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Professional liability insurance (PLI) safeguards businesses from claims like negligence, malpractice or misrepresentation.

Next ranks as the best and most affordable professional liability insurance provider in Florida. With monthly premiums of $253 for LLCs with 20 employees and $46 for sole proprietors, Next offers unmatched value. Alongside cost-effectiveness, Next’s customer satisfaction rating is high, cementing the company as the ideal choice for Florida professionals seeking reliable coverage.

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2023

Best Professional Liability Insurance in Florida

Overall Best Professional Liability Insurance in Florida

With a MoneyGeek score of 96 out of 100, Next has the overall best professional liability insurance in Florida, thanks to its affordability for both LLCs with 20 employees and sole proprietors. Next’s affordability helped the insurer narrowly beat The Hartford, which also earned a MoneyGeek score of 96. You can compare the scores and costs for all companies on our list using the table below.

How was this MoneyGeek score calculated?

Company
MoneyGeek Score
Monthly Cost Without Employees
Monthly Cost With 20 Employees

Next

96

$46

$253

The Hartford

96

$89

$294

biBERK

93

$143

$532

Thimble

90

$33

$1,859

MoneyGeek's Pick: NextScore: 96
Next
5/5LLC Affordability
4/5Sole Proprietor Affordability
5/5Customer Satisfaction
2/5Financial Stability
3/5Coverages Offered
4/5Online Quote Process
PROS

Exceptional affordability for LLCs

Reliable customer satisfaction

Fast quote process

CONS

Less comprehensive coverage options

Lower affordability for sole proprietors

Company Highlights

Next stands out in Florida for its affordable professional liability insurance (particularly for LLCs), high customer satisfaction rates and quick quotes — typically delivered in about one minute and 25 seconds. However, it's worth noting that the company's financial stability is rated A- according to AM Best, which is not as high as other companies on our list. Another consideration is the scope of their coverage — although solid, it's not as comprehensive as some might need. Despite this, Next's balance of affordability and customer satisfaction positions it strongly in the marketplace.

Cheapest Professional Liability Insurance in Florida

Next stands out as the cheapest company in Florida based on its average monthly cost for both sole proprietors and LLCs at $46 and $253, respectively. The Hartford is a close second, with costs of $89 for sole proprietors and $294 for LLCs. Our affordability score combined these costs and found Next the cheapest overall, but this company may not offer the lowest price for both categories.

How was this MoneyGeek score calculated?

MoneyGeek’s Pick: NextScore: 99
Next
5/5LLC Affordability
4/5Sole Proprietor Affordability
5/5Customer Satisfaction
2/5Financial Stability
3/5Coverages Offered
4/5Online Quote Process
PROS

Excellent affordability for LLCs

Competitive pricing for sole proprietors

Quick quote turnaround

CONS

Financial stability leaves room for improvement

Company Highlights

Next, a leading provider of professional liability insurance, sets the bar high with its affordability for LLCs and sole proprietors, excellent reputation for customer service and prompt quote delivery time of one minute and 25 seconds. However, its financial stability (denoted by an A- AM Best rating) could be stronger. Despite areas for improvement, Next remains a top choice for professionals seeking affordable protection.

Best Professional Liability Insurance for Sole Proprietors in Florida

Thimble takes the lead as the best professional liability insurance for sole proprietors (business owners without employees) in Florida, earning a MoneyGeek score of 96 out of 100 based on affordability and swift quote time. It surpasses Next, which ranks second with a score of 95. Thimble's monthly cost for a sole proprietor without employees is a modest $33, although riskier industries may incur higher charges.

How was this MoneyGeek score calculated?

MoneyGeek’s Pick: ThimbleScore: 95
Thimble
5/5Sole Proprietor Affordability
2/5Customer Satisfaction
3/5Financial Stability
4/5Coverages Offered
5/5Online Quote Process
PROS

Highly affordable for sole proprietors

Rapid quote process

Good financial stability

CONS

Customer satisfaction could improve

Less available coverages than other companies

Company Highlights

Thimble stands out for its exceptional professional liability insurance, particularly for sole proprietors without employees. Its key strengths include unparalleled affordability, an impressively quick quote process (averaging just 26 seconds for sole proprietors with no employees) and robust financial stability marked by an A+ AM Best rating. Despite room for improvement in customer satisfaction, Thimble's flexibility and commitment to providing on-demand, tailor-made policies make it the ideal choice for sole proprietors in Florida seeking comprehensive, efficient coverage.

