5 Best Small Business Professional Liability Insurance Providers

Running a small business comes with numerous risks, particularly in professional services where errors and omissions can lead to financial losses and legal challenges.

Securing small business professional liability insurance, also known as errors and omissions (E&O) insurance or professional indemnity insurance, is essential for protecting your business from potential lawsuits and claims.

Here’s a look at the top five small business professional liability insurance providers offering comprehensive coverage designed specifically for small businesses.

1. Hiscox

Coverage Highlights:
Hiscox is known for its tailored insurance policies designed for small businesses across industries, including IT consultants, freelancers, and various professional service providers.

Key Features:
- Customizable policies to suit specific business needs.
- Coverage for legal defense costs, even if claims are groundless.
- Worldwide coverage for claims made on work completed by your business.
Pros:
- Flexible payment options.
- Excellent customer service.
- Comprehensive coverage options for general liability and workers compensation insurance.
Cons:
- Premiums may be slightly higher than competitors.

2. Next Insurance

Coverage Highlights:
Focused on small business needs, Next Insurance provides straightforward, affordable professional liability insurance with a fully digital experience.

Key Features:
- Competitive rates with customizable coverage options.
- Instant quotes and coverage available online.
- Monthly payment plans with no additional fees.
Pros:
- User-friendly online platform.
- Affordable pricing with options for general liability and workers comp insurance.
- Instant access to policy documents and certificates of insurance.
Cons:
- Limited customization options compared to traditional insurers.

3. Travelers

Coverage Highlights:
Travelers offers robust professional indemnity liability insurance for a variety of small business sectors, protecting against negligence, errors, or omissions.

Key Features:
- Broad coverage options, including personal injury and property damage.
- Access to risk management resources.
- Dedicated claim support team.
Pros:
- Strong financial stability.
- Comprehensive risk management services.
- Tailored coverage options for diverse industries, including IT consultants and payroll companies for small businesses.
Cons:
- More complex application process than online-only insurers.

4. Chubb

Coverage Highlights:
Chubb provides extensive professional indemnity insurance for small businesses, with policies that cover a wide range of risks associated with professional services.

Key Features:
- Broad coverage with high policy limits.
- Access to legal and risk management resources.
- Strong reputation for claims handling.
Pros:
- High policy limits and customizable options.
- Excellent customer support and claims handling.
- Specialized policies for sectors such as general liability and indemnity insurance.
Cons:
- Higher premiums for extensive coverage options.

5. The Hartford

Coverage Highlights:
The Hartford is known for providing reliable, all-encompassing small business insurance options, including professional indemnity insurance for IT consultants and other service providers.

Key Features:
- Coverage for defense costs, settlements, and judgments.
- Industry-specific policy options.
- Access to risk management and legal advisory services.
Pros:
- Strong reputation and financial stability.
- Industry-specific knowledge.
- Excellent support for small businesses, including general liability and workers comp insurance.
Cons:
- Slightly higher premiums for comprehensive coverage.

Comparing Top Small Business Insurance Providers

Selecting the best small business professional liability insurance provider depends on various factors:

Industry-Specific Coverage: Choose a provider with tailored coverage for your industry, whether for general liability or indemnity insurance needs.
Policy Limits & Deductibles: Find a balance that aligns with your business’s risk level and budget.
Claims Process: Ensure the provider has an efficient claims process.
Cost: Evaluate premiums across providers, including Verizon, Comcast, or T-Mobile small business resources if you require bundled services.
Customer Support: Reliable support simplifies managing policies and claims.

Insurance Provider	Monthly Premium	Coverage Limit	Deductible	Payment Options	Industry Focus
Hiscox	$30 – $50	$500K – $2M	$500	Flexible	General liability and indemnity insurance
Next Insurance	$25 – $45	$250K – $1M	$0 – $500	Monthly	General liability and workers comp insurance
Travelers	$35 – $55	$1M – $3M	$500 – $1K	Annual/Monthly	Professional indemnity liability insurance
Chubb	$45 – $70	$1M – $5M	$1K	Flexible	Professional indemnity for IT consultants
The Hartford	$40 – $60	$500K – $2M	$500	Flexible	Workers compensation & indemnity insurance

Conclusion

Investing in small business professional liability insurance is essential for risk management, providing legal protection and financial coverage against potential claims of errors, omissions, and negligence. Leading providers like Hiscox, Next Insurance, Travelers, Chubb, and The Hartford offer tailored, robust options with strong customer support, making them ideal choices for small businesses seeking dependable coverage.

By selecting the right small business insurance policies, you safeguard your business from potential legal and financial challenges, ensuring long-term success and stability.