How much does professional liability insurance cost?
While you may be able to find actual dollar amounts, or ranges, of the average cost of professional liability insurance for your small business type online, your premium will ultimately depend on the characteristics of your specific business.
No two businesses are identical, and their differences are factored into the cost of their professional liability insurance (sometimes referred to as E&O or professional indemnity). Learning which attributes of your business impact your insurance costs can aid in making sound insurance decisions that could save you money.
Professional liability insurance cost factors
Various attributes of your business play a role in determining the cost of your professional liability insurance, including:
- Selected coverage limits
- Number of employees
- Years in business
Obtaining professional liability insurance
The most common ways to reduce your professional liability insurance costs include:
- Increasing your deductible amounts
- Having a clean, or minimal, claims history
If you’ve had professional liability claims in the past you may pay a higher price. You can work toward improving your insurance history by developing your business strategy, contracts, and communication skills to safeguard yourself against future claims.
Progressive Commercial has in-house agents that specialize in small business insurance. We can help you find the best combination between price and protection by tailoring a policy specifically for your business. Call us today or start a quote online.