As a contractor, you must protect yourself, your employees, and your business from litigation risk. According to credible statistics, you face a 10% annual risk of being sued and a 33% lifetime risk.
Purchasing the required Ohio contractor insurance policies is the most effective method to protect against these potential lawsuits. These policies provide essential protection and benefits.
They include general liability, workers' compensation, professional liability, and commercial auto insurance. Each policy provides specific protections, including property damage coverage, bodily injury, legal fees, and medical expenses. You can mitigate financial risks and focus on the success and growth of your business by investing in comprehensive Ohio contractor insurance.
Below are some of the insurance requirements for general contractor insurance Ohio as mandated by Ohio Department of Insurance:
You must have general contractor liability insurance Ohio with a minimum per occurrence coverage limit of $500,000
You must purchase a commercial auto insurance policy with a minimum coverage limit of $25,000 per person for bodily injury or death. A minimum coverage limit of $50,000 per accident and $25,000 for property damage liability
You must purchase professional liability insurance with a coverage limit that's deemed sufficient by Ohio's public authority
You must pay a licensing application fee of $25 for you to be insured by a certified Ohio insurance company
Provide a certificate of insurance for workers comp insurance for Ohio.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
General liability insurance (GLI) that contractors must have before starting major projects. The GLI for Ohio contractors is business insurance that covers your business against the following claims:
Advertising injuries lawsuits
Copyright infringement lawsuits
Reputational harm lawsuits
Third-party bodily injuries
Third-party property damages
Here are some situations where general liability insurance is useful:
When your client or another business entity sues you for copyright infringement
When your services cause third-party bodily injuries or property damages
When your contractor-related products cause your clients' bodily injuries or property damages
When your customers, your competitors, or any other legal business entity sues you for personal injury or advertising injury
Insurance companies may offer these an endorsements for a more comprehensive general liability policy:
Pollution liability insurance: If your business deals with hazardous materials, you should consider purchasing this add-on. Through this add-on, your business will be protected against any environmental pollution-related claims
Umbrella liability insurance: Through this add-on, you will be exempted from any financial responsibility you may be liable for if your primary insurance policy coverage limits get exhausted
Your insurer of choice will either pay you $1 million as the coverage limit for each claim or $2M as the coverage limit for all the claims during your general liability insurance for Ohio contractors policy period.
| CoverWallet (Best) | NEXT | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $1,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $2,000,000 |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Waiver of subrogation included? | Yes | No | Yes | Yes | No |
| Deductible | $500 | $500 | $500 | $500 | $500 |
It's also known as the errors and omissions insurance. This insurance provides you with cover against alleged or actual claims of mistakes or errors done by you or your professional employees during their professional service delivery. For instance, if your employee gets sued due to failure to disclose critical information about the possible health hazards of using a certain building material, then you can use this policy.
Professional indemnity insurance can help in the following situations:
When your clients sue you for failure to deliver your services at the agreed time
When a customer sues you for providing them with a misleading or incorrect professional piece of advice
When your customer sues you for committing an act of negligence, a mistake, or an error during service delivery
When you are prosecuted for contract breach
Insurance companies may offer these policies as endorsements to professional indemnity insurance for Ohio contractors
Crisis management coverage: Protects your business from any financial impact it may be subjected to in mitigating a reputation crisis event.
Fidelity insurance: This add-on protects your business from any financial losses it may be subjected to due to your employee's deceitful, dishonest, or fraudulent acts.
It's typically $1 million per occurrence. The number of customers you serve and the risks your employees are exposed to during their service provision determine how much an insurer will pay you upon issuing them with a claim notice.
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| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $340,000 | $25,000/$500,000 | $35,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $35,000 | $25,000/$500,000 | $35,000 | $15,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Included |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Excluded | Included |
| Money and securities | Excluded | $2,500 | $1,000 | Excluded | Included |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Included |
| Business interruption floater | Excluded | Included | Included | Excluded | Included |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Included |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
This Ohio contractor insurance policy covers repairing, rebuilding, and replacing your commercial property following its destruction by an insured peril. The commonly insured peril under this policy includes fire, theft, vandalism, and natural disasters or weather conditions such as windstorms, hailstorms, and lightning. Your commercial building location, occupancy, and construction materials are some of the factors that insurers use to determine the premium rates under this policy.
