Professional liability insurance is coverage that protects business professionals such as attorneys, consultants and accountants from claims of negligence or misconduct related to the services they provide. It’s often referred to as errors and omissions (E&O) insurance.
Experts in a specific field typically require professional liability coverage because their services can lead to mistakes that can cause financial or indirect loss for their clients. These types of incidents are typically excluded from other business insurance coverages.
What does professional liability insurance cover?
In 2021, the national median cost of professional liability insurance through Progressive was $42 per month. The average monthly price was $56.
Most customers pay closer to the median price because expensive outliers often drive up the average cost. While this information is helpful, it’s not customized to your unique situation.
Learn which attributes of your business impact the cost of professional liability insurance, and discover ways to reduce your premium.
Who needs professional liability insurance?
Any business that sells a professional service or gives advice should consider professional liability insurance to protect against lawsuits that arise from their mistakes.
Some states legally require that certain professionals, such as lawyers, have it before they can do business. Clients might also require that a business carry a certain amount of professional liability as part of their business contracts.
A variety of business professionals need professional liability insurance including:
- Real estate agents
- Insurance agents
- Home Inspectors
What does professional liability insurance cost?
In 2020, the national average cost for professional liability insurance through the Progressive Advantage® Business Program was $46 per month. While this information helps estimate costs, it’s not customized to your unique situation.
Learn which attributes of your business impact the cost of professional liability insurance and discover ways to reduce your premium.
Start a professional liability insurance quote
The quickest way to get professional liability insurance is to start an online quote. You can call us to speak directly with one of our knowledgeable agents. They’ll help you identify which professional liability limits best match your small business and personalize a policy that meets both your needs and budget.
Yes, there’s no difference between errors and omissions insurance (E&O insurance) and professional liability insurance; the two terms are often used interchangeably.
Yes. Regardless of whether a claim against you is determined to be frivolous or not, your professional liability coverage would defend against a lawsuit claiming your professional neglect.
General liability coverage only protects against “third-party” damages for which you’re responsible (i.e. bodily injury to others or damage to their property ). Professional liability protects you from claims of neglect or professional errors.
Yes. Progressive can help you get business insurance, including professional liability, in all states except Hawaii. Browse by state.