
Professional liability insurance, also known as errors and omissions insurance, is a must-have for professionals in Ohio who want to protect their assets and reputation.
In Ohio, the cost of professional liability insurance varies depending on the profession, industry, and level of risk. For example, medical professionals may pay more than lawyers or accountants.
On average, Ohio professionals can expect to pay between $500 to $2,000 per year for professional liability insurance. However, this cost can be significantly reduced with a deductible.
Ohio law requires some professionals to carry professional liability insurance, including architects, engineers, and contractors.
See what others are reading: Can My Business Pay for My Car Insurance
What Is Professional Liability Insurance?
Professional liability insurance is a type of insurance that covers the cost of defending yourself against lawsuits related to your professional work. Even if you've done nothing wrong, a legal battle can be expensive, with costs including attorney's fees, administrative costs, expert witnesses, and more.
Professional liability insurance covers all of these costs, up to the coverage limits of your policy. You need to determine the right amount of coverage for your business, taking into account the potential costs of a lawsuit.
Healthcare professionals in Ohio, for example, typically purchase policies with liability limits of $1 million per claim and $3 million in aggregate per year. This shows that the right amount of coverage can vary depending on your profession and the risks involved.
Consider reading: The Right Business Insurance
Who Should Carry Professional Liability Insurance?

Any business in Ohio, from Columbus to Toledo, that provides a professional service or expert advice should carry professional liability coverage. This is because a client could sue if your service or advice causes accidental harm.
Even a frivolous lawsuit can be expensive, accounting for attorney’s fees, court costs, or a settlement.
Industries often at risk for professional liability claims include those that provide accounting services, as a client could sue if your service causes accidental harm.
While you may not be mandated to carry malpractice insurance in Ohio, many physicians still opt to carry medical malpractice insurance in the state.
Several healthcare facilities and hospitals require their physicians to carry medical malpractice coverage to work in their facilities.
Discover more: Tree Service Business Insurance Cost
Types of Professional Liability Insurance
Professional liability insurance is a must-have for certain types of businesses in Ohio, particularly those that offer specialized services and advice.
For example, lawyers, accountants, consultants, and healthcare professionals are prime candidates for this type of insurance, as it protects against potential lawsuits arising from alleged negligence, errors, or omissions in their professional work.

Ohio mandates that lawyers must have legal malpractice insurance with minimum limits of $100,000 per occurrence and $300,000 in aggregate, or inform their clients if they don't have it.
General liability insurance, on the other hand, does not include professional liability coverage, so if you're a lawyer, you'll need to carry separate legal malpractice insurance.
Attorneys
As a lawyer, you're required to carry professional liability insurance, also known as legal malpractice insurance, with minimum limits of $100,000 per occurrence and $300,000 in aggregate.
Ohio mandates that lawyers must either have this insurance or inform their clients if they don't.
If you don't have legal malpractice insurance, you must have your client sign a "notice to client" form.
You'll need to retain a copy of the signed form for five years after the termination of representation.
General liability insurance won't cover professional liability, only common business risks and liability claims such as customer injuries or property damage.
Types to Consider

Professional service providers are prime candidates for professional liability insurance.
Lawyers, accountants, consultants, and healthcare professionals are examples of businesses that should consider this type of insurance.
Businesses that offer specialized services and advice are particularly at risk of lawsuits arising from alleged negligence, errors, or omissions in their professional work.
In Ohio, professional service providers can benefit from this coverage to protect themselves against potential lawsuits.
These types of businesses include lawyers, accountants, consultants, and healthcare professionals.
Recommended read: Cpa Professional Liability Insurance
Difference in General Liability
General liability insurance covers physical risks, like bodily injury or property damage. This type of insurance would cover medical expenses and legal costs if a customer slips and falls at your business.
General liability insurance is essential for businesses that interact with customers or clients in a physical space. It's a must-have for any business that wants to protect itself against potential claims related to accidents or injuries.
General liability insurance would cover claims related to property damage, such as if a business accidentally damages a customer's property. This type of insurance provides a safety net for businesses that want to avoid costly lawsuits.
Intriguing read: Malpractice Insurance for Physical Therapists
Cost and Coverage

