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How Much Does Professional Liability Insurance Cost?
If you’re wondering how much professional liability insurance costs, there isn’t one set amount. With The Hartford, small businesses typically pay about $76 a month for a standalone professional liability insurance policy.** Professional liability insurance, also known as errors and omissions (E&O) insurance, can help protect small business owners if they face a lawsuit for making a mistake in the products or services they provide.
What Do Customers of The Hartford Pay For Professional Liability Insurance?
| Product | Avg. Minimum Monthly Premium** |
|---|---|
| Misc. Professional Liability Standalone Coverage | $62 |
| Misc. Professional Liability Endorsements | $41 |
How Much Does Professional Liability Insurance Cost by Industry?
| Product | Avg. Minimum Monthly Premium** |
|---|---|
| Architects and Engineers Professional Liability | $239 |
| Accountants Professional Liability Standalone Coverage | $73 |
| Healthcare Professionals Professional Liability | $38 |
| Errors & Omissions Insurance for Technology Companies | $146 |
Factors That Affect the Cost of Professional Liability Insurance
Different factors can impact your professional liability insurance cost, including your:
1. Type of Business
The industry your business is in and the type of work you do can impact your errors and omissions insurance cost. Your insurer may consider your business higher risk if it deals directly with customers. For example, an accounting firm would likely have a higher professional liability insurance premium than a landscaping company.
To help your small business’ risk management plan, we offer coverage for many industries, including:
- Professional liability insurance for consultants
- Technology professional liability insurance
- Professional liability insurance for interior decorators
- Advertising agency professional liability insurance
- Professional liability insurance for graphic designers
- Errors and omissions insurance for real estate
- Accountants professional liability insurance
View all business insurance solutions by industry.
2. Location
Your business’ location can impact your insurance cost because legal expenses vary between states. If you live in a state where legal costs are high, it may increase your cost of professional liability insurance.
3. Coverage Limits
When you get professional liability insurance coverage, you’ll choose the coverage limits you want in your policy. These limits can range between $250,000 and $2 million. Generally, higher limits will increase your insurance cost.
4. Deductible Amount
You’ll also choose your policy deductible when you get professional liability insurance. Your deductible is the amount you have to pay before your insurance company starts covering costs. So, if you have a low deductible, you’ll have less out-of-pocket costs compared to a high deductible.
5. Number of Employees
The more people you have on your team, the more you can expect to pay for professional liability insurance. This is because there’s more of a chance that someone will make a mistake providing a service.
6. Years in Business
Newer businesses generally have higher insurance costs than more experienced companies. This is because there’s more risk of making a mistake when you’re new.
7. Claims History
Having a history of professional liability claims against your business can increase your professional liability cost. That’s why it’s important to make sure your business has a proper training program to reduce the risk of making mistakes in your services.
How Your Industry Affects the Cost of Professional Liability Insurance
What you pay for professional liability insurance will vary by industry. Insurance companies know that professional mistakes will cost more in certain industries than others. For example, accountants may pay more for professional liability insurance compared to an interior designer.
Ways To Save on Professional Liability Insurance Costs
As a business owner, there are a few things you can do to save money and reduce your professional liability insurance cost, including:
- Paying your entire premium upfront
- Having a clean claims history
- Endorsing your business owner’s policy
- Choosing a higher deductible for your policy
- Picking a lower coverage limit for your business
- Having another layer of protection with general liability insurance
Get a Quote for Professional Liability Insurance Cost
If a mistake happens and a customer sues your business, you’ll want peace of mind knowing your insurer is there for you. You can count on us to help you get the coverages you need at the right price. In fact, we’re backed by over 200 years of experience. To learn more, get a professional liability insurance quote today.
Last Updated: April 11, 2025
** Costs, premiums, and coverages mentioned are estimates and are not guaranteed. Actual cost, premium, and coverage are determined at the time of quote or issue and are specific to an individual risk. Premiums are based on information provided to The Hartford, including, but not limited to, underwriting and rating criteria. All examples included on this website or in an advertisement are intended for informational purposes only and are not an offer or a guarantee of premium or coverage. Coverage and products described are subject to the terms and conditions found in the policy contract. Any educational information provided about available coverages does not modify the policy language or imply that any claim is covered. Products are not available in all states or for all businesses.