6 Best Professional Liability Insurance Companies in 2023

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 and for same-day coverage. The policy cost $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.

One quote from Simply Business is unusual. In our research, it usually generates three to six different quotes. However, regardless of the volume of quotes, you have two options for proceeding: one, you can purchase the policy online without needing to speak to anyone; or two, 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 United States. While its hours of operation are business days (Monday to Friday, 8 a.m. to 8 p.m. ET), you do have 24/7 access to your online account. From your account, 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 (NAIC) with the providers it works with are consistently lower than expected, and it has 4.7 out of 5 stars on Trustpilot¹.

Unfortunately, Simply Business’ claims process isn’t the most user-friendly. 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.

Simply Business is owned by Travelers, which has an AM Best rating of A++ (Superior). The quote we received was from Hiscox, which has a rating of A (Excellent) from AM Best.

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 is 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.

In addition to offering professional liability insurance, it provides nearly every coverage a business may need. These include general liability, property, inland marine, workers’ compensation, commercial auto, and cyber insurance.

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 the broker will tell you the coverages similar businesses purchase.

CoverWallet 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.

While it is not open 24/7, it maintains hours on Saturdays. Its hours of operation are Monday to Friday, 8 a.m. to 8 p.m. and Saturday, 9:30 a.m. to 1:30 p.m. ET.

While CoverWallet works with A-rated carriers, it is also owned by Aon, a multinational company with an A (Excellent) rating from AM Best.

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 insurance, it would bundle it with professional liability and most likely reduce the total cost.

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 over 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 in minutes and sometimes purchase a policy online. You can then manage your policy, file a claim, and get an instant COI online.

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 with an AM Best rating of A+ (Superior).

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:

1. Basic was $823.59 monthly and had general liability aggregate limits of $2 million and $50,000 for professional liability.
2. Premier costs $861.76 monthly—and the only change was it included $5,000 in coverage for tools and equipment.
3. Deluxe, which costs $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.

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 over 4,000 reviews, it has 5 stars. Negative reviews are few and far between—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.

Next is the youngest carrier on this list, but it has the financial strength to pay its claims. It has an AM Best rating of A- (Excellent).

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.

It 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. It is 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 is no clear way to obtain a COI online.

Chubb is the world’s latest publicly traded insurance company with a strong financial position to pay its claims. It is rated A++ (Superior) by AM Best.

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.

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 Trustpilot², it has 4.3 out of 5 stars from nearly 900 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 is 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.

Global insurer Hiscox has over 100 years handling insurance claims. It has an AM Best rating of A (Excellent).

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 or service or allegations of breaking a contract. It is different from general liability insurance, which focuses on property damage or bodily injury someone can experience as a result of your business operations.

No. Professional liability is sometimes referred to as E&O, or errors & omissions, 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.

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 over $1,600 annually for a design firm policy.

A retroactive date is a date at which coverage begins. You can select one 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.