Best Professional Liability Insurance for LLCs in Florida

With a MoneyGeek score of 99 out of 100, The Hartford is the best professional liability insurance provider for LLCs with 20 employees in Florida, standing out for affordability, customer satisfaction and extensive coverage options. The Hartford charges an average monthly cost of $294 for LLCs with 20 employees, outperforming biBERK, which ranks second with a score of 97.

It's important to note that the cost of professional liability insurance significantly depends on employee count, meaning businesses with less or more employees could face different costs.

How was this MoneyGeek score calculated?

MoneyGeek’s Pick: The HartfordScore: 99
The Hartford
5/5LLC Affordability
5/5Customer Satisfaction
4/5Financial Stability
5/5Coverages Offered
4/5Online Quote Process
PROS

Affordable options for LLCs

Ample coverages

High customer satisfaction

CONS

Quote time not the fastest among competitors

Company Highlights

We recommend The Hartford for LLCs due to its affordability, swift quote process (averaging one minute and 11 seconds for LLCs with 20 employees) and stellar customer satisfaction. Its financial stability is strong, denoted by an A+ AM Best rating. As a company, The Hartford is renowned for its broad coverage options and commitment to excellent customer service. These strengths make it the preferred choice for employers in Florida seeking comprehensive, reliable protection.

Best Professional Liability Insurance for Fast Quotes in Florida

Thimble leads in the fastest quote time for professional liability insurance in Florida, averaging at an impressive 50 seconds. A speedy online quote process is vital for business owners as it saves time and reduces administrative hassle, enabling them to focus on core business operations and make informed decisions. Thimble's efficiency is an asset for busy professionals seeking swift insurance solutions.

How was this MoneyGeek score calculated?

MoneyGeek’s Pick: ThimbleScore: 90
Thimble
1/5LLC Affordability
5/5Sole Proprietor Affordability
2/5Customer Satisfaction
3/5Financial Stability
4/5Coverages Offered
5/5Online Quote Process
PROS

Exceptionally affordable for sole proprietors

Incredibly quick quote process

Good range of coverages offered

CONS

Less affordable for LLCs

Customer satisfaction needs improvement

Financial stability is good, but not perfect

Company Highlights

Thimble's professional liability insurance is notable for its incredibly fast 50-second quote process, making it the best choice for those seeking quick quotes. Although Thimble's financial stability is strong with an A+ AM Best rating and it's the most affordable option for sole proprietors, it's less affordable for LLCs. Thimble's professional liability insurance also includes cyber liability coverage — adding value but increasing cost. Thimble is an innovative company that offers flexible, on-demand policies to meet diverse professional needs.

How Much Is Professional Liability Insurance in Florida?

In Florida, the average monthly cost of professional liability insurance is $734 for LLCs with 20 employees and $78 for sole proprietors without employees. These costs reflect policies with specific limits: a $1 million per occurrence limit, a $1 million aggregate limit and a $5,000 deductible.

The per occurrence limit is the maximum your insurer will pay per claim. The aggregate limit is the total amount the insurer will pay out during the policy term, usually one year. The deductible is the amount that the policyholder is responsible for paying before the insurance company begins to cover costs.

Compared to other states, the cost of professional liability insurance in Florida is generally higher, both for sole proprietors without employees and LLCs with 20 employees. Check out the table below to compare Florida's insurance costs directly with those of each individual state.

State
Average Monthly Cost Without Employees
Average Monthly Cost With 20 Employees

