Best Professional Liability Insurance
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Best professional liability insurance for small businesses

Professional liability policies vary in terms of coverage, cost, and the financial stability of the insurer. When choosing a carrier, look for one that specializes in your profession, has a strong reputation, and offers policies that match your business's needs and budget.

What are some of the best companies selling professional liability insurance in 2024?

Factors such as the type of work you do, your location, and your budget will determine the best carrier when buying professional liability insurance, also called errors and omissions insurance (E&O).

Insureon works with 40+ carriers to find the best insurance coverage for your needs. We've helped over 400,000 small businesses get protected with more than 1.5 million policies.

When you compare quotes with our application, we do the work for you by retrieving quotes from the insurers that best match your business needs. The most important factors are:

Some providers specialize in professional liability insurance for certain professions, and others operate only in limited areas. All of our insurance partners are rated excellent or superior by AM Best [PDF].

Best-rated professional liability insurance companies

When buying professional liability insurance with Insureon, you'll get quotes from trusted providers that specialize in this policy.

Based on financial strength and overall rating, our top carriers for professional liability include:

The Hartford: Rated A+ by AM Best. Located in Hartford, CT. Specializes in property and casualty insurance, group benefits, and mutual funds.

Philadelphia Insurance Companies (PHLY): Rated A++ by AM Best. Located in Bala Cynwyd, PA. Specializes in property and casualty insurance, management insurance, and professional liability insurance.

Hiscox: Rated A. Located in Chicago, IL. Specializes in general liability, professional liability, business owner’s policy (BOP), and cyber insurance.

Travelers: Rated A++. Located in Hartford, CT. Specializes in commercial property and casualty insurance, personal insurance.

CM&F Group: Rated A++. Located in New York, NY. Specializes in medical malpractice insurance.

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Best professional liability insurance carriers by industry

Professional liability insurance covers risks that are specific to your work, such as accusations of professional negligence or failure to meet a standard of care. Because of that, it's important to choose a carrier that specializes in coverage for your profession.

The right carrier can help make sure you're covered for the relevant risks. In fact, some carriers only cover certain professions.

Here are the recommended providers of professional liability insurance for our top industries.

IT / technology professionals

The Hartford and PHLY are reliable providers of professional liability insurance for tech companies. In this industry, the policy is called errors and omissions insurance, and it's often bundled with cyber insurance in a package called tech E&O.

Tech E&O extends the protection offered by professional liability insurance to include mistakes or negligence that lead to a cybersecurity breach at a client's business. It also covers legal costs if a client sues your business for financial losses caused by a downtime of your IT services, or lost data caused by an issue with your cloud services.


The top insurance providers for consultants are Hiscox and PHLY.

Businesses often depend on consultants to help them optimize their processes and their profits. However, that means they can get blamed if the company loses money after implementing their recommendations.

Professional liability insurance helps consultants recover from costly legal battles if a client decides to sue them over financial losses related to their advice. It also covers frivolous lawsuits filed by dissatisfied clients looking to recoup their losses.

Healthcare professionals

Healthcare professionals often rely on CM&F Group and the Doctors Company for the right professional liability insurance, in this field called medical malpractice insurance.

While professional liability insurance doesn't typically cover bodily injuries, malpractice insurance does cover claims that your professional work worsened a patient's condition or caused an injury. For instance, it would cover a lawsuit accusing a nurse of poor patient care that led to bed sores.


Accountants often look to Hiscox and Travelers for their professional liability coverage.

This policy can cover legal costs when a client claims your advice caused them to lose money, or if you miss the deadline for filing a tax form. It can help pay for attorney's fees, court-ordered judgments, or an out-of-court settlement.


Engineers often rely on Travelers and Hiscox for their professional liability insurance coverage.

Negligence accusations can be a big problem for engineers and architects, especially for high cost projects. A mistake in the structural integrity of a building or its design could cost a client hundreds of thousands of dollars. Even if you're not directly responsible, you might face a lawsuit as a way for them to recoup their losses.

Best professional liability insurance carriers by state

In some cases, your state can be a relevant factor when buying professional liability insurance. Many insurance providers sell policies nationwide, but some cover only a limited area that might not include your business's location.

These are the carriers that sell the most professional liability policies for Insureon's customers in our top states:

The Hartford
The Hartford
The Hartford
The Hartford
The Hartford

How much does professional liability insurance cost?

A small business owner calculating their professional liability costs

The average cost of professional liability insurance for small businesses is $61 per month.

Your provider will look at several factors when determining your premium, such as:

  • Type of business
  • Business location
  • Size of your business
  • Policy limits and deductible
  • Professional liability / malpractice claims history

What are the risks of not having professional liability insurance coverage?

Going without professional liability coverage could result in fines, penalties, or the loss of your license in a state where it's required.

Most professionals aren't required by law to carry professional liability insurance. However, you might need it to fulfill the terms of a contract or to work at a specific facility. Everything from real estate agencies to hospitals and other healthcare facilities can require this coverage for their workers.

Perhaps most important, a professional liability policy can make the difference between withstanding a lawsuit and going about your work, versus having to potentially shutter your business due to legal costs.

Professional liability insurance covers lawsuits related to:

  • Breach of contract
  • Missed deadlines
  • Mistakes and oversights
  • Misrepresentation

When you carry this policy, your clients know you're protected against legal costs—which means they won't become their problem. They might be more likely to choose your company over a competitor who is uninsured.

Other important policies for small businesses that purchase professional liability insurance

Professional liability insurance provides crucial coverage in the event of a lawsuit from a dissatisfied customer, but it's not the only type of insurance you need. Small business owners often look to the following insurance policies for additional protection:

General liability insurance: This policy helps pay for accidents that damage a customer's property or cause a bodily injury. It also covers defamation and copyright lawsuits.

Business owner's policy: A business owner's policy combines general liability insurance with commercial property insurance in a cost-saving package. It provides coverage in the event of a customer accident or business property damage.

Workers’ compensation insurance: Workers' comp covers medical expenses when an employee is injured on the job. Most states require this coverage for businesses that have employees.

Commercial auto insurance: Businesses that own a vehicle are typically required to carry this coverage. It helps pay for legal costs and medical bills if your business vehicle is involved in an accident.

Cyber insurance: This policy covers expenses related to data breaches and cyberattacks, such as the cost of notifying affected customers. It's also called data breach insurance.

Commercial umbrella insurance: When your underlying general liability, commercial auto, or employer's liability insurance policy reaches its limit, umbrella insurance kicks in to provide additional coverage.

How do I find the right professional liability insurance?

It's easy to get a professional liability policy with Insureon. Fill out our online application to receive quotes from trusted providers. Our expert insurance agents can help you choose appropriate coverage limits, add endorsements, and make sure your policy matches your business needs.

Most small business owners can get same-day coverage and easily download a certificate of insurance as soon as they purchase their policy.

Updated: March 15, 2024

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