As a contractor in Ohio, proper insurance coverage is essential for protecting your business and meeting state requirements. This guide breaks down insurance costs and coverage options based on our analysis of actual quotes from leading carriers.
Structure your protection by exploring contractor business liability insurance.
General Liability Insurance for Ohio Contractors
General liability insurance protects your contracting business from third-party claims of property damage and bodily injury. Based on our analysis of over 800 contractor quotes, here are the typical costs for Ohio contractors:
| Revenue Size | Average Premium | % of Revenue | Favorable Rate | Potential Savings |
|---|---|---|---|---|
| $500K | $4,850 | 1.0% | $2,310 | 52% |
| $1M | $7,800 | 0.8% | $4,620 | 41% |
| $2.5M | $21,830 | 0.9% | $13,280 | 39% |
These premiums assume:
- Clean claims history (5+ years without incidents)
- Standard $1M/$2M coverage limits
- Typical mix of residential and commercial work
- Approximately 10% subcontractor costs
Worker’s Compensation Insurance for Ohio Contractors
Worker’s compensation insurance is mandatory for Ohio contractors with employees. Based on our analysis, Ohio contractors typically pay around $2,004 per employee annually for workers’ compensation coverage, one of the lowest rates nationwide.
For Ohio contractors, typical workers’ compensation costs per $100,000 of payroll average $4,590, placing Ohio among the most affordable states for coverage.
Key premium factors include:
- Employee classification codes
- Annual payroll
- Claims history
- Safety programs
- Experience modifier rating (EMR)
Common contractor classification codes and their approximate rates in Ohio:
- Code 5606 (Project Manager/Supervisor): $2-4 per $100 of payroll
- Code 5645 (Residential Construction): $6-10 per $100 of payroll
- Code 5403 (Commercial/Large Projects): $10-15 per $100 of payroll
Additional Business Insurance for Contractors in Ohio
1. Commercial Auto Insurance
- Typical cost: $1,000-$4,000 per vehicle annually
- Required for business-owned vehicles
- Higher limits often needed for larger contractors
- Coverage for accidents, damage, and liability while driving
2. Tools & Equipment Coverage
- Cost: $1,500-$5,000+ annually for $15k-$50k coverage
- Protects both owned and rented equipment
- Coverage follows equipment to all jobsites
- Protection against theft, damage, and vandalism
3. Commercial Property Insurance
- Protects offices, storage facilities, and workshops
- Annual premiums: $2,000-$20,000+ based on property value
- Coverage for fire, theft, vandalism, and natural disasters
- Protection for business personal property and inventory
4. Builder’s Risk Insurance
- Premium: 0.15-0.75% of project value
- Covers projects under construction
- Protection against fire, weather, vandalism
- Coverage for materials and equipment on-site
5. Contractor Bonds
- Guarantees project completion and contract fulfillment
- Cost: 1-3% of bond amount
- Premium varies based on credit and experience
- Required for certain contracts and licenses
Get Ohio Contractor Liability with ContractorNerd
ContractorNerd specializes in making insurance simple and data-driven for Ohio contractors. Our platform offers:
- Instant online quotes from top-rated carriers
- Side-by-side coverage comparisons
- Contractor-specific expertise and guidance
- Streamlined application process
- Ongoing policy management support
- Claims advocacy when needed
Our team of contractor insurance specialists understands Ohio’s unique requirements and can help you:
- Optimize coverage levels based on your specific risks
- Find competitive rates through our carrier network
- Bundle policies for additional savings
- Ensure compliance with state regulations and contract requirements
To get started with tailored quotes for your Ohio contracting business, visit our online quote tool or speak with one of our contractor insurance specialists today.