Best Professional Liability Insurance in 2025
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Frequently Asked Questions
How is workers' comp premium calculated?
Any business providing professional services or advice should consider E&O insurance. This includes consultants, accountants, lawyers, architects, IT professionals, real estate agents, insurance agents, and marketing agencies. If clients could claim your work caused them financial harm, you need professional liability coverage.
What's the difference between professional liability and general liability?
General liability covers bodily injury and property damage to third parties. Professional liability covers financial losses from your professional services, advice, or failure to perform contracted work. For example, if you slip and injure a client, that's general liability. If your accounting error costs a client money, that's professional liability.
How much professional liability insurance do I need?
Coverage limits typically range from $1 million to $5 million per claim. Consider your largest client contracts, industry standards, and client requirements. Many contracts specify minimum E&O coverage amounts. Higher-risk professions or those serving large clients often need $2-5 million in coverage.
Does professional liability insurance cover past work?
Yes, if your policy includes retroactive coverage back to when you started your business or obtained your first E&O policy. Make sure there are no gaps in coverage since claims can arise years after completing work. Continuous coverage protects you even after changing insurers.
Can I get professional liability insurance after a claim is made?
Most insurers won't provide coverage for known claims or circumstances that could lead to claims. You need to purchase E&O insurance before problems arise. Some insurers offer "claims-made" policies that cover claims reported during the policy period, regardless of when the work was performed.