Learn about business insurance requirements and the most common policies for IT consultants in Ohio.
If you have a commercial lease, your property manager may require you to purchase general liability insurance. Commonly purchased by IT consultants 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 errors and omissions insurance in a contract. Also called professional liability insurance, errors and omissions 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 coverage, and business-owned vehicles must be covered by commercial auto insurance. Personal vehicles used for business purposes should have commercial coverage, as well.
The most common policies for IT consultants in Ohio vary depending on revenue, client contracts, partnerships, and other factors.
General liability insurance is the foundation of an IT consultant’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.
Many clients require proof of technology errors and omissions insurance before entering into contracts for professional services. This policy, also called professional liability insurance or IT consultant liability insurance, can help cover legal expenses if you’re sued for unsatisfactory performance or a work mistake.
Clients in banking or financial services often require IT consultants to carry a fidelity bond. Also called an employee dishonesty bond, it provides coverage when an employee steals money, equipment, or other assets from one of your clients. That includes theft by electronic funds transfer.
In the state of Ohio, virtually all employers have to provide workers’ compensation coverage for their employees. Sole proprietors have the option of whether they want to purchase it for themselves. Even IT consultants can get injured in the workplace and may need to take time off work. Workers’ comp can help pay for medical fees and lost wages while you or an employee recuperates.
Personal auto insurance policies typically exclude business use, which means you could end up paying for an auto accident if it happens on a work errand with your personal vehicle. Commercial auto insurance is required for vehicles owned by IT consulting companies. Hired and non-owned auto insurance covers personal vehicles used for business purposes.
Priced at just over $2,600 a year, or roughly $200 per month, errors and omissions insurance is the policy that will likely cost the most for an IT consultant in Ohio. But they also save a lot on workers' compensation coverage, coming in as much as 40% lower than the national median.
If you drive a car for work, commercial auto insurance will probably be the next most expensive policy, coming in at approximately $2,400 annually. Fortunately, that's about $300 less than the national median cost.
Insureon’s industry-leading technology helps IT consultants 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 needs. Our insurance agents are licensed in Ohio and can answer your questions as you consider coverage.
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