Professional Liability Insurance Cost

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How Much Does Professional Liability Insurance Cost?

business owner at a desk determining her professional liability insurance costIf you’re wondering how much professional liability insurance costs, there isn’t one set amount. With The Hartford, small businesses typically pay about $76 a month for a standalone professional liability insurance policy.** Professional liability insurance, also known as errors and omissions (E&O) insurance, can help protect small business owners if they face a lawsuit for making a mistake in the products or services they provide.

What Do Customers of The Hartford Pay For Professional Liability Insurance?

Producto Avg. Minimum Monthly Premium**1
Misc. Professional Liability Standalone Coverage $76
Misc. Professional Liability Endorsements $32

How Much Does Professional Liability Insurance Cost by Industry?

Producto Avg. Minimum Monthly Premium**1
Architects and Engineers Professional Liability $257
Accountants Professional Liability Standalone Coverage $73
Healthcare Professionals Professional Liability $98
Errors & Omissions Insurance for Technology Companies $86

Factors That Affect the Cost of Professional Liability Insurance

Different factors can impact your professional liability insurance cost, including your:

1. Type of Business

A business owner looking at ways to save on his cost of professional liability insuranceThe industry your business is in and the type of work you do can impact your errors and omissions insurance cost. Your insurer may consider your business higher risk if it deals directly with customers. For example, an accounting firm would likely have a higher professional liability insurance premium than a landscaping company.
To help your small business’ risk management plan, we offer coverage for many industries, including:
View all business insurance solutions by industry.

2. Location

Your business’ location can impact your insurance cost because legal expenses vary between states. If you live in a state where legal costs are high, it may increase your cost of professional liability insurance.

3. Coverage Limits

When you get professional liability insurance coverage, you’ll choose the coverage limits you want in your policy. These limits can range between $250,000 and $2 million. Generally, higher limits will increase your insurance cost.

4. Deductible Amount

You’ll also choose your policy deductible when you get professional liability insurance. Your deductible is the amount you have to pay before your insurance company starts covering costs. So, if you have a low deductible, you’ll have less out-of-pocket costs compared to a high deductible.

5. Number of Employees

The more people you have on your team, the more you can expect to pay for professional liability insurance. This is because there’s more of a chance that someone will make a mistake providing a service.

6. Years in Business

Newer businesses generally have higher insurance costs than more experienced companies. This is because there’s more risk of making a mistake when you’re new.

7. Claims History

Having a history of professional liability claims against your business can increase your professional liability cost. That’s why it’s important to make sure your business has a proper training program to reduce the risk of making mistakes in your services.

How Your Industry Affects the Cost of Professional Liability Insurance

a small business owner getting a quote for professional liability insurance onlineWhat you pay for professional liability insurance will vary by industry. Insurance companies know that professional mistakes will cost more in certain industries than others. For example, accountants may pay more for professional liability insurance compared to an interior designer.

Ways To Save on Professional Liability Insurance Costs

As a business owner, there are a few things you can do to save money and reduce your professional liability insurance cost, including:
  • Paying your entire premium upfront
  • Having a clean claims history
  • Endorsing your business owner’s policy
  • Choosing a higher deductible for your policy
  • Picking a lower coverage limit for your business
  • Having another layer of protection with general liability insurance

Professional Liability Insurance Cost FAQs

Yes, professional liability insurance policies typically have a deductible. An insurance deductible is the amount of money a business must pay out of pocket before insurance coverage begins.
Insurance companies use many different factors to determine your professional liability insurance cost, including:
  • Policy details, like coverage limits
  • Type of business
  • Lugar
  • Business size, number of employees and clients
  • Years in business
  • Claims history
Yes, your profession and the nature of your work can impact your professional liability insurance rate. For example, an architecture firm that works directly with customers may have a higher premium than a landscaping company.

Get a Quote for Professional Liability Insurance Cost

If a mistake happens and a customer sues your business, you’ll want peace of mind knowing your insurer is there for you. You can count on us to help you get the coverages you need at the right price. In fact, we’re backed by over 200 years of experience. To learn more, get a professional liability insurance quote  hoy mismo.
Última actualización: 21 de marzo de 2024
** Quotes will vary by business depending on the size of your business, the state your business is located in, coverage limits chosen, and the risk class your business is associated with.
1 Premium amounts presented are based on monthly premium paid by The Hartford's Small Business customers between 1/1/22 and 9/14/23 for 12-month policies. Premium is derived from a number of factors specific to your business and may vary.
Divulgaciones adicionales a continuación.
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