How this estimate works
Professional liability insurance, also called errors and omissions (E&O), pays legal costs and settlements when a client claims your work or advice caused a financial loss. Insureon reports a median premium of $88 a month, or $1,051 a year, with annual premiums from around $400 to over $7,000. Insureon's figures are medians of policies its small business customers bought from leading insurers; most of those customers have fewer than five employees, revenue from under $50,000 to over $200,000 and five years or less in business.
The calculator multiplies the annual median by the median for your profession relative to $88, taken from Insureon's industry cost pages, and by the state ratio for the ten states Insureon lists.
What is included
- Most customers (56%) choose $1 million per claim and $1 million aggregate limits; 11% choose $2 million / $2 million
- An average deductible of $2,500 among Insureon customers
- Technology E&O for IT businesses, which combines E&O with third-party cyber coverage
Limitations
Professional liability is usually written on a claims-made basis, so coverage depends on keeping the policy active or buying tail coverage. Revenue, claims history, contracts and the exact services you provide drive real prices. Medical malpractice for physicians and some licensed professions is a specialized market that this estimate does not represent. Some states and licensing bodies require minimum limits.
This is an indicative estimate, not an offer of insurance. Policies are issued by licensed insurers and placed through licensed producers in your state. Compare real offers by requesting a quote.