Professional liability insurance in Ohio can be customized to fit your business needs, just like no two businesses are alike. The Allen Thomas Group can help you find the best policy at the best price.
Professional liability insurance offers comprehensive coverage, including legal defense costs, financial protection, and contractual compliance. This is crucial for maintaining trust and compliance in professional relationships.
The cost of professional liability insurance in Ohio varies depending on several factors, including your specialty. For example, anesthesiology and obstetrics and gynecology major surgery have some of the highest average rates, at $17,441 and $68,749 respectively.
Here are some average state filed rate data averages across all territories for 1,000,000/3,000,000 limits:
Keep in mind that these rates are state filed rates, and it's not uncommon for clients to receive up to 50% or more in discounts.
Getting Professional Liability Insurance
You can get professional liability insurance by completing Insureon's easy online application to compare quotes from top-rated U.S. insurance providers.
Our licensed insurance agents can help answer any questions you have about your business insurance needs.
You can begin coverage and get your certificate of insurance in less than 24 hours once you find the right insurance for your Ohio small business.
Industry-Specific Information

In Ohio, doctors and surgeons are required to inform their patients in writing if they don't carry medical malpractice insurance.
Medical malpractice insurance is essential for healthcare professionals, as a mistake could cause a bodily injury or worsen a medical condition.
In Ohio, medical malpractice insurance is a must-have for doctors and other healthcare professionals, including therapists.
Healthcare
In Ohio, doctors and surgeons are required to inform their patients in writing if they don't carry medical malpractice insurance before providing their services.
Medical malpractice insurance is crucial for healthcare professionals, as a mistake could lead to a bodily injury or worsen a medical condition.
This type of insurance is essential for doctors and other healthcare professionals, such as therapists, who work in a setting where mistakes can have severe consequences.
In a medical setting, a mistake can have serious and long-lasting effects on a patient's health and well-being.
Related reading: Insurance Cover on Business - Merchant Services
Real Estate
In the real estate industry, having Errors and Omissions (E&O) insurance is not mandatory in Ohio, but it's often requested by franchises and clients. This is because they want to ensure their agent is protected in case of any mistakes or negligence.
Some real estate professionals may choose to get E&O insurance voluntarily to mitigate potential risks and protect their business reputation.
Franchises and clients may also stipulate proof of insurance in business contracts, requiring agents to have this coverage in place before working with them.
Suggestion: Personal Lines or Property & Casualty License
Building Design

Building design professionals like architects and engineers are at risk of a lawsuit if a client accuses them of making a costly mistake.
A bridge could develop cracks over time, causing costly repairs and potential damage to the surrounding area.
Building design projects can be delayed for months due to unforeseen circumstances, leading to increased costs and frustrated clients.
Delays can be caused by a variety of factors, including changes in building codes, unexpected site conditions, or issues with the design itself.
A costly mistake in building design can result in a lawsuit, which can be time-consuming and expensive to resolve.
In some cases, a lawsuit may lead to a loss of business and reputation for the building design professional.
Curious to learn more? Check out: Does Car Insurance Cover Lawsuit
Medical Rates by Specialty
Doctors in high-risk specialties like obstetrics and gynecology pay significantly higher rates, with an average of $68,749 per year.
Ohio law requires doctors to inform patients if they don't have medical malpractice insurance, which can be a major concern for patients seeking medical care.

Obstetricians and surgeons have higher rates than doctors in lower-risk areas like internal medicine or family practice.
Emergency medicine specialists pay an average of $32,609 per year, which is significantly higher than other specialties.
Doctors in lower-risk specialties like occupational medicine or pathology pay lower rates, with an average of $9,429 and $13,399 per year, respectively.
Here's a breakdown of average medical malpractice insurance rates by specialty in Ohio:
It's worth noting that rates can vary depending on factors like location and claims history, and doctors may be able to receive discounts on state-filed rates.
Industry Risk
Professionals in high-risk industries, such as architecture or engineering, face a greater likelihood of costly errors and claims. This is why insurers assess the specific risks associated with your industry to determine your rate.
Businesses in Ohio, where industries are thriving, can expect to see higher premiums for professional liability insurance due to the increased risk of claims. For instance, a bridge could develop cracks over time, or a project could be delayed for months due to unforeseen circumstances.
A different take: Business Insurance Claim