Alabama

$89

$584

Alaska

$86

$942

Arizona

$98

$586

Arkansas

$95

$667

California

$98

$693

Colorado

$76

$632

Connecticut

$74

$627

Delaware

$76

$632

Florida

$78

$734

Georgia

$81

$712

Hawaii

$93

$723

Idaho

$74

$694

Illinois

$75

$705

Indiana

$75

$700

Iowa

$74

$695

Kansas

$75

$696

Kentucky

$77

$712

Louisiana

$87

$724

Maine

$74

$694

Maryland

$74

$714

Massachusetts

$71

$719

Michigan

$73

$692

Minnesota

$75

$698

Mississippi

$86

$747

Missouri

$75

$707

Montana

$84

$739

Nebraska

$72

$687

Nevada

$87

$858

New Hampshire

$76

$703

New Jersey

$77

$750

New Mexico

$76

$703

New York

$80

$804

North Carolina

$67

$674

North Dakota

$79

$714

Ohio

$77

$710

Oklahoma

$85

$633

Oregon

$74

$703

Pennsylvania

$97

$796

Rhode Island

$74

$697

South Carolina

$72

$689

South Dakota

$74

$694

Tennessee

$77

$707

Texas

$78

$713

Utah

$76

$705

Vermont

$79

$864

Virginia

$72

$703

Washington

$122

$896

West Virginia

$79

$721

Wisconsin

$75

$699

Wyoming

$81

$649

Factors That Impact Professional Liability Insurance Costs in Florida

In Florida, the cost of professional liability insurance for each business is shaped by several factors. These factors contribute to the unique risk profile of a business, influencing the premium rates:

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    Industry and Type of Services Provided

    The nature of the services a business provides significantly impacts coverage costs. Businesses in high-risk industries or those that offer specialized, complex services typically face higher insurance costs due to the increased potential for professional mistakes that could result in lawsuits.

  • florida icon

    Location

    The geographical location of a business can also affect insurance costs. Factors such as local laws, regulations and the litigiousness of a given area can influence rates. Certain regions may pose higher risks due to specific industry dynamics or legal climates, thereby increasing insurance costs.

  • female icon

    Number of Employees

    The more employees a business has, the higher the potential for professional errors or omissions that could lead to claims. Businesses with more employees usually have higher insurance premiums.

  • insurance2 icon

    Coverage Limits

    The amount of coverage a business chooses also influences the cost. Higher coverage limits mean more potential payout from the insurance company in the event of a claim, which typically results in higher premiums.

  • signupBonus icon

    Policy Add-Ons

    Extra policy features or endorsements that extend beyond standard professional liability coverage will also increase costs. For example, add-ons such as cyber liability coverage can raise premiums but provide additional protection, making it a valuable consideration for many businesses.

Who Needs Professional Liability Insurance in Florida?

Although not legally mandated for most businesses, professional liability insurance offers financial protection for claims related to error, negligence or misrepresentation. For high-risk industries in Florida such as health care and law, a specific form of professional liability insurance may be required by law or industry standards.

  • Medical malpractice insurance: Health care providers in Florida are generally required to maintain medical malpractice insurance or demonstrate financial responsibility to cover potential claims. This includes most doctors and hospitals, though some part-time physicians may be exempt. This requirement aims to ensure that medical professionals can financially compensate patients for harm resulting from malpractice.

  • Legal malpractice insurance: Although legal malpractice insurance is not required by law for lawyers in Florida, it is highly recommended. Legal malpractice can result in significant financial losses for clients, and having insurance ensures that attorneys can meet these potential liabilities.

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WHY YOU SHOULD CONSIDER PROFESSIONAL LIABILITY INSURANCE

Even if not legally required, professional liability insurance is a financial safety net against potential lawsuits arising from claims of professional errors or negligence, which can be expensive to address. It also enhances the credibility of a business, demonstrating to clients and partners that any unforeseen professional mistakes or oversights can be adequately compensated.

Frequently Asked Questions About Professional Liability Insurance in Florida

Navigating professional liability insurance in Florida doesn't have to be difficult. Read on to clear up uncertainties, pinpoint the top providers, explore the extent of coverage and unpacking the associated costs.

About Melissa Wylie


Melissa Wylie headshot

Melissa Wylie is a Content and SEO Manager at MoneyGeek. Melissa has worked in the financial content space since 2018 and has spent much of that time focused on all things small business.

Prior to joining MoneyGeek, Melissa held SEO positions at Bankrate and LendingTree. Melissa’s work has also appeared on LendingTree-owned websites ValuePenguin and MagnifyMoney.

Melissa began her career at American City Business Journals in 2015 as a reporter for the company’s women-focused publication Bizwomen. Melissa has a Bachelor of Arts in Journalism from the University of North Texas. Melissa relies on her foundation in journalism to craft content that simplifies complex financial topics to help everyone feel confident when making decisions with their money.

Melissa's other work can be read on LendingTree and Bizwomen.


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