Professional liability insurance policies vary from industry to industry. So, when looking for the best professional liability insurance companies, it is important to find one with customized coverage that fits your industry and, if necessary, with endorsements to meet your specific business needs.
A strong financial rating will matter because you want to know the company is stable, and an experienced, in-house claims team to handle your losses will help the communication channels remain simple. Finally, it is important that top professional liability insurance companies have a way to reach them 24/7.
Taking the above into consideration, along with our proprietary rubric focusing on financial strength, customer satisfaction, convenience, and the policies offered, we evaluated 18 companies and determined the six with the best professional liability insurance.
- Simply Business: Best broker for saving money by comparing quotes
- The Hartford: Best overall provider for professional liability insurance
- Next Insurance: Best for cheap professional liability insurance
- Hiscox: Best for allied healthcare professionals
- Chubb: Best E&O insurance for social media influencers
- biBERK: Best for administrative services for professional liability
Best E&O Insurance Companies Compared
Quote Process | Online Policy Purchase | 24/7 Hotline | Instant COI | Financial Rating | |
|---|---|---|---|---|---|
 | Online or over the phone | Online Policy Purchase or over the phone | ✕ | ✓ | A- (Excellent) to A++ (Superior) |
 | Online | Sometimes | ✓ | ✓ | A+ (Superior) |
 | Online | ✓ | ✕ | ✓ | A- (Excellent) |
 | Online | ✓ | ✕ | ✓ | A (Excellent) |
 | Online | Sometimes | ✓ | ✕ | A++ (Superior) |
 | Online | ✓ | ✕ | ✓ | A++ (Superior) |
Simply Business: Best for Saving Money by Comparing Quotes
Pros
- Same-day coverage
- Policy and claim support services
- Customizable and instant COIs
Cons
- Not open 7 days a week
- Claim filing process isn’t very smooth
- Limited flexibility with online policy changes
Standout Features
- Tailor quotes in real time and receive updated quotes for your coverage
- Purchase policy online after obtaining a quick quote
- Compare quotes from multiple different providers for professional liability insurance
- Free resource center includes information on how to get contractor licenses or business licenses, and free templates for businesses to download and use
Financial stability: Simply Business is owned by Travelers, and AM Best rated Travelers A++ (Superior). The quote we received was from Hiscox, and Hiscox has an AM Best rating of A (Excellent).
Online digital broker Simply Business works with 16 different top-rated providers to help you find professional liability insurance. It has an intuitive and easy-to-use system and excels at providing insurance quickly by allowing you to purchase a policy online without speaking with anyone. However, if you prefer to speak with someone or need expert advice, you can also call its customer service hotline.
Through its marketplace, you can save money by comparing quotes and then tailoring the coverage to fit your business in real time before purchasing the policy—a feature other brokers do not offer. As the cost of insurance continues to rise, one of the best ways to save is by comparing different options for the same coverage from different carriers.
The upside of a broker can also be a downside. Since Simply Business isn’t a dedicated carrier, it can bring you quotes from lots of different companies—but if you have to file a claim, you’ll need to then work with that carrier. If you want the option of working directly with a provider throughout the process, then check out The Hartford, our overall best provider.
After answering some questions about our photography business, we received one quote for a general liability and professional liability policy. The policy was from Hiscox, for same-day coverage. The policy costs $62.74 monthly and carried a general liability limit of $1 million per occurrence and $2 million aggregate. The professional liability limit was $1 million.
Receiving only one quote from Simply Business is unusual. During our research, we usually get three to six different quotes per scenario provided. However, regardless of the volume of quotes, you have two options for proceeding:
- You can purchase the policy online without needing to speak to anyone.
- You can call and speak with an agent.
If, like in this example, you would prefer more options, then you can call to learn about additional options for insurance.
Simply Business offers insurance across the US. While it only operates on business days (Monday through Friday, 8 a.m. to 8 p.m. ET), you do have 24/7 access to your online account, where you can manage your policy, request coverage changes, and create a COI.
The broker’s users are happy with their experience. The complaints measured by the National Association of Insurance Commissioners (NAIC) are consistently lower than expected, and it has 4.3 out of 5 stars on Trustpilot from over 5,000 reviews.
Unfortunately, Simply Business’ claims process isn’t the most user-friendly. If you have a claim, you are encouraged to contact the provider directly. If you need help, however, then you can reach out to Simply Business for information on which company to contact.
The Hartford: Best Overall Provider for Professional Liability
Pros
- 24/7 call center for claims
- Strong financial rating
- Handles claims in-house
Cons
- No app to manage your policy
- Cannot always purchase the policy online
Standout Features
- Custom policies for administrators, marketing, and multiple industries.