Professions like financial advising or medical practice are considered high-risk due to the potential for costly errors or negligence. This is why having professional liability insurance is essential to safeguard your career.
Insurers consider the potential for costly errors and claims when determining insurance rates for different industries. For example, a graphic design firm may face lower premiums compared to a high-risk sector like architecture or engineering.
Location Impact
Businesses in urban areas like Columbus or Cleveland might face higher insurance costs due to increased legal activity and higher costs of living.
Urban areas tend to have more complex and litigious environments, which can drive up insurance premiums.
In contrast, businesses in rural areas might enjoy lower premiums due to lower costs of living and reduced legal activity.
Urban areas often have higher costs of living, which can affect claim payouts and, in turn, insurance costs.
Consider how your business location might affect your insurance expenses, as this can significantly impact your bottom line.
For your interest: Do Insurance Rates Go up after a No Fault Accident
Risk Management and Mitigation
Professional liability insurance in Ohio is a must-have to safeguard your career. Having this insurance acts as a financial shield, protecting you from claims of negligence or mistakes in your services.
Employing risk mitigation strategies can significantly reduce the likelihood of professional errors and omissions that could lead to claims or lawsuits against your business. This includes taking steps to prevent problems from happening in the first place.
Using salt on sidewalks and driveways, like a snow removal service, means less chance of someone slipping and getting hurt. This is a simple yet effective risk mitigation technique.
Implementing risk mitigation strategies, such as using salt on sidewalks and driveways, can work hand-in-hand with your professional liability insurance to provide comprehensive protection. This is especially important for businesses in Ohio where mistakes can happen even with the most diligent professionals.
Having professional liability insurance in Ohio can cover the costs of a lawsuit if a client claims you provided faulty advice leading to financial losses.
Intriguing read: Business Insurance Claims Examples
Legal and Financial Aspects
In Ohio, the average monthly cost of professional liability insurance is around $59, but this figure can vary significantly based on several key factors.
The cost of professional liability insurance is a crucial consideration for businesses, as it can have a significant impact on their financial stability and long-term success.
Businesses need to carefully evaluate their unique needs and prioritize investment in professional liability coverage to protect themselves against potential legal claims and expenses.
A professional liability insurance policy is triggered by claims of errors or omissions that cause harm to a third party, such as a consultant's advice leading to a financial loss for a client.
The following factors can influence the cost of professional liability insurance in Ohio:
Are There Exclusions?
A professional liability policy won't cover intentional harm you cause to others.
Most insurance carriers exclude lawsuits related to the illegal violation of any law, regulation, or statute.
Defamation, such as libel and slander, is also excluded from coverage.

Discrimination is another type of lawsuit that won't be covered.
Some exclusions are specific to services provided under the name of another entity, such as a subsidiary business or organization not listed on your policy.
Here are some examples of exclusions in professional liability insurance:
- The illegal violation of any law, regulation, or statute
- Any services you provide under the name of another entity, such as a subsidiary business or organization not listed on your policy
- Defamation, such as libel and slander
- Discrimination
Financial Aspects
The financial aspects of professional liability insurance are a crucial consideration for businesses in Ohio. The average monthly cost is around $59, but this figure can vary significantly based on several key factors.
The type of business has a major impact on the cost of insurance, as different industries have unique risk profiles. For instance, a marketing agency may face different risks than a real estate professional.
Higher coverage limits mean greater protection but also come with higher premiums. Choosing a higher deductible usually lowers the premium, but this means you'll have to pay more out-of-pocket if you make a claim.
Business size and location also play a role in the cost of insurance. Larger businesses with more employees may face higher costs, and businesses located in areas with higher lawsuit risks may also have elevated premiums.
Discover more: Face Painting Business Insurance

A track record of previous claims or legal disputes can impact the cost of insurance. This is why it's essential to carefully evaluate your unique needs and prioritize investment in professional liability coverage.
Here are the key factors that influence the cost of professional liability insurance in Ohio:
By paying a relatively modest monthly premium, businesses gain a safeguard against potential legal claims and expenses that could otherwise have severe financial implications if not covered by insurance.
What Triggers a Policy?
A professional liability policy is triggered by claims of errors or omissions that cause harm to a third party.
If a consultant's advice leads to a financial loss for a client, they might file a claim, which can be costly even if the lawsuit is baseless.
Mistakes can happen, and lawsuits are a reality that anyone offering professional services should be prepared for.
Professional liability insurance helps cover legal defense costs and any settlements, giving you peace of mind and financial protection.
Frequently Asked Questions