Commercial property insurance can help these purposes:
When you want to rebuild your damaged commercial building following the occurrence of an insured risk
When you want to replace or restore your physical business assets after an insured peril has damaged them
These are the common floaters to commercial property insurance:
Business interruption insurance: This add-on, you will be compensated for the loss of income after the occurrence of a peril that disrupts you from generating income
Inland marine insurance: This add-on provides you with coverage if your commercial being transported gets destroyed by fire, theft, vandalism, or lightning
It’s approximately $1 million. Your insurer’s underwriting policies and your premium rates for this Ohio contractor insurance directly influence the coverage limits under this policy.
| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $320,000 | $25,000/$500,000 | $35,000 | $75,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes | Yes |
This is bundled commercial insurance that protects you against property damage, business interruption, and liabilities. Generally, insurance carriers determine whether or not your business qualifies for a BOP for Ohio contractors through the following factors: the size and location of your business and the revenue your business generates.
Here are some situations where a BOP can help:
When an insured peril destroys your commercial property
When your clients sue you for copyright infringement, advertisement injuries, and personal harm
When your business operations cause third-party bodily injuries or property damages
When the products you sell or manufacture cause your customers' bodily injuries or property damages
Some of the most common endorsements to a BOP are:
Cyber liability insurance: This add-on covers your business from financial losses that come as a result of a cyberattack or a cyber-related incident
Product recall insurance: This add-on protects from incurring costs of disposing, notifying your customers, or recalling your products from the general market
An insurer can pay you approximately $1 million as the coverage limit for this Ohio contractor insurance policy. Commonly, your coverage needs and the levels of risks your business is associated with determine how much an insurer will pay you as the coverage limits under this policy.
| NEXT | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|
| Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 | $5,000-$10,000 |
| Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No | Yes |
| Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes | Yes |
| Offered as an endorsement to general liability insurance? | Yes | Yes | Yes | Yes |
This contractor's insurance covers lost, stolen, and accidentally damaged tools and equipment. This policy doesn't cover tools and equipment lost, stolen, or damaged in transit. It also excludes general wear and tear. Only movable tools and equipment under 5 years old are covered under this policy.
Here are some situations where tools and equipment insurance can help:
When your working tools or equipment get lost or stolen while on your working site or your premises
When your tools or equipment are unintentionally damaged by fire, theft, vandalism, or lightning
Inland marine floater: Tools and equipment insurance doesn’t cover perils that happen while you’re equipment is being transported. Adding an inland marine floater solves this gap
Floods insurance: Flood insurance is recommended for businesses in flood-prone areas. With this add-on, water damage to tools and equipment is covered
The coverage limits under this policy range between $700 to $5,000 per insured item. The deductibles under this policy directly determine the coverage limits for this policy.