- Hammer clause built into many policies
- Has higher limits than most carriers, with policies as high as $10 million
- Professional liability can be purchased as an endorsement on a BOP, and it offers business interruption of up to 24 months
Financial stability: Founded in 1810, The Hartford is one of the oldest insurance companies in America. It has a proven financial record of handling all kinds of losses, and The Hartford’s AM Best rating is A+ (Superior).
The Hartford is a large insurer offering a range of specialized professional liability policies—including ones for administrators, marketing agencies, architects and engineers, healthcare professionals, tech companies, and general business consultants. The provider has 24/7 claims services, the ability to get a policy online, and a strong financial position to pay claims.
The Hartford offers highly customizable professional liability policies for different industries. For example, it has a specialized professional liability policy that combines coverage for professional services, media, third-party cyber, and technology liability in one policy. You can also add options such as scheduled or blanket services coverage. Because The Hartford is a large carrier, it can provide your business with additional coverage like commercial property and commercial auto insurance.
As a traditional carrier, The Hartford provides a single point of contact. However, it isn’t as tech-forward or convenient as some other options on this list. If you value those perks, then check out Next Insurance, which lets you manage your policy and claims online or through the app.
According to The Hartford, a miscellaneous E&O policy costs $76 monthly. For architects and engineers, the average is the highest at $257 monthly. A healthcare professional can purchase professional liability at an average of $98 a month, or a tech company E&O policy comes in at $86 average monthly payment.
After answering a few questions, we received a quote in line with its published prices, which was $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.
The Hartford even included an informational note that if we purchased general liability insurance, we could bundle it with professional liability coverage and most likely reduce the total cost.
The Hartford’s customers have given it positive marks. It has a lower-than-expected number of complaints with the NAIC and 4.7 out of 5 stars with over 40,000 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 2023 survey by J.D. Power.
What’s more, The Hartford has developed an exceptional digital experience. You can get a quote in minutes and sometimes purchase a policy online. You can then manage your policy, file a claim, and get an instant COI online. If you do file a claim, you can get instant updates on the status online.
New to insurance? There is a simple three-question quiz you can take. Simply provide some information about your business, and then The Hartford will recommend what types of insurance your business needs.
Next Insurance: Best for Cheap Professional Liability Insurance
Pros
- Mobile app on iOS and Android
- E&O insurance is available in all 50 states
- Tiered quotes give you flexibility
Cons
- No 24/7 call center
- Low limits for professional liability
- Businesses with more than $5 million in revenue are not eligible
Standout Features
- You can purchase same-day coverage online through its simple and fast system
- Target professions are real estate, financial services, insurance services, architects, and engineers
- For many of its quotes, Next will conveniently bundle general liability and professional liability; save up to 10% when you bundle your insurance through Next
- More than half of Next customers pay $55 or less a month for professional liability
Financial stability: Next Insurance is the youngest carrier on this list, but it has the financial strength to pay its claims. AM Best rated Next Insurance A- (Excellent).
Next Insurance is an insurer focused entirely on small businesses. Professional liability insurance is the cheapest form of liability coverage. Not only do you have to contend with a deductible, but the monthly premium is higher than the general liability. However, Next Insurance’s average cost for professional liability is much lower than nearly every other provider out there.
More than half of its customers pay $55 a month or less for E&O insurance. Some customers pay as little as $19 a month. Looking at the other end of the spectrum, according to Next, in 2024, only 11% pay $75 or more a month.
It has professional liability that is specially designed for construction contractors, which is in line with its emphasis on the contracting industry. You can see this through its flexibility with the instant certificates of insurance (COIs), which you can create and share through the app or online for no additional charge.
This provider targets smaller businesses with a revenue capped at $5 million. If your business is near or exceeds that yearly revenue cap, then Chubb is a good option, as it has the capacity for small businesses with higher revenue.
Next makes it easy to get a quote. Simply answer a few questions about your business, and within about 10 minutes, you’ll have a quote. Often when getting a quote, it will give you three tiers of coverage: basic, premier, and deluxe. While not the same as comparing a quote, this method does give you some flexibility in finding coverage that is right for your business.
While 55% of its customers pay an average of $25 or less for professional liability, another 24% pay between $25 and $45 a month. That means almost 80% of its customers pay $45 or less monthly for professional liability insurance.