What do I need to know about professional liability insurance in Ohio?
Professional liability insurance in Ohio is typically required for professionals such as doctors, lawyers, and accountants.
What is the cost of professional liability insurance in Ohio? The cost can vary widely depending on factors such as the type of professional, location, and coverage limits, but on average, it can range from $500 to $5,000 per year.
Do I need professional liability insurance if I'm a solo practitioner? Yes, it's highly recommended for solo practitioners to have professional liability insurance to protect themselves and their business from potential lawsuits.
Can I customize my professional liability insurance policy in Ohio? Yes, many insurance providers offer customizable policies that allow you to choose the coverage limits, deductibles, and other features that best suit your needs.
What types of professionals are required to have professional liability insurance in Ohio? Professionals such as doctors, lawyers, accountants, and architects are typically required to have professional liability insurance in Ohio.
For more insights, see: Lawyer Professional Liability Insurance
Insurance Providers and Partners

Partnering with the right insurance provider can make all the difference in finding the best professional liability insurance in Ohio. You can expect favorable coverage terms, excellent customer service, and a custom insurance solution tailored to your individual needs.
Gallagher, for example, offers a range of benefits, including discounts like the new-to-practice discount, multiple quotes from several providers, and access to nearly every major malpractice insurance company in the country.
Independent insurance agencies like The Allen Thomas Group can also provide a personalized approach to finding the right insurance provider, shopping around to find the best coverage at competitive prices. They can consider multiple insurers and not just push one particular option, giving you peace of mind that your policy has been carefully selected based on your business's individual circumstances.
By partnering with Gallagher or an independent agency, you can save money, with clients switching to Gallagher saving an average of 20% to 50%.
Curious to learn more? Check out: Group Term Life Insurance vs Individual
Top Carriers

In Ohio, finding the right malpractice insurance carrier can be a challenge due to the ever-changing market.
Arthur J. Gallagher & Co. clients often work with us because of our national connections to several major carriers, including top malpractice insurance providers in the state.
Several major carriers are available to choose from, and we'll explore some of the top carriers below.
Here are a few common malpractice insurance carriers in Ohio:
- Medical Protective Company
- Doctors Company, An Interinsurance Exch
- Columbia Casualty Company
- ProSelect Insurance Company
- NORCAL Mutual Insurance Company
- ProAssurance Indemnity Company, Inc.
- National Fire & Marine Insurance Co
- Applied Medico-Legal Solutions (AMS RRG)
- Ironshore Specialty Insurance Co
- Preferred Professional Insurance Company
- NCMIC Insurance Company
- TDC Specialty Insurance Company
- Hallmark Specialty Insurance Company
- ProAssurance Insurance Co of America
- Lone Star Alliance, Inc., RRG
- Evanston Insurance Company
- Coverys Specialty Insurance Company
- Kinsale Insurance Company
- General Star Indemnity Company
- Berkshire Hathaway Specialty Ins Co
- Doctors Professional Liability RRG, Inc.
- MedMal Direct Insurance Company
- ISMIE Indemnity Company
- Lexington Insurance Company
- ISMIE Mutual Insurance Company
- Beazley Insurance Company, Inc.
- Hudson Excess Insurance Company
- Allied World Assurance Co (U.S.) Inc.
- James River Insurance Company
Partner with Gallagher
Partnering with Gallagher can make a big difference in finding the right medical malpractice insurance for your needs. By working with us, you can enjoy favorable coverage terms that are tailored to your individual situation.
We can offer you a range of benefits, including excellent customer service and a custom insurance solution that meets your specific needs.
One of the biggest advantages of partnering with Gallagher is the potential to save money. According to our data, clients who switch to us can save an average of 20% to 50% on their premiums.
Additional reading: 5 Essential Reasons Why Your Business Needs Insurance

We also have connections to nearly every major malpractice insurance company in the country, giving you access to a wide range of options.
Here are some of the benefits you can expect when you partner with Gallagher:
- Favorable coverage terms
- Excellent customer service
- Custom insurance solution
- Discounts, such as the new-to-practice discount
- Multiple quotes from several providers
- Access to several carriers
- Save money, with an average savings of 20% to 50%
By letting us handle the work of finding the right insurance provider and most favorable terms, you can focus on your work and leave the details to us.
Intriguing read: How Does Small Business Health Insurance Work
Sources
- https://www.insureon.com/small-business-insurance/professional-liability/ohio
- https://www.gallaghermalpractice.com/state-resources/ohio-medical-malpractice-insurance/
- https://www.insureon.com/states/ohio-business-insurance
- https://allenthomasgroup.com/commercial-insurance/policies/professional-liability-insurance/ohio/
- https://tothfelty.com/2024/12/25/professional-liability-insurance-ohio/
Featured Images: pexels.com