Ohio’s business-friendly environment may mean you have your pick of clients looking for accounting services, but you still have to protect your business from risk. This is where business insurance comes in. Each policy covers potential problems you face as an accountant. For instance, employers are usually held liable for an employee’s work-related injury, so Ohio requires business owners to carry workers’ compensation insurance. Accountants also offer professional advice, which means clients may sue for negligence. In that case, professional liability insurance (sometimes called errors and omissions insurance) can help cover your legal costs and damages. Finally, any sort of foot traffic in your office means you probably need general liability insurance to cover potential accidents and property damage.
Insureon makes shopping for insurance easy with industry-leading technology that gathers quotes from top U.S. carriers that fit your needs. Read more to find out which policies are most common for accountants in Ohio, and start an application to get your free quotes today.
Finding the right insurance policy for accountants in Ohio
The most common policies for Ohio accountants vary depending on a number of factors, including revenue, client contracts, and partnerships. The table below illustrates which policies might work best for your business type.
||General liability / BOP
|1099 or independent contractor
|Business owner with employees
|Solo business owner
General liability insurance: General liability insurance is the foundation of an accountant’s business protection. Coverage extends to bodily injury, client property damage, advertising injury, and the cost of legal defense. Most commercial leases require you to have this coverage.
Business owner's policy (BOP): Accountants sometimes qualify for a business owner’s policy. This package helps your business save money by bundling commercial property insurance with general liability at an affordable rate.
Professional liability insurance: Many clients require proof of professional liability insurance before entering 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 work or a business discrepancy.
Ohio workers' compensation insurance: Ohio state law requires workers’ compensation for all small businesses with at least one employee. If an employee is injured on the job, workers’ comp can help pay for medical fees and lost wages. However, the only way to purchase a policy is through the Ohio Bureau of Workers’ Compensation.
Ohio law also lets business owners purchase workers’ compensation for themselves when their business is a sole proprietorship, partnership, or LLC. You may even opt in if you’re an individual registered as a corporation but have no employees. That may be a good idea if you’re on your own. Granted, it's not the riskiest profession, but accountants face the same risks as workers in any industry; the most common are falls, slips, and trips. If you’re the only one bringing in clients, then missing work could have a significant impact on your company.
Business insurance costs for accountants in Ohio
Compared to the national medians, business insurance is fairly reasonable in Ohio, according to an analysis of Insureon application. Even errors and omissions insurance, which is typically an expensive policy for accountants, costs less in Ohio. General liability is the only policy that outstrips the national median, but at just $748 a year, it’s still only around $62 a month. Combine it with commercial property insurance in a business owner’s policy, and the coverage becomes even more affordable.
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 dozens of top U.S. carriers. Simply apply online and review quotes for the policies that best fit your business needs. Our insurance specialists are licensed in Ohio and can answer your questions as you consider coverage.
To make the application go even 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.