. However, Professional Liability insurance in Ohio can protect your business from third-party lawsuits that are brought about through professional negligence or mistakes.

What does Professional Liability insurance cover?

Professional Liability insurance in Vermont protects against:

  • Errors or mistakes
  • Omission
  • Deadlines that are missed
  • Services not delivered
  • Negligence
  • Contract breach

The Professional Liability policy will cover legal expenses incurred to defend your company in the event of you are sued by you. The policy will cover lawyer’s costs, underwriting and documentation costs, administrative expenses, settlements and judgments.

In Vermont, Professional Liability insurance protects you from all kinds of losses, both actual and alleged caused by your work. Even if a case is ineffective, it can nevertheless be expensive. A Professional Liability insurance policy shields your business from legal costs. Without a policy, you would be responsible for these expenses, which could potentially result in bankruptcy or closure. In the event of a catastrophe, you could also need to draw from your personal savings to pay the legal costs.

What is not covered?

Many small-scale businesses benefit from Professional Liability insurance. However, it does not shield you from every risk your business might face. Other forms of insurance coverage could be necessary to safeguard your business.

This and other types of insurance are available to small business owners in Vermont.

  • General Liability also known as Commercial General Liability (CGL) or “slip and fall coverage” It can help protect your business from physical injury or property damage lawsuits from outside parties.
  • Business Owner’s Policy – Often shortened to BOP, this is an insurance product that blends General Liability as well as Business Personal Property insurance to shield small businesses from expensive service interruptions.
  • Workers’ CompensationWorkers’ Compensation insurance protects against lawsuits and medical costs that may result from workplace injuries and illnesses. It could also pay compensation for lost wages as a result of the work injuries that an employee sustains.

Who may need Professional Liability insurance?

Professional Liability insurance applies to individuals and businesses that offer professional services.

It may be helpful for specific professions, such as but not the least:

Architects Notary Publics 
Consultants Personal Trainers
Engineers  Pilates Instructors 
Home Care Providers and Businesses Yoga Instructors 

As you can see, there are many jobs and professions that can benefit from the benefits of a Professional Liability policy. You may consider a policy that protects you and your business in the event that your business is involved in providing assistance or advice to other people, representing their interests or performing other tasks which could result in liability claims.

Professional Liability policy could be beneficial to a variety of professions and occupations. Consider a policy to protect yourself and your business if your small business is involved in providing assistance or advice to other people as well as representing their interests, or engaging in other activities which could result in liability claims.

Is Professional Liability insurance required for Ohio businesses?

Certain professional associations require that their members have minimum Professional Liability coverage to be certified and employed in their field. You can find more information on Professional Liability insurance requirements at any professional organization that you are a member of.

You may be required to carry Professional Liability insurance if you work with clients. This will be typically written into a contract or agreement. Prior to signing the contract and launching work on the project, you may need to provide evidence of insurance.

Although it’s not mandatory, it might still be wise to have Professional Liability insurance. You could be unable to protect your personal or business savings by not having an insurance policy for Professional Liability.

How much does Professional Liability insurance cost in Ohio?

Every Professional Liability policy differs because each one is tailored to the specific requirements of the small-sized company they protect. However, the price of Professional Liability insurance for Ohio small companies is approximately $616 annually.

Insurance companies consider a range of elements in determining the amount you will pay to cover Professional Liability insurance. This is often referred to as the “premium”. Some factors that will determine the cost of the Professional Liability Insurance cost are:

  • The nature of your business and the level of risk you’re taking As with any type of insurance, higher risks will result in more expensive premiums.
  • The amount and the turnover of your business. Larger projects, or higher volumes of work, increase your risk.
  • The individuals who are covered – The person’s qualifications and suitability to perform their duties. If any claims have been filed against the person in the past.
  • The field you work in
  • Your past claims history
  • The insurance coverage needed

Specialized coverage is required for specialists. You could be eligible to purchase Professional Liability insurance that will provide the protection you require.

