Excelling in both affordability and overall quality, Next offers the best and cheapest professional liability insurance for consultants. For LLCs with 20 employees, the average cost is $207 per month, while sole proprietors without employees can expect a cost of just $35 monthly. Professional liability insurance is a key safety net, protecting consultants against potential lawsuits related to professional advice or services, and Next is our standout choice for coverage.

MoneyGeek Logo IconBest Prof. LiabilityConsultants
2024

Best Professional Liability Insurance for Consultants

Why Trust MoneyGeek? We collected 1,162 professional liability insurance quotes and analyzed cost information alongside customer satisfaction and financial stability reports to determine the best professional liability insurance companies for consultants.

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Coverage costs and company information for professional liability insurance providers were updated in 2023.

1,162 Quotes Analyzed
 
6 Companies Compared
 
50 Zip Codes

Overall Best Professional Liability Insurance for Consultants

Next stands out as the best professional liability insurer for consultants. Next earned a MoneyGeek score of 97 out of 100, the highest on our list, based on its affordability, strong customer satisfaction and swift quote time. In the table below, you'll find the MoneyGeek scores and costs for all of the companies on our list for comparison.

How was this MoneyGeek score calculated?

NextMoneyGeek Score97Monthly Cost With 20 Employees$207Monthly Cost Without Employees$35
The HartfordMoneyGeek Score96Monthly Cost With 20 Employees$282Monthly Cost Without Employees$96
biBERKMoneyGeek Score92Monthly Cost With 20 Employees$762Monthly Cost Without Employees$170
NationwideMoneyGeek Score92Monthly Cost With 20 Employees$465Monthly Cost Without Employees$162
HiscoxMoneyGeek Score92Monthly Cost With 20 Employees$332Monthly Cost Without Employees$121
ThimbleMoneyGeek Score89Monthly Cost With 20 Employees$2,750Monthly Cost Without Employees$61
MoneyGeek’s Pick: NextScore: 97
Next
5/5LLC Affordability
5/5Sole Proprietor Affordability
5/5Customer Satisfaction
2/5Financial Stability
3/5Coverages Offered
4/5Online Quote Process
PROS

Exceptional affordability for LLCs and sole proprietors

Quick quote time

High customer satisfaction

CONS

Moderate financial stability

Limited range of coverage options

Company Highlights

Next has emerged as a top choice for consultants seeking professional liability insurance thanks to its strong customer satisfaction and affordability. While the financial stability, based on its A- AM Best rating, may be moderate compared to other insurers, Next makes up for it with the speed of its quote process, clocking in at just one minute and 18 seconds. Its offerings may be limited in variety, but the pricing is compelling: just $207 monthly for LLCs with 20 workers and $35 for sole proprietors without employees. Despite the cons, Next's cost-efficient solutions likely attract and satisfy many in the consulting industry.

Cheapest Professional Liability Insurance for Consultants

Next is the cheapest insurer overall for consultants, with an average monthly cost of $207 for LLCs with 20 employees and $35 for sole proprietors. Our affordability score combines costs for both sole proprietors and LLCs, placing Next at the top.

How was this MoneyGeek score calculated?

MoneyGeek’s Pick: NextScore: 100
Next
5/5LLC Affordability
5/5Sole Proprietor Affordability
5/5Customer Satisfaction
2/5Financial Stability
3/5Coverages Offered
4/5Online Quote Process
PROS

Highly affordable for LLCs and sole proprietors

Quick quote process

High customer satisfaction

CONS

Less robust financial stability

Limited total coverages offered

Company Highlights

Next Insurance, as the most cost-effective insurer for consultants, presents a blend of affordability, customer satisfaction and efficiency in their quote process. However, they have a lower financial stability rating than other insurers on our list (A- from AM Best) and offer fewer coverages compared to some competitors. Specializing in tailoring policies for small businesses and entrepreneurs, Next is a digital-forward company, providing an easy, fast and seamless insurance experience, particularly prized by cost-conscious consultants.

Best Professional Liability Insurance for LLC Consultants With 20 Employees

The Hartford shines as the premier professional liability insurer for consultants operating as LLCs with 20 employees. Earning a MoneyGeek score of 99 out of 100, it provides top-tier coverage for these entities. With an average monthly cost of $282, The Hartford's comprehensive and reliable insurance offerings make it the standout choice for larger consulting firms seeking peace of mind and financial protection.

How was this MoneyGeek score calculated?

Best for LLC Consultants With 20 EmployeesScore: 99
The Hartford
5/5LLC Affordability
5/5Customer Satisfaction
4/5Financial Stability
5/5average_total_coverages
4/5Online Quote Process
PROS

Excellent affordability for LLCs

High financial stability

Comprehensive coverages offered

CONS

Longer time to get a quote

Company Highlights

The Hartford is a top-tier choice for consultants. Its professional liability insurance for consultants is noted for its excellent affordability, particularly for LLCs. This, combined with its commendable customer satisfaction ratings and high financial stability, rooted in an A+ AM Best rating, solidifies The Hartford's position as a superior insurance provider. While obtaining a quote may take slightly longer (approximately 1 minute and 53 seconds), the trade-off is worth the comprehensive coverage the insurer offers.

