6 Best Professional Liability Insurance Companies in 2023
Professional liability insurance providers offer coverage that’s tailored to fit the wide range of service industries needing errors & omissions (E&O) insurance. The best offer customized coverage, have strong financial ratings, and have a strong claims team to handle losses. Using our proprietary rubric focusing on financial strength, customer satisfaction, convenience, and the policies offered, we evaluated 17 providers and determined the six best professional liability insurance companies.
- Chubb: Best overall
- The Hartford: Best for administrators and marketing agencies
- Next: Best for construction contractors
- Hiscox: Best for medical professionals
- Travelers: Best for real estate and design professionals
- CoverWallet: Best for matching you to providers
Top Professional Liability Insurance Companies Compared
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Quote Process |
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Overall Provider |
Online |
24/7 call center |
✕ |
A++ (Superior) |
Get a Quote | |||||
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Administrators and marketing agencies |
Online |
24/7 call center |
✓ |
A+ (Superior) |
Get a Quote | |||||
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Construction contractors |
Online |
Monday to Friday, 6 a.m. to 5 p.m. Pacific time |
✓ |
A- (Excellent) |
Get a Quote | |||||
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Medical professionals |
Online |
Monday to Friday, 7 a.m. to 7 p.m. Eastern time |
✓ |
A (Excellent) |
Get a Quote | |||||
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Real estate and design professionals |
Through a local agent |
24/7 call center |
✓ |
A++ (Superior) |
Get a Quote | |||||
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Matching you to providers |
Online |
Monday to Friday, 8 a.m. to 8 p.m. ET |
✓ |
A (Excellent) |
Get a Quote |
Chubb: Best Overall for Professional Liability
Chubb
What We Like
- High limits
- Industries covered
- 24/7 claims service
What We Didn’t Like
- No mobile app for commercial lines
- Unclear if there is an online portal for policy management
- Unable to get same-day coverage
Deciding Factors
- Financial strength: Makes it possible to pay claims
- Tailored coverage: Available for multiple different industries
- Experience: Many years of handling E&O claims
- Online quote: Makes the process quick and simple
Chubb offers professional liability for a wide range of industries such as designers, real estate agents, architects, and engineers. It has custom policies for different industries, the ability to get a quote and purchase a policy online, and more than 20 years of experience handling E&O insurance.
Cost & Coverage
Quotes are available online and take only a few minutes to complete. We received a quote for professional liability for $1,145 annually or $95.42 monthly. The policy carried a $1 million total limit of professional liability coverage, $1 million for personal injury offenses, and $1 million for civil proceedings and claim expenses.
Chubb has multiple policies for different industries. For example, if your business is media, it has a professional liability policy for media businesses with built-in coverage for advertising content.
Customer Satisfaction & Convenience
Customers are satisfied with their experience of having Chubb insurance. It’s ranked second in J.D. Power’s customer satisfaction survey for 2022. It also has lower-than-average complaints filed with the National Association of Insurance Commissioners (NAIC). Risk managers, buyers, and brokers have even voted Chubb #1 for their claim experience with professional liability claims.
The provider has an online quote service that takes only a few minutes. You can purchase the policy online as well. Claims are handled by its in-house claims team, which specializes in professional liability claims.
Unfortunately, there’s no clear way to obtain a COI online.
Financial Stability
Chubb is the world’s latest publicly traded insurance company with a strong financial position to pay its claims. Financial rating agency AM Best has given it a rating of A++ (Superior).
The Hartford: Best for Administrators & Marketing Agencies
The Hartford
What We Like
- Same day coverage
- Financial strength
- In-house claims
What We Didn’t Like
- No app to manage your policy
Deciding Factors
- Custom policies: Available for administrators and marketing
- Hammer clause: Built into many policies
- Higher limits: Up to $10 million
- Business interruption: Up to 24 months coverage period
The Hartford is a large insurer offering a specialized liability policy targeting administrators and marketing agencies, offering limits up to $10 million and a single policy covering a large number of services. The provider has 24/7 claims services, the ability to get a policy online and a strong financial position to pay claims.
It offers CyberChoice Professional, which is a professional liability policy package. An advantage of this is that it’s one policy for professional services, media, third-party cyber, and technology liability. You also have options such as scheduled or blanket services coverage within it.
Cost & Coverage
After answering a few questions, we received a quote for $1,378 annually. The policy carried a total limit of $1 million with a $1,000 deductible, and the quote came with multiple options, including limits of up to $2 million and a deductible of up to $25,000.
There was also an option to get a quote for general liability and workers’ compensation. It even had an informational note that if we purchased general liability, it would bundle it with professional liability and most likely reduce the total cost.
Customer Satisfaction & Convenience
The Hartford’s customers have given it positive marks. It has lower-than-expected complaints with the NAIC and 4.7 out of 5 stars with more than 66,000 reviews by its own customers on how claims are handled. It also works with independent agents who have rated it as one of the best carriers to work with, per a 2022 survey by J.D. Power.
