Business Insurance Requirements for Real Estate Professionals in Ohio

The favorable costs of living and doing business in Ohio contribute to booming real estate markets in Toledo, Cincinnati, and Columbus. Columbus and Central Ohio in particular are benefiting from the city’s strong economic growth and supply of high-wage jobs. However, despite abundant opportunities for real estate agents in Ohio, uncertainty is still part of the job when running any small business.

Business insurance is one of the best ways to safeguard your real estate company. Your individual risks and several key factors will help determine which policies are appropriate for your business. Will your business move into commercial property? Most leasing agreements stipulate proof of general liability and/or property insurance. Potential clients may ask you to show proof of professional liability insurance before they retain your services. Also called errors and omissions or real estate agent liability insurance, this policy can assist with costs if a lawsuit is brought against you due to a business discrepancy. Ohio state law requires all small businesses with one or more workers to carry workers’ compensation insurance through its state-administered fund, meaning this coverage is not available through private insurers.

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 real estate agents and brokers in Ohio, and start an application to get your free quotes today.

Find the right insurance policy for your realty business

The most common policies for real estate professionals 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.


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


General liability insurance: General liability insurance is the foundation of a real estate agent or broker’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.

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 real estate agent liability insurance, can help cover legal expenses if you’re sued for unsatisfactory work or a business discrepancy.

Business owner's policy (BOP): Real estate agents and brokers 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.

Cyber liability insurance: Cyber liability insurance can help real estate professionals survive data breaches and cyberattacks by helping to cover recovery expenses. You may need this policy if you handle sensitive data such as credit card numbers, passwords, or Social Security numbers.

Commercial auto insurance: Commercial auto insurance can cover vehicles your business owns or uses for business purposes. If your vehicle is involved in an accident, this policy can cover your liability for the other person's bodily injuries and property damage. It can also pay to repair your car when it is damaged by theft, weather events, or vandalism.

Ohio workers' compensation insurance: Ohio requires all businesses with one or more employees to carry workers’ compensation insurance. Coverage is optional for sole proprietors. Ohio runs a monopolistic state-administered workers’ compensation fund, meaning coverage cannot be secured through a private insurer. While real estate agents and brokers experience workplace injuries at a lower rate than the national average, injuries do occur. If an employee is injured on the job, workers’ comp can help pay for medical fees and lost wages. According to data from the Bureau of Labor Statistics, professionals in the real estate industry most commonly experienced workplace injuries resulting from contact with equipment and falls, slips, or trips.

Business insurance costs for real estate agents in Ohio

Real estate agents in Ohio can expect their business insurance costs to trend lower than the national median, according to an analysis of Insureon applications. However, Insureon does not have data for workers’ compensation, as it’s administered through the state.

Errors and omissions is generally the most costly policy for real estate agents, and Ohio is no exception. While it may be tempting to go without this coverage, any short-term savings could disappear if you're confronted with an errors and omissions lawsuit. The Hartford insurance company found legal costs can range from a few thousand dollars up to the mid-hundred thousands, as reported by the National Association of Realtors. In all, a real estate agent in Ohio can expect to spend less than $150 per month for an errors and omissions policy and a general liability policy to secure their small business.

Median Insurance Costs for Ohio Real Estate Agents

Save time and money with Insureon

Insureon’s industry-leading technology helps real estate agents and brokers 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 real estate agent and broker insurance quotes today.