6 Best Professional Liability Insurance Companies in 2023

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.

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.

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).

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.

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.

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.

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 cost $861.76 monthly—and the only change was it included $5,000 in coverage for tools and equipment.
3. 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.

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.

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).

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 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.

Global insurer Hiscox has more than 100 years handling insurance claims. It has a rating of A (Excellent).

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.

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.

Travelers is a global insurance company with decades of financial stability. It has a rating of A++ (Superior).

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.

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.

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

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.

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.

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.

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.