Best Professional Liability Insurance for Sole Proprietor Consultants

Next is the best professional liability insurer for consultants operating as sole proprietors without employees. With a MoneyGeek score of 97 out of 100 for such business structures, it provides outstanding coverage at an affordable rate. At an average monthly cost of just $35, Next offers sole proprietor consultants a financially sound and secure insurance solution, making it the best choice in this category.

How was this MoneyGeek score calculated?

MoneyGeek’s Pick: NextScore: 97
Next
5/5Sole Proprietor Affordability
5/5Customer Satisfaction
2/5Financial Stability
3/5Coverages Offered
4/5Online Quote Process
PROS

Top-notch affordability for sole proprietors

Quick quote generation

Stellar customer satisfaction ratings

CONS

Somewhat unstable financial standing

Limited range of coverage options

Company Highlights

Next's professional liability insurance stands out for sole proprietor consultants, primarily due to its unmatched affordability and high customer satisfaction. Its quote generation is swift, at around one minute and 16 seconds, making it an efficient choice. However, its financial stability, reflected by an A- AM Best rating, and a somewhat limited range of coverages can be areas for improvement. Despite these minor drawbacks, Next remains a preferred insurer for individual consultants, offering cost-effective liability protection.

Best Professional Liability Insurance for Fast Quotes for Consultants

Thimble takes the lead for consultants seeking fast, online insurance quotes. Clocking in with an average quote time of just 55 seconds, Thimble is unrivaled in its speed among the professional liability insurers we've analyzed.

How was this MoneyGeek score calculated?

Best for Fast Quotes for ConsultantsScore: 89
Thimble
1/5LLC Affordability
4/5Sole Proprietor Affordability
2/5Customer Satisfaction
3/5Financial Stability
4/5Coverages Offered
5/5Online Quote Process
PROS

Fastest quote generation

Affordable for sole proprietors

Strong financial stability

CONS

Limited affordability for LLCs

Lower customer satisfaction rating

Could offer more coverages

Company Highlights

Thimble stands out for its 55-second average quote time and A AM Best rating, marking it as a quick and reliable choice. It also includes cyber liability insurance with its coverage. However, while its $61 monthly cost is appealing for sole proprietors, the $2,750 monthly cost for LLCs with 20 employees could be steep. With room for improvement in customer satisfaction and coverage options, Thimble remains viable, particularly for consultants valuing speed and financial stability.

How Much Does Professional Liability Insurance Cost for Consultants?

The average monthly cost of professional liability insurance for consultants is $942.12 for LLCs with 20 employees and $92.67 for sole proprietors without employees. One of the critical determinants of the cost of professional liability insurance for consultants is the employee count. As the number of employees increases, so does the potential for claims related to professional errors or negligence, which in turn drives up the cost of insurance.

Other factors that impact the cost of professional liability insurance include:

  • Industry and services: The nature of the consultant's industry and the specific services they provide can influence insurance costs. Industries or services associated with higher risk often result in higher premiums.
  • Claims history: If a consultant or their firm has a history of professional liability claims, insurers may consider them a higher risk, leading to increased premiums.
  • Coverage limits and deductibles: Higher coverage limits and lower deductibles can provide greater protection, but they also increase the cost of insurance.
  • Geographical location: The consultant's location can impact insurance costs, as legal costs and risk profiles can vary regionally.

Understanding these factors can help consultants effectively manage their professional liability insurance costs while ensuring they have adequate protection.

Additional Business Insurance for Consultants

Apart from professional liability insurance, consultants may need several other types of business insurance to cover various risks associated with their operations:

  • General liability insurance: This type of insurance protects against claims of bodily injury or property damage arising from your business operations. For example, if a client gets injured at your office, general liability insurance can cover legal costs and medical expenses.
  • Workers' compensation insurance: If your consultancy employs staff, you'll likely need workers' compensation insurance. It covers medical costs and lost wages if an employee gets injured or falls ill due to work-related activities.
  • Cyber liability insurance: With increasing reliance on digital tools and data, consultants need to safeguard against cyber threats. Cyber liability insurance covers losses due to data breaches or cyberattacks.
  • Commercial property insurance: If you own or lease office space, commercial property insurance is essential. It protects your physical assets like office equipment, furniture and buildings against damage or losses from fires, storms or theft.
  • Business interruption insurance: This covers loss of income if your business operations are disrupted due to a covered peril, such as a natural disaster.

Choosing the right combination of these insurance options can provide a comprehensive protection plan for consultants, offering financial stability and peace of mind.

FAQs About Professional Liability Insurance for Consultants

Understanding the nuances of professional liability insurance for consultants can be complex. We addressed some key questions to help you find the best and most cost-effective insurance providers, comprehend the coverage scope and clearly understand associated costs.

Which company offers the best professional liability insurance for consultants?
Which company offers the cheapest professional liability insurance for consultants?
What does professional liability insurance cover for consultants?
How much is professional liability insurance for consultants?

About Melissa Wylie


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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.