| NEXT | The Hartford | CoverWallet | Hiscox | Thimble | |
|---|---|---|---|---|---|
| Auto liability aggregate limit (minimum) | $25,000/$15,000/$25,000 | $100,000/$300,000 CSL | $15,000/$20,000/$25,000 | $25,000/15,000/$25,000 | $20,000/$25,000/$15,000 |
| Rental reimbursement coverage aggregate limit | $1,500 | $900 | Excluded | $500 | $1,000 |
| Trailers can be added to commercial auto insurance? | Yes | Yes | No | Yes | Yes |
| Roadside assistance coverage included | Yes | No | No | Yes | Yes |
| Safe driving discounts included? | Yes | Yes | Yes | Yes | Yes |
This is business insurance that confers you with financial immunity in the event your business vehicle gets into an accident that subjects you to financial liability. Under this policy, you are provided with the following coverages:
Bodily injury liability coverage: Covers your third-party bodily injuries and sometimes death following an accident that you have caused
Collision coverage- exempts you from incurring costs after your vehicle gets hit or if it hits another object
Comprehensive physical damage coverage: Protects you from incurring expenses if your vehicle gets damaged by fire, theft, vandalism, and some natural calamities such as lightning
Medical payments coverage: Exempts you from paying your drivers as well as the passengers in your vehicle medical expenses after they get injured in an accident
Property damage liability coverage: Exempts you from financial liability if your vehicle damages another person’s property
Uninsured or underinsured coverage: Uninsured/underinsured motorist coverage covers expenses you would’ve paid after an accident caused by an uninsured/underinsured driver happens
Commercial auto insurance can help in the following situations:
When your business vehicle gets damaged by fire, vandalism, theft, and some weather-related catastrophes such as hailstorms and lightning
When your commercial vehicle gets hit by an underinsured or uninsured motorist
When you are found liable for paying your commercial vehicle driver and those traveling inside your business vehicle medical expenses
When you want your medical bills to be catered for after sustaining injuries while driving your commercial vehicle
Here are some common add-ons to commercial auto insurance:
Consumables coverage: Through this add-on, you are exempted from incurring the costs of repairing or replacing the following things in your commercial vehicle. Bolts, screws, washers, and brake fluid. Please note that this add-on is only available for business owners of commercial high-end luxury automobiles
Inland marine coverage: This add-on protects specialized tools, equipment, and supplies in commercial vehicles. It protects your valuable assets from theft, damage, and transportation accidents
The coverage limits under this policy are $10,000 per person for medical coverage and $1,000,000 for third-party bodily injuries and property damages liabilities. The statutory requirements and your insurer of choice determine the coverage limits under this policy.
The excess liability insurance for Ohio contractors protects your business from any financial constraints if your primary insurance policy coverage limits get exhausted. For instance, you can use this insurance to pay for a claim that exceeds your general liability insurance or your professional liability insurance coverage limit. Important to note is that excess liability insurance differs from umbrella liability insurance in that the former covers one policy and the latter covers multiple policies.
Though add-ons are rarely common, you may endorse the following policies to excess liability insurance:
Worldwide coverage: Under this add-on, you are covered against any claims and financial liabilities while performing your contracting works outside your coverage territory.
Defense cost coverage: You are exempted from incurring any costs associated with the defense or appeal of a claim through this add-on.
It usually ranges between $1 million to $100 million. The type of policy, the deductibles, and the risks you are exposed to directly influence how much your insurer will pay you as the coverage limits under this policy.
It's only in Texas and Wyoming where employers are not required to acquire this insurance policy. Workers compensation insurance, commonly called workers comp insurance, covers you from footing your employee's medical expenses, death, disability, and dismemberment benefits following a work-related injury or illness.
Here are some situations where workers' compensation insurance can help:
When you are required to pay for your worker's medical expenses following a work-related injury or sickness
When you are liable for paying dismemberment and disability benefits to your employees
When your deceased employee named beneficiary demands to be paid death benefits
When you are required by law to pay a certain portion of your employee's lost wages following an occupational-related injury or illness
Here are some common add-ons to workers compensation insurance:
Employer liability coverage: Under this add-on, you are covered against any claims your former or current employee may subject you to. Such claims include the inability to provide them with safe working conditions.
Voluntary compensation coverage: Covers voluntary and temporary employees.
Occupational accident insurance: This add-on covers unintentional injuries or deaths of independent contractors working for you. It shields your company from subcontractor mishaps.
There are no set coverage limits for workers comp insurance for Ohio contractors. Your employees will get compensated under this policy regardless of who is at fault.
