Professional Liability Insurance
in Ohio
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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:
- Social Assistance and Health Care
- Accommodation and Food Services
- Construction
- Professional, Scientific and Technical Services
- 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’ Compensation – Workers’ 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.
Learn more about Professional Liability insurance in the states where you work.
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