6 Best Professional Liability Insurance Companies

Comparing insurance quotes across multiple companies can save you money, but it can also be a hassle. That’s where Simply Business comes in handy, as the broker partners with over a dozen different insurance carriers to provide you multiple quotes with just a single application. Unlike some brokers, you’ll be able to see real-time adjustments to premiums as you adjust coverages.

The process of getting a quote is quick and easy. When I tested it myself, I was able to get a quote within minutes, all without the need to speak to an agent, although that is an option if you have questions or prefer some guidance in purchasing a policy.

Simply Business did lose a few points because, as a broker, it doesn’t handle claims directly. Claims are handled through the insurance carrier you ultimately end up selecting. It also lacks a 24/7 call center. If that’s important to you, then you may want to consider a company like The Hartford, which does have around-the-clock claims support.

ERGO – Next Insurance stood out to me for its commitment to handling claims quickly, which is within 48 hours once all paperwork is submitted. While this isn’t an official guarantee, many customer reviews do confirm that the company often meets that timeline. This level of efficiency is a major part of why it scored so well in my evaluation. Claims can be filed online or via its mobile app, with the ability to track status 24/7.

Affordability is another strong point of ERGO – Next Insurance. After doing some research, I found that some of its customers pay as low as $19 per month, with more than half paying under $55. And as an additional datapoint, in 2024, only 11% of its customers paid over $75 per month.

With all that said, one potential limitation you may run into is the fact that businesses with more than $5 million in revenue may be ineligible for coverage. If you find this to be the case, consider another insurance company like Thimble

To me, The Hartford stands out as an excellent insurer to do business with if you also have other insurance needs. It is an incredibly large company, and therefore, has a wide range of supplementary insurance coverages beyond just the basic professional liability protection. Examples include business interruption, commercial flood, data breach insurance, employment practices liability, home-based insurance, and inland marine.

Additionally, it can cover businesses in nearly any industry, such as healthcare, marketing, construction, and consulting. The bottom line here is that by going with The Hartford, you can more easily house all of your insurance needs under the same umbrella, which is one way to simplify your finances. And when you get a quote, you can easily adjust policy coverages to get just the right amount of coverage.

The Hartford also has 24/7 claims support, an in-house claims team, and the option to get quotes and purchase policies online. All of those are items that helped it score highly in my evaluation. With that said, its account management tools may not be the most technologically advanced, but rather, there’s more of an emphasis on functionality.

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.

The 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. Hiscox includes global coverage, so if you happen to be a medical professional who does nonprofit work abroad, it 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, it doesn’t have any weekend or after-hours options for calling. If your business operates on the weekend and wants the ability to call and speak with someone 24/7, The Hartford is a good option since it maintains a 24/7 call center.

Dedicated small business insurer biBERK is the best for businesses offering 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. Plus, you have a good chance of getting a quote online, too.

The relatively low score in my evaluation of biBERK’s financial stability is not a reflection of its AM Best rating. Instead, it’s because for most coverages, biBERK is a regional carrier available in fewer than 30 states.

While it 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.

For me, one of the coolest features about Thimble is the fact that it can offer insurance coverage by the hour, day, month, year, or job. In other words, it’s great if you don’t work year-round and only need coverage from time to time. Other insurance companies, by comparison, would typically require you to cancel the policy, something that’s far less convenient, not to mention less cost-effective.

Thimble is also a great option for those just starting out. As a bit of background, Thimble made a large move toward insuring businesses during the pandemic, a time when there was a surge in newly established companies. And it did so while still offering affordable pricing.

Ever since then, Thimble has continued to specialize in offering affordable, quality coverage for home-based businesses, newer companies, small businesses with little or no employees, and those with a shorter history of revenue. The only points lost in my evaluation were due to the lack of a 24/7 call center and the fact that some of its carriers have a financial rating of an A-.