What’s more, it has developed an exceptional digital experience. You can get a quote and purchase a policy online in minutes. You can then manage your policy, file a claim, and get an instant COI online.
Financial Stability
Founded in 1810, The Hartford is one of the oldest insurance companies in the US. It has a proven financial record of handling all kinds of losses with a rating of A+ (Superior) from AM Best.
Next: Best for Construction Contractors
Next
What We Like
- Mobile app
- Instant COI
- Simple user experience
What's Missing
- No 24/7 call center
- Low limits for professional liability
Deciding Factors
- Same-day coverage: Available online
- Policy packages: Created especially for construction workers
- General liability/public liability (GL/PL) bundled: Packaged together for convenience
- Quote process: Done entirely online and fast
Next Insurance offers a custom professional liability policy for independent contractors working in the construction trade. The policy has been specifically designed for that line of work and has coverage for professional negligence—regardless of whether it’s actual or alleged—and legal defense and judgment costs. The policy is written on a claims-made form rather than an occurrence form and has a revenue limit of $5 million. Next Insurance is a direct-to-consumer company, so it can charge lower than many other providers who charge a broker fee.
Cost & Coverage
We received a quote for a general contractor policy that included general liability bundled with professional liability, tools and equipment, and property coverage. This package came in three different tiers:
- Basic was $823.59 monthly and had general liability aggregate limits of $2 million and $50,000 for professional liability.
- Premier cost $861.76 monthly—and the only change was it included $5,000 in coverage for tools and equipment.
- Deluxe, which cost $913.09 monthly, had the same level of coverage as the first two for liability, but the tool coverage increased to $10,000, plus it had $16,000 for rented office space.
While these figures are high, Next states that 40% of customers pay anywhere from $26 to $45 per month for professional liability insurance.
Customer Satisfaction & Convenience
Next customers are overall happy, as the provider has lower-than-average complaints filed with the NAIC. It invites users to leave reviews on its website of their experience, and with more than 4,000 reviews, it has 5 stars. Negative reviews are few—and all of them we located had a response from Next addressing the issue.
As an insurtech, Next has created a first-rate digital and mobile experience. Android and iOS users can use its app to manage their policy, file a claim, and create and share an instant COI.
Financial Stability
Next is the youngest carrier on this list but it has the financial strength to pay its claims. It has a rating of A- (Excellent).
Hiscox: Best for Medical Professionals
Hiscox
What We Like
- Global coverage
- No monthly fee
- Instant COI
What We Didn’t Like
- Complaints are slightly higher than average
- No 24/7 call center
Deciding Factors
- Contract review: Free to policyholders
- Modular policies: Allows you to customize your coverage
- Medical liability: Available for health professionals
- Insurance: Focused on small businesses
Hiscox is a dedicated small business insurer with a wide range of professional liability policies available. It has developed a specialized policy, Hiscox Pro® Allied Healthcare, for healthcare professionals. It has broader coverage than standard professional liability, including bodily injury and financial damage, sexual abuse and misconduct coverage, Health Insurance Portability and Accountability Act (HIPAA) liability sublimit, and punitive damages.
This policy—which can be packaged with other coverages like general liability, cyber, and business property—is available for all healthcare workers, including those in counseling, home healthcare, spas, medical imaging, and speech therapy. The provider includes global coverage, so if you happen to be a medical professional who does nonprofit work abroad, it has coverage built in for that. In that event, you must file the claim in the US.
Cost & Coverage
We received a quote online for $90.55 monthly or $1,087 annually. The monthly payment was structured so that you pay $181.50 down and then have 10 installments of $90.55. The policy carried $1 million in total liability coverage with a $500 deductible. It also had blanket additional insureds included.
Satisfaction & Convenience
Hiscox is a dedicated small business insurer, and small businesses, on average, seem to be happy with it. While it does have slightly higher than expected complaints with the NAIC, on the independent review site Trustpilot, it has 4.3 out of 5 stars from more than 800 reviews.
While Hiscox does offer the ability to get a quote and purchase a policy online, for companies with higher revenue, or needing higher limits, you will have to call and speak with it. It’s open Monday to Friday from 7 a.m. to 7 p.m. ET.
You can manage your policy online and request a COI. Most COIs are instant, though some may involve a delay if it involves a significant change to coverage too.
Financial Stability
Global insurer Hiscox has more than 100 years handling insurance claims. It has a rating of A (Excellent).
Travelers: Best for Real Estate & Design Professionals
Travelers
What We Like
- Instant COI
- Financial strength
- 24/7 customer service line
What We Didn’t Like
- No online quotes
- No mobile app
Deciding Factors
- Custom coverage: Available for real estate and design professionals
- 24/7 claims service: Available
- Risk management: Free for policyholders
- Experienced Insurer: Has more than 150 years of experience
Global insurer Travelers has the financial capacity to offer high limits and maintain a 24/7 call center with claims service. It has multiple offerings of professional liability policy, including Travelers 1st Choice+ for real estate professionals and coverage for designers.
