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Accountant insurance in Ohio

Learn about business insurance requirements and the most common policies for accountants in Ohio.

Which policies are required for accountants in Ohio?

If you have a commercial lease, your property manager may require you to purchase general liability insurance. Commonly purchased by accountants in Ohio, general liability insurance can protect your business from expenses associated with common mishaps, such as client property damage and injuries.

Your clients may require professional liability insurance in a contract. Also called errors and omissions insurance, professional liability insurance provides financial protection if a client files a lawsuit claiming your work caused financial harm because it was late, erroneous, or incomplete.

State law in Ohio requires every small business with employees to provide workers’ compensation insurance, which covers medical bills for work injuries. This insurance must be purchased through the state fund.

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What are the most common policies for an accountant in Ohio?

The most common policies for accountants in Ohio vary depending on revenue, client contracts, partnerships, and other factors.

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General liability insurance

General liability insurance is the foundation of an accountant’s business protection, with coverage that extends to client injuries, client property damage, and advertising injuries. Most commercial leases require you to have this coverage.

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Professional liability insurance

Many clients require proof of professional liability insurance before entering into contracts for professional services. This policy, also called errors and omissions insurance or accountant liability insurance, can help cover legal expenses if you’re sued for unsatisfactory performance or a work mistake.

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Cyber liability insurance

Many clients require proof of professional liability insurance before entering into contracts for professional services. This policy, also called errors and omissions insurance or accountant liability insurance, can help cover legal expenses if you’re sued for unsatisfactory performance or a work mistake.

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Ohio workers' compensation

If you own an accounting business in Ohio that has employees, you are required to carry workers’ compensation coverage through the state fund. If your business also has employees outside of Ohio, you will need additional coverage to meet that state’s requirements.

What do accountants in Ohio pay for insurance?

According to an analysis of Insureon applications, the typical accountant in Ohio can expect to pay more than the national median for some policies, and less for others.

For example, Ohio accountants pay a median premium of $748 annually for general liability insurance, more than the national median of $608. However, they pay a median premium of only $1,040 annually for professional liability insurance, less than the national median of $1,220.

Median insurance costs for Ohio accountants.

Save time and money with Insureon

Insureon’s industry-leading technology helps accountants in Ohio save time and money shopping for insurance by comparing policies from top U.S. carriers. Start a free online application to review quotes for the policies that best fit your business. Our insurance agents are licensed in Ohio and can answer your questions as you consider coverage.

To make the application go quicker, have this information ready:

  • Workforce details, such as the number and types of employees
  • Current and projected revenue
  • Business partnerships
  • Insurance history and prior claims
  • Commercial lease insurance requirements

Apply for free accountant insurance quotes today.

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