Professional Liability Insurance in Ohio

Professional liability insurance, also known as malpractice insurance, is a type of coverage that protects professionals from claims arising from their professional services. It covers the legal costs and damages that may result from errors, omissions, negligence, or breach of duty in the course of performing one's professional duties.



In Ohio, professional liability insurance is not mandatory for all professions, but it is highly recommended for those who provide specialized or expert services to clients, such as lawyers, doctors, accountants, engineers, architects, consultants, and others. Professional liability insurance can help protect these professionals from the financial and reputational risks of being sued by dissatisfied or harmed clients.

Bellwether Insurance is your trusted partner for professional liability insurance in Ohio. Whether you are an accountant, lawyer, architect, consultant, or any other profession that requires specialized expertise, we can help you find the best coverage for your needs and budget. 

We know that every profession has its own risks and challenges. That's why we offer personalized solutions that match your specific situation and goals. We also provide convenient payment plans, quick claims handling, and friendly customer support. 



Don't wait until it's too late. Get a free quote from Bellwether Insurance today.

Ohio has a lenient approach to professional liability insurance for professionals such as doctors and lawyers. 

For instance, medical malpractice insurance is not mandatory for all doctors in Ohio. However, most hospitals and medical facilities require their physicians to have this type of coverage.

Similarly, legal malpractice insurance is not obligatory for attorneys in Ohio. However, they must inform their clients and get their consent if they do not have this kind of coverage.

On the other hand, Ohio law does specify some cases where professionals must have E&O insurance, and these can vary by industry. For example, practitioners of Eastern medicine and acupuncture must have a minimum of $500,000 in E&O insurance in Ohio.

Since the legal requirements for E&O insurance in Ohio can be complex and confusing, it is advisable to consult with a local, independent insurance agent to discuss the basics of the coverage you need.

There are different types of professional liability insurance policies available in Ohio, depending on the profession and the specific needs of the insured. Some of the common features of these policies are:

Claims-Made Basis

This means that the policy covers only those claims that are made and reported during the policy period or within an extended reporting period. The policy does not cover claims that arise from incidents that occurred before the policy inception date or after the policy expiration date.

Prior Acts Coverage

This is an optional feature that extends the coverage to claims that arise from incidents that occurred before the policy inception date, as long as they are reported during the policy period or within an extended reporting period. This feature is useful for professionals who switch insurers or have gaps in their coverage history.

Retroactive Date

This is the date from which the prior acts coverage applies. It can be either the policy inception date or an earlier date agreed upon by the insurer and the insured. The retroactive date cannot be later than the policy inception date.

Extended Reporting Period

This is an optional feature that allows the insured to report claims that arise from incidents that occurred during the policy period but are reported after the policy expiration date. The extended reporting period can be either automatic or optional, and it can have a fixed duration or be unlimited. The extended reporting period is usually subject to an additional premium.

Ohio Professional Liability Insurance Deductibles and Limits

This is the amount that the insured has to pay out of pocket before the insurer pays for any claim. The deductible can be either per claim or per policy period, and it can vary depending on the type and size of the claim.

Limits are the maximum amounts that the insurer will pay for any claim or for all claims during the policy period. The limits can be either per claim or per aggregate, and they can vary depending on the type and size of the claim.

• Bodily injury or property damage: These claims are usually covered by general liability insurance or workers' compensation insurance.
• Fraudulent or criminal acts: Professional liability insurance does not cover intentional or dishonest acts that harm the client or third parties.
• Employment-related claims: These claims are usually covered by employment practices liability insurance or directors’ and officers’ liability insurance.
• Contractual liability exceeding the standard of care: Professional liability insurance does not cover claims that arise from contractual obligations or warranties that exceed the standard of care in the profession.
  

General liability insurance covers physical risks, such as bodily injuries and property damage to third parties, and accidents. For example, if a customer slips and falls in your store, or if you damage someone's property while performing your work, general liability insurance can help pay for the medical bills or repair costs. General liability insurance also covers reputational harm, such as libel, slander, or privacy violations, and advertising errors, such as copyright infringement.

Professional liability insurance covers abstract risks, such as errors and omissions in the services your business provides, and financial losses to your clients. General liability insurance is required for most commercial leases or contracts, while professional liability insurance may be required for some licensed professionals.



Depending on your business activities and industry, you may need both general liability and professional liability insurance to be fully covered.

The cost of professional liability insurance in Ohio depends on several factors, such as:

• The profession and the scope of services provided by the insured
• The level of experience and qualifications of the insured
• The location and size of the insured's practice or business
• The type and amount of coverage desired by the insured
• The claims history and risk profile of the insured
• The insurer and the policy terms and conditions

The average cost of professional liability insurance in Ohio is $1,000 per year. However, the cost can vary significantly depending on the specific industry and risk profile. For example, architects and engineers can pay as much as $2,000-$5000 per year, while some consultants pay as little as $300 per year. 



It is important to compare quotes from different insurers and find a policy that suits your needs and budget.

Professional liability insurance can be a bit pricey, especially if you have a high-risk profile or a history of claims.

Fortunately, there are some ways to lower your professional liability premiums and save money on your insurance costs. Here are some tips to help you reduce your risk and get the best rates possible:

• Shop around and compare quotes from different insurers: You may find significant differences in coverage and pricing among different providers. Look for an insurer that specializes in your industry and understands your specific needs and challenges.
• Choose a higher deductible: By choosing a higher deductible, you can lower your premium and save money in the long run. However, make sure you can afford to pay the deductible in case of a claim.
• Implement risk management practices and procedures: You can reduce your exposure to potential claims by following best practices and standards in your profession. For example, you can use clear and detailed contracts, communicate regularly with your clients, document your work and decisions, and avoid conflicts of interest.
• Educate and train your staff: Your employees are also liable for any errors or omissions they make while performing their duties. Therefore, it is important to train them on how to avoid common mistakes and handle difficult situations. You can also create a code of ethics and conduct for your staff and monitor their performance and compliance.
• Review and update your policy regularly: Your professional liability needs may change over time as your business grows or evolves. You should review your policy at least once a year and update it as necessary to reflect any changes in your services, clients, or operations. You may also qualify for discounts or credits if you improve your risk profile or maintain a clean claims history.

By comparing quotes from different professional liability insurance companies in Ohio, you will stand a better chance at getting the best value for your money.

Let our experienced agents help you find the best coverage and rates for your law firm. 



We work with multiple insurance carriers to offer you a variety of options and discounts. Whether you need lawyers’ professional liability insurance, business owners policy, cyber breach insurance, or any other type of insurance, we have you covered. 

Contact us today for a free quote and consultation.