The answer to this question can be complicated, but you can find more information on this subject at the following link: Insurance Information Institute. Generally speaking, if you offer a service for a fee you probably have an exposure that requires E&O insurance.
Professional Liability insurance is also referred to as errors and omissions, professional liability, malpractice, etc.
Minimum premiums vary widely based on the class of business and specifics of the services offered. If you are just looking for a ballpark quote please call us at 877-831-9462 or email us at service@professionalliability.pro with basic information on your business (Description of the services your business provides, coverage limit you’re looking for, location and business size).
Once we receive your completed application, the information is submitted to our companies for review. In some instances there may be a few more questions that we will contact you about, but in most cases we can obtain quotes with the information provided. Quotes are generally received within 2-5 days (Longer if the risk is more complex, such as aerospace engineering). As soon as we have quotes back from each company, we will send you the top 2 or 3 proposals we have, along with a comparison of the coverage and cost of each. If you would like to see the proposals as we receive them, please let us know.
Generally speaking there is a renewal application that must be completed before we can obtain the quote on your renewal. Some companies do offer "automatic renewals" without any additional information being needed. For many classes of business, you can expect a "step-rate" increase in the first 5-6 years of business. This means the rate will automatically increase by a certain percentage, assuming everything else stays the same (Gross income, areas of practice, etc.). For an explanation of what a "step-rate" is please contact us.
The subject of Errors and Omissions/Professional Liability insurance can be very complex, which is why we do not have more information on our website. We have found that it is easiest for you to contact us with any questions, as everyone's situation is different, and "general answers" generally don't work. So please feel free to send us any questions using our online form or emailing us at service@professionalliability.pro. Thank you.