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The average Ohio contractor insurance cost is $155 per month or $1,860 per year for a $1 million general liability policy. Below is a compiled table showing the monthly and annual cost for Ohio contractor coverage from the insurance industry's leading companies for a $1 million general liability insurance for contractors. We have also provided you with brief details on what each of the mentioned insurance companies is best for when it comes to the provision of contractor liability insurance Ohio:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| Thimble | $80 | $960 | Ohio contractors who operate part-time or those that need short-term coverage |
| Tivly | $120 | $1,440 | Comparing Ohio contractor insurance quotes over the phone |
| NEXT | $150 | $1,800 | Best overall; Fastest general liability insurance for Ohio contractors |
| CoverWallet | $180 | $2,160 | Comparing Ohio contractor insurance quotes online |
| The Hartford | $200 | $2,400 | Established Ohio contractors who operate on a large-scale level and need comprehensive coverage |
| Hiscox | $200 | $3,600 | Worldwide coverage for Ohio contractors |
Below are some of the Ohio contractor insurance companies we recommend. Read some of the reviews below to know their pros, cons, and average rate for a $1 million general liability policy:
10% discount on bundled policies
Offers multiple insurance policies
Generates its quotes within or under 5 minutes
You can report a claim 24/7
Great customer service and reputation
Issues an online proof of insurance instantly
Outstanding value for money
Bundle two or more insurance policies and get a 10% discount
Fastest general liability insurance
Couldn’t find any
The AM Best has rated this 100% operated and managed insurance company an A-grade. NEXT provides small-scale business owners and freelancers with customizable and affordable insurance policies. Its premium rates can be paid annually or monthly. Some Ohio contractor insurance policies this private insurance company deals in include business owner's policy, general liability insurance, professional indemnity insurance, and workers comp insurance.
Best for: Best overall; Fastest general liability insurance for Ohio contractors
Average cost: $150 per month
Our rating: 10/10
Provides you with quotes from different insurance companies
Large catalog of insurance policies
You can purchase and manage your policies through its website
You may have to call in to finalize your quotation process
Not an insurance company but an insurance broker
CoverWallet is an AON PLC-owned online insurance company. This self-described concierge aggregates business insurance from its partnered insurers and avails it to its customers for comparison. All its policies are kept in one cloud-based location, making it convenient for its clientele to purchase and manage them. You can also report a claim and modify your coverage 24/7 through its user-friendly website.
Best for: Comparing Ohio contractor insurance quotes online
Average cost: $180 per month
Our rating: 10/10
Provides financial services
Offers discounted policies
Provides coverage to all 50 states
Sells both personal and commercial policies
AARP members benefit the most
The Hartford is a long-standing insurance carrier founded in 1810 by local businessmen. This USA-based insurer has its headquarters located in Hartford, Connecticut. The AM Best and the Better Business Bureau rate The Hartford as an A+ grade insurance company. Policyholders can report a claim any time of the week via phone, online, or through its official mobile application.
Best for: Established Ohio contractors who operate on a large-scale level and need comprehensive coverage
Average cost: $200 per month
Our rating: 10/10
USA-based insurance agent
Has a user-friendly website
Compare quotes over the phone
Doesn’t underwrite its Ohio contractor insurance policies
Tivly is a privately owned online insurance agency. It was previously known as Commerciallnsurance.net from 2009 to November 2022. Its headquarters are located in St. Petersburg, Florida. Through its website, Tivly matches its clientele with business policies that suit their commercial needs. Some of the policies Tivly deals in include professional indemnity insurance, commercial auto insurance, workers comp, excess and umbrella liability, and general liability insurance. Call now and talk with a representative to compare workers compensation insurance quotes over the phone.
Best for: Comparing Ohio contractor insurance quotes over the phone
Average cost: $120 per month
Our rating: 9/10
Provides temporary and short-term coverage
You can cancel your insurance premium at any time
Purchase of policy through mobile app is possible
It doesn’t underwrite commercial auto insurance
Thimble is a USA-based online insurance company that sells affordable, specific, bundled, and customizable commercial insurance policies to its clientele in 50 states. This privately owned insurance company was founded in 2016. As of today, Thimble provides Ohio contractors with the following policies: Business owner's policy, workers comp insurance, professional indemnity insurance, and tools and equipment insurance policies.
Best for: Ohio contractors who operate part-time or those that need short-term coverage
Average cost: $80 per month
Our rating: 9/10
Monthly premium rates available
Worldwide professional liability coverage
14-day money-back refund policy available
Provides its BOP to business owners with less than 10 employees
Hiscox is an internationally recognized and operating insurance company. This international specialist insurer is rated as an A+ online insurer by BBB and AM Best. It's only available in 49 states. People in Alaska cannot access this premium insurance company coverage.
Best for: Worldwide coverage for Ohio contractors
Average cost: $200 per month
Our rating: 9/10
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
It really can't get any better than this... wow
Not all those who wander are lost.
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