Professional liability insurance, also known as errors and omissions insurance, is a critical coverage for businesses that provide professional advice and services and need to be protected from lawsuits alleging errors, omissions, or negligence in professional work. Your professional liability insurance needs will vary greatly depending on your industry and the types of risks you face, but there are a few key features to look for in an insurer. A variety of factors influence the quality of the coverage you'll receive, ranging from financial stability to dependable customer service.
We considered several factors to determine the best professional liability insurance companies and came up with the top ten.
So here are the top ten professional liability insurance companies
1. The Hartford
They received a rating of 4.9 out of 5 stars.
Both AM Best and Standard & Poor's have given The Hartford an A+ rating, indicating a high level of financial strength. Several J.D. Power commercial insurance surveys have given the company high marks. The Hartford provides professional liability insurance to a wide range of industries, including accountants, consultants, market research companies, interior designers, marketing firms, graphic designers, tech firms, and others.
Chubb does have an A++ rating from AM Best and an AA rank from Standard & Poor's, both of which indicate excellent financial power, and the organization was also rated highly in customer satisfaction by J.D. Power. Professional liability insurance policies from Chubb cover a wide range of professions, including media, technologies, financial firms, designers, architects, attorneys, and government entities.
Hiscox provides professional liability insurance quotes online, and claims service is available 24 hours a day, seven days a week. As long as lawsuits are filed in the United States or Canada, the company provides worldwide coverage for claims. Temporary and contract workers are covered. Personal injury coverage may be included in policies. Because clients may require professional liability insurance as part of an agreement, Hiscox can provide a certificate of insurance online as soon as you buy a policy.
4. Berkshire Hathaway GUARD
Berkshire Hathaway GUARD's website and mobile app provide convenient online quotes, online claims, and policy management. Claim reporting is available 24 hours a day, seven days a week, and specialized lawsuits and fraud units can support claims. Prior acts coverage is available, and policies can be written with separate defence and claim expense limits. Some policies may include medical negligence protection.
Plumbers, HVAC technicians, electricians, and sheet metal workers are among the contractors who benefit from the company's professional liability coverage. Consultants and personal care businesses such as salons and barbershops are also covered.
Nationwide provides professional liability insurance quotes online, and claims can also be managed online. Customers can access online resources for smaller companies as well as loss prevention services.
Thimble goes above and beyond standard coverage to assist you in evaluating risks and developing solutions for your company.
Even the most skilled professionals are capable of making mistakes. Worse, a client may claim that you made a mistake. Thimble excels in this area.
While general liability insurance protects you in the event of bodily harm or property damage, professional liability insurance protects you if a client claims your negligence as a result of a professional error that causes financial loss.
7. Next Insurance
Next can assist you if you require professional liability insurance. Customers can protect their businesses and professional licenses or certificates by using the firm's wide range of business insurance policies. Specifically. The following step is to combine general liability insurance with errors and omissions insurance.
biBERK specializes in professional liability policies that are customised to your small business. To begin, you must provide information about the number of employees you have, your industry, and the location of your work.
biBERK then creates a quote for your company. Unlike many other insurance companies, biBERK insures your company directly. Because you are not paying an insurance broker or middleman, you can save up to 20% on your policies.
Outside of your business, you may have other types of insurance policies. If you prefer to keep all of your policies in one place, look into a company that offers more than just business insurance. Progressive provides auto insurance, other car insurance, house insurance, home insurance, and other services.
Pogo is a relatively new insurance company that functions primarily as a digital insurance marketplace. It's our top pick for remote workers because the company specializes in independent contractor coverage and acknowledges the unique risks that self-employed professionals face.
As you can imagine, there are a plethora of insurance companies on the market that offer professional liability insurance. The challenge is finding a company that understands the unique risks of your profession. We support all of the businesses on this list.