Business Insurance Requirements for Lawyers in Ohio

While an estate lawyer in Cleveland may have different business risks than a criminal attorney in Lima, certain types of business insurance are appropriate for all law practices in Ohio. Ohio state law requires practices with at least one worker to carry workers’ compensation insurance. If you plan to lease commercial property, your rental agreement will likely require you to have general liability insurance and/or property insurance as part of the lease terms. While Ohio does not require lawyers to hold professional liability insurance to practice law, state law does require disclosure to your clients if this coverage is not in place. Also known as errors and omissions or lawyer malpractice insurance, this policy can potentially protect you if a business discrepancy leads to a lawsuit. Cyber liability insurance is becoming more important for lawyers as the rate of cybercrime increases. Practices are often entrusted with sensitive client data that could be compromised by a data breach or other cybercrime. A cyber liability policy could help cover the resulting costs.

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 lawyers in Ohio, and start an application to get your free quotes today.

Find the right insurance policy for your law firm

The most common policies for lawyers in Ohio vary depending on a range of factors, including revenue, client contracts, and partnerships. The table below illustrates which policies might work best for your business type.

 

Business type General liability / BOP Professional liability Workers' comp Cyber liability
1099 or independent contractor X X   X
Business owner with employees X X X X
Solo business owner X X   X

 

General liability insurance: General liability insurance is the foundation of a lawyer’s business protection with coverage that extends to bodily injury, client property damage, advertising injury, and the cost of legal defense. Most commercial leases require you to have this coverage.

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 lawyer malpractice insurance, can help cover legal expenses if you’re sued for unsatisfactory work or a business discrepancy.

Cyber liability insurance: Cyber liability insurance can helps lawyers survive data breaches and cyberattacks by helping to pay for recovery expenses. You may need this policy if you handle sensitive data such as credit card numbers, passwords, or Social Security numbers.

Business owner's policy (BOP): Lawyers 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.

Ohio workers' compensation: Ohio state law requires workers’ compensation coverage 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. Independent contractors and solo business owners can elect for this coverage, but they are not legally required to purchase it. Lawyers are significantly less likely than other professionals to sustain on-the-job injuries. However, your area of specialization can increase your exposure risk.

Business insurance costs for lawyers in Ohio

Lawyers in the Buckeye State will find insurance expenses in Ohio are often lower than rates in other states, according to an analysis of Insureon applications. Of particular note to Ohio lawyers is the relatively low cost of errors and omissions coverage. While you are not required by Ohio state law to hold an errors and omissions policy, you are legally obligated to inform your clients if you go without the malpractice coverage usually included in this policy. It may be tempting to go without coverage, even considering the lower than average cost. That choice could expose your business to significant financial loss in the event of a malpractice lawsuit. Overall, Ohio lawyers can expect to spend less than $330 per month to secure their small business.

Median Insurance Costs for Ohio Lawyers

Save time and money with Insureon

Insureon’s industry-leading technology helps lawyers 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 lawyer insurance quotes today.