Business Insurance Requirements for IT Consultants in Ohio

Whether you’re a freelance consultant in Cleveland or the owner of a small IT company in Cincinnati, IT consultant insurance can help protect your business and the clients you serve. For example, you could be held liable for cyberattacks that affect your clients. That’s why most IT consultants typically opt to buy cyber liability insurance. It can help cover the costs associated with a client’s data breach. Another popular policy for IT consultants in Ohio is general liability insurance. It pays for many of the common mishaps businesses might encounter, such as third-party injuries or 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 IT consultants in Ohio, and start an application to get your free quotes today.

Find the right insurance policy for your IT consultant business

The most common policies for IT consultants in Ohio 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 Cyber liability Fidelity bond Workers' comp
Sole proprietor X X X    
Business owner with employees X X X X X
1099 or independent contractor X X X    

 

General liability insurance: General liability insurance is the foundation of an IT consultant’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.

Business owner's policy (BOP): IT consultants often 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 into contracts for professional services. This policy, also called errors and omissions insurance or IT consultant liability insurance, can help cover legal expenses if you’re sued for unsatisfactory work or a business discrepancy.

Cyber liability insurance: Cyber liability insurance can help IT businesses survive data breaches and cyberattacks by helping with recovery expenses for a loss of data experienced by either your business or a client’s business. Many professional liability policies already include third-party cyber liability coverage, so ask your Insureon agent if it’s included in another policy.

Fidelity bond: Clients in banking or financial services often require IT consultants to carry this 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.

Ohio workers' compensation: If your IT consulting business has any employees, the state of Ohio requires you to purchase workers’ compensation coverage. If an employee is injured on the job, workers’ comp can help pay for medical fees and lost wages. Even if you don’t have employees, you might want to consider purchasing coverage for yourself. Even though IT consultants are at a relatively low risk for injuries, workers’ comp ensures that if something does happen on the job, you’ll be protected financially.

According to the U.S. Bureau of Labor Statistics, workplace injuries for IT consultants in the United States are most often caused by falls, slips, and trips.

Business insurance costs for IT consultants in Ohio

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. 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. Ohio IT consultants also save when it comes to general liability coverage. The median policy cost in Ohio is only $429, compared to $500 for the national median cost.

Median Insurance Costs for Ohio IT Consultants

Save time and money with Insureon

Insureon’s industry-leading technology helps IT consultants 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 IT consultant insurance quotes today.