Next Insurance customers are overall happy, as the provider has received a lower-than-average number of complaints filed with the NAIC. Next invites users to leave reviews of their experience on its website, and with over 3,300 reviews, the provider has 4. 4 stars out of 5. Negative reviews are few and far between—and for all the ones we located, Next Insurance responded, addressing the issue.
Our score reflects its customer service and takes into account that Next does not have a 24/7 call center for claims. This may seem like a small issue, but having worked in a customer call center for commercial lines, I understand how valuable a 24/7 line is for customers to call after hours and on the weekend when their business is facing a serious problem.
As an insurtech, Next Insurance 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.
Hiscox: Best Professional Liability Allied Healthcare Professionals
Pros
- Global coverage for consultants
- Policies are fully customizable
- Capacity for policy limit of $10 million
Cons
- Complaints are slightly higher than average
- No 24/7 call center
- Limited online information about policy details
Standout Features
- Hiscox offers a free contract review for its policyholders
- Punitive damages covered up to the full limit of the policy
- HIPAA coverage is available as an endorsement for healthcare workers
- Many eligible industries, like engineers, consultants, contractors, and inspectors
Financial stability: With its roots tied to a global insurer, Hiscox has more than 100 years of handling insurance claims. Hiscox’s AM Best rating is A (Excellent).
Dedicated small business insurer Hiscox has a wide range of professional liability policies available. The policies target allied healthcare professionals, engineers, and inspectors and offer medical malpractice E&O insurance and a miscellaneous professional liability policy. A standout feature of working with Hiscox is the ease of purchase. You can get a quote and buy insurance in just minutes, making it the fastest option on this list.
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, Hiscox can build coverage for that. In that event, you must file the claim in the US.
Hiscox is a great option for professional liability insurance, and since it’s a traditional carrier, you’ll have just one point of contact throughout the life of the policy. However, Hiscox doesn’t have any weekend or after-hour options for calling. If your business operates on the weekend and you want the ability to call and speak with someone 24/7, then The Hartford or Chubb are both good options since they maintain a 24/7 call center.
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. On the Hiscox professional liability insurance, independent contractors are considered insured.
Beyond professional liability coverage, Hiscox offers the standard core coverages a small business would need, including workers’ comp, a business owner’s policy (BOP), and general liability insurance. It also has quality options for cyber liability insurance.
Hiscox is a dedicated small business insurer, and small businesses, on average, seem to be happy with it. While it has received a slightly higher-than-expected number of complaints with the NAIC, on the independent review site feefo, it has 4.7 out of 5 stars from over 1,300 reviews.
While Hiscox does offer the ability to get a quote and purchase a policy online, for companies with higher revenue or that need higher limits, you will have to call and speak with a representative. Hiscox is open Monday through 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 you are seeking a significant change to coverage.
Chubb: Best E&O Insurance for Social Media Influencers
Pros
- Quick and simple online quote process
- Covers every size business, including very small and midsize ones
- 24/7 claims service
Cons
- No mobile app for commercial lines
- Unclear if there is an online portal for policy management
- Unable to get same-day coverage
Standout Features
- Chubb has a superior financial rating, meaning it has the strength to pay claims
- You can tailor coverage for multiple industries.
- Over 20 years of experience handling errors and omissions (E&O) claims
- Insured has full control over whether it has to retract content
Financial stability: Chubb is the world’s latest publicly traded insurance company, with a strong financial position to pay its claims. AM Best’s rating of Chubb is A++ (Superior).
Chubb offers professional liability insurance for a wide range of industries—including designers, real estate agents, architects, and engineers—and it has created specialty professional liability policies for media and marketing businesses with built-in coverage for advertising content. This policy is a great option for social media influencers. It has a strong risk assessment and engineering to support media industries and a 24/7 claims line in case something goes wrong.
The provider has the capacity to insure nearly every size of business: micro, small, midsize, and enterprise-level companies. However, its online quoting system often does not complete the quote and requests a call to resolve it. Also, it is difficult to find out what type of online policy maintenance Chubb offers its customers. If you want the option to get insurance online and manage your policy online, then check out Next Insurance.
Chubb offers an online quoting system for small businesses, but it seems to be hit or miss on whether it will provide an online quote or direct you to contact an agent.
For this article, we were able to get an online quote in only a few minutes. The quote we received was for professional liability insurance 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 custom policies for different industries, the ability to get a quote and purchase a policy online, and over 20 years of experience handling E&O insurance.
Customers are satisfied with their experience of having Chubb insurance. Risk managers, buyers, and brokers have even voted Chubb No. 1 for its in-house team of specialists who have 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. However, in our research, Chubb’s quote system isn’t the most reliable and will often ask you to call for a quote.