For real estate agents, the policy is a combination of general liability and professional liability—meaning it covers bodily injury and property damage as well. It offers pollution, fungi, and bacteria coverage in case you fail to inform parties of pollutants, fungi, or bacteria in the home.
Meanwhile, design firms of any size can receive the same coverage, including preclaim assistance. With preclaim assistance, it provides counsel, including legal or expert advice, for situations that may be concerning. Use of this service doesn’t require you to pay your deductible, and no cost involved in it will be factored into your limits.
Cost & Coverage
Travelers doesn’t offer online quotes on its website. You’ll need to contact it directly, or you can enter your ZIP code and it will provide the contact information for a local agent.
Its policies come with the added protection of risk control services. Customers gain access to a risk control portal where there are resources available for you to implement to help mitigate the chance of risk for your business.
Customer Satisfaction & Convenience
Travelers’ complaints are much lower than expected for a company of its size. It also offers several convenient features, including a 24/7 call center, a customer service ombudsman, and instant COIs.
While you cannot get a quote online, you can locate a local agent and file and monitor your claim online.
Financial Stability
Travelers is a global insurance company with decades of financial stability. It has a rating of A++ (Superior).
CoverWallet: Best for Matching You to Providers
CoverWallet
What We Like
- Insurance advice available
- Fast quote process
- Instant COI
What We Didn’t Like
- No mobile app
- No 24/7 call center
Deciding Factors
- Multiple carriers: Work with CoverWallet
- Same-day coverage: Available for your business
- Policy management system: Comes with the purchase of a policy
- Comparison mechanism: Available for quotes to help you find the right coverage
Online insurance broker CoverWallet is a great resource if you’re unsure of what coverage you need or if you’re looking to compare multiple quotes at the same time. In addition to offering professional liability insurance, it also provides nearly every coverage a business may need: general liability, property, inland marine, workers’ compensation, commercial auto, and cyber, to name just a few.
CoverWallet’s main feature is it allows you to compare quotes. The majority of the time when you visit it, within 10 minutes of questions, it’ll respond with quotes from multiple top providers, showing you the cost and coverage for professional liability or any other insurance you may need.
Cost & Coverage
We received one quote for professional liability for $1,561.25 annually. The policy carried $1 million total coverage for liability with no deductible. The policy was underwritten by Hiscox.
From experience, we can say CoverWallet will normally provide at least three different quotes for you to compare. Sometimes, it’s unable to do so online but, even then, you have the option to call and speak with a representative who will find additional providers for you to find the right one.
Customer Satisfaction & Convenience
Beyond the quick online quotes and the ability to compare providers, CoverWallet offers other convenient features and services like an advice tool. Even if you know you need professional liability, you may not know all the coverage you need. With the advice feature, answer a few questions about your business, and it will tell you the coverages similar businesses purchase.
It also offers an online policy management system, where you can pay your bill, adjust coverage, add additional insureds, and request a COI. Through this system, you can also start the claims process.
Financial Stability
While CoverWallet works with A-rated carriers, it is also owned by Aon, a multinational company with an A (Excellent) rating.
Methodology
We determined the best E&O insurance companies using our in-house proprietary evaluation system. In evaluating them, we focused on the customer’s needs. We paid particular interest to convenience, financial ratings (AM Best), customer service, types of policies offered, and the overall experience as a policyholder for a specific provider.
Frequently Asked Questions (FAQs)
What is professional liability insurance?
Professional liability insurance is a type of liability insurance focused on the services your business offers. It provides financial assistance and protects your company assets when someone claims financial or physical harm as a result of your advice, service, or allegations of breaking a contract. It’s different from general liability, which focuses on property damage or bodily injury someone can experience as a result of your business operations.
Is professional liability different from E&O insurance?
Professional liability is sometimes referred to as errors & omissions (E&O) insurance. These are all different names for the same type of insurance. The name E&O insurance captures what professional liability insurance covers: errors or omissions made by your company during the course of work.
How much does professional liability insurance cost?
Professional liability insurance costs depend on a number of factors, including the business, risk, revenue, and claims history. The quotes we received ranged from $1,000 to more than $1,600 annually for a design firm policy.
What is a retroactive date in professional liability insurance?
A retroactive date is a date at which coverage begins. You can select one that may precede the date you are shopping for coverage. States have a statute of limitation to file a claim, and so an incident can happen and you may not receive notice of it for a year or more. Insurers use a retroactive date to establish a clear coverage period for your business.
Bottom Line
Professional liability insurance is an important part of any business in the service sector. Making sure you have the right coverage from the best provider frees up mental space to help you focus on your business. Chubb is the best overall provider for professional liability coverage.