What is the difference between Professional Liability and E&O coverage?

Professional Liability Insurance and Errors and Omissions (E&O) insurance both cover the same. It can protect your business against claims of misrepresentation, mistake, or negligence. The insurance could pay for defense costs, as also settlements or damages arising from a complaint.

Recommended reading: Professional Liability vs E&O insurance

How to get Professional Liability coverage in Ohio?

With BizInsure, it’s easy to compare Professional Liability policies from the top-rated U.S. Insurance Companies and obtain protection at an affordable cost.

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.
© 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
Very satisfied with the online experience
Nicole h
1709238653
Been a happy customer for years! Easiest company to receive a quote and get insured. No hassles! Easy payment! Finance plans, if needed!
jodi H.
1709226367
Love it
Hanna R.
1708272180
Every year, BizInsure is my go to for general and professional liability insurance! Thenrates are unbeatable.
Calandra K.
1708044666
The agent was quick and efficient in generating a quote for my needs.
Theresa F.
1707895796
I enjoy working BizInsure they always answer all my questions and make sure i have the correct coverage for my business.
Prompt and professional service from Biz Insure. Thanks Leslie and Liza!
Bev G.
1707524454
Very easy to sign up for insurance.
Great company
Brown G.
1706896003
Fast and efficient!
Kim C.
1706746693
عالی
alireza J.
1706727364
It was great being able to get a policy that suits my company's need in less than 30 minutes. They were vey thorough. Very competitively priced.
Lynette C.
1706621476
I worked with Andrea for another start up business. She was very knowledgeable and help me pick the correct policy. Amazed at how quickly the process went.
Representative was very kind, helpful, and educated me well. I appreciated today's prompt service with confirmation that I was satisfied with what was provided to me.
Tina P.
1706224051
Great company for.your low cost business insurance needs.
constantin T.
1706156911
Staff was very fessional and friendly. I was able to get a quote and move forward within 20 minutes.
Pebbles S.
1706126428
Wonderful
Complete C.
1705788054
MUY BUENO
Super easy process.
Ashley G.
1704830227
It’s very easy to understand and at a very reasonable price.
Mary M.
1703780096
Professionalism, Quality, Responsive and budget friendly
B D
1703029371
Great rates, easy to understand and select appropriate coverage, can get in a jiffy
Brie C.
1702775397
I have been a customer of BizInsure for a few years now and I love it. There customer service is awesome and the prices are affordable.
Danyale W.
1702132165
Quick easy experience! The rep was knowledgeable & pleasant. Customer care was awesome to respond and clarify my concerns.
Kathy Ann A.
1702059151
bizinsurance makes purchasing Business Insurance...SIMPLE!
Andrea W.
1701380391
Great quality of Service ,faster and convenience way to pay at most. Thank you for your Service to my Healthcare Facility .
Quick and easy!!!!
Terry
1701319042
Great service! Easy process and very informative representative. Andrea was great and very patience with our process. I would recommend using them!!
Terrance R.
1700848536
Always and easy process. Thanks!
Gerald S.
1700244544
Renewal was quick and easy online
Angelita K.
1699752900
I had a great experience working with Andrea from BizInsure. She was extremely knowledgeable, helpful, and responsive throughout the entire process. She guided me through the different options available and helped me find the perfect home care professional liability insurance policy that suited my needs. Her professionalism and expertise made the entire experience smooth and hassle-free. I highly recommend working with Andrea and BizInsure for all your insurance needs.
Juliette S.
1699032636
Easy to submit an application and to get quotes
Simone S.
1698775217
I had the most pleasant prompt and professional experience of my life with Bizinsure. Everything was completed in record time, at an unbelievable cost…and my certificate of Insurance was promptly emailed to me. Most of all it was effective immediately. No hassle no back & forth, just great service highly recommend to all small businesses.
Marcia S.
1698407456
Excellent
advanced U.
1697824466
js_loader
Google Rating
4.7
Based on 244 reviews
×
js_loader