Complaints in 2022 rose from 2021, as tracked by the NAIC, so complaints are now slightly above the national average. Additionally, and unfortunately, there is no clear way to obtain a COI online.
biBERK: Best for Administrative Services Professional Liability
Pros
- Quick quotes
- Purchase insurance online
- Core policies available
Cons
- No weekend hours
- Minimal online policy maintenance
- Coverage availability varies by region
Standout Features
- Simple and quick system to get insurance online
- Instant access to your policy documents
- Dedicated small business insurer
- Save money by paying annually for your insurance
Financial stability: biBERK is part of the Berkshire Hathaway Insurance Group. Berkshire Hathaway’s AM Best rating is A++ (Superior).
Dedicated small business insurer biBERK is the best provider for businesses that offer administrative services because those industries fit within the provider’s specific appetite. This means there is a very high probability of getting a successful quote with coverage focused specifically on administrative services.
Additionally, biBERK offers other coverages for those industries, such as workers’ compensation, general liability, BOP, and commercial auto. Plus, you have a good chance of getting a quote online, too.
The relatively low score in biBERK’s financial stability is not a reflection of its AM Best rating. Instead, it reflects the fact that for most coverages, biBERK is a regional carrier available to fewer than 30 states.
While biBERK will often offer a tiered quote structure similar to Next Insurance, the coverage is still from the same provider. If you’d prefer to compare quotes in an online marketplace, then consider the broker Simply Business.
We received a quote for a public notary business that costs $184.92 monthly. Alternatively, if you paid for the entire year you’d pay $1,996 and end up saving over $200. This quote was for $1 million in professional liability coverage, both per occurrence and aggregate. Each occurrence carried a deductible of $1,000. The coverage was for the next day and not same-day coverage.
In addition to professional liability insurance, biBERK offers workers’ comp, general liability, commercial auto, and a BOP.
In 2015 the Berkshire Hathaway Insurance Group launched biBERK to offer insurance for small businesses quickly and conveniently. It certainly does that: the quoting process is fast and simple, and you can purchase a policy online. If you do wish to speak with someone, biBERK’s hours are Monday through Friday from 7 a.m. to 9 p.m. ET.
Beyond the convenience of its quote and bind system, it does offer a few other online services to its policyholders. Online you can make a payment, file a claim, and create a certificate of liability.
Its professional liability insurance is available in all 50 states. However, other coverage is spottier, so I recommend checking biBERK’s coverage map in case you’re looking for insurance beyond professional liability.
biBERK has sold over 200,000 small business insurance policies. Its policyholders are, overall, satisfied. On Trustpilot, there are over 1,200 reviews with an average rating of 4.4 out of 5 stars.
How We Evaluated the Best Professional Liability Insurance Companies
We determined the best E&O insurance companies using our in-house proprietary evaluation systems, and we developed separate and distinct systems for insurance providers and brokers. When evaluating them, we focused on the customer’s needs—paying particular interest to convenience, financial ratings (from AM Best), customer service, types of policies offered, and the overall experience as a policyholder for a specific broker or provider.
Frequently Asked Questions (FAQs)
Professional liability insurance is a type of liability insurance that provides financial assistance and protects your company assets when someone claims financial or physical harm as a result of your advice or service or alleges that a contract has been broken. It is different from general liability insurance, which focuses on property damage or bodily injury someone experiences as a result of your business operations.
No, professional liability is sometimes referred to as E&O insurance. It provides the same coverage as professional liability: errors or omissions made by your company during the course of work.
There are lots of different types of professional liability insurance. The other name, errors and omissions (E&O) insurance, causes confusion, but these are the same thing. However, there is tech E&O insurance, which is different from your standard professional liability policy with cyber liability insurance elements present in it. Another type of E&O insurance is medical malpractice insurance, which has a few different policy language elements and is for those actively practicing medicine.
Professional liability insurance costs depend on several factors, including the business, risk, revenue, and claims history. The quotes we received ranged from $1,000 to over $1,600 annually for a design firm policy.
A retroactive date is the date when coverage begins. You can select a date that may actually 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.
General liability provides coverage for property damage or bodily injury to third parties. Professional liability, on the other hand, is focused on errors related to your business or a failure to maintain a contract or service agreement.
Bottom Line
Professional liability insurance is an important part of any business in the service sector. Ensuring you have the right coverage from the best professional liability insurance company frees up mental space to help you focus on your business. Simply Business is the best overall broker for professional liability insurance and can help you save money by comparing quotes. Get a free, no-obligation quote in 10 minutes or less today.
