Professional Liability (E&O) Insurance Estimator – Find Coverage Costs for Your Profession
Mistakes happen, but they shouldn't cost your business. Use our Professional Liability (Errors & Omissions) Insurance Estimator to calculate your expected premium and coverage needs. Whether you're a consultant, designer, lawyer, or IT service provider, this tool gives you a quick estimate based on your profession, location, and project risk level.
State Regulations: California has Strong consumer protectionwhich may affect professional liability insurance requirements and premiums.
Professional Liability insurance, also known as Errors & Omissions (E&O) insurance, covers professionals against financial losses from claims of negligence, errors, or service failures in their professional work.
Consultants and agencies, financial advisors and accountants, IT service providers, real estate agents and brokers, and designers, marketers, and creative professionals all benefit from E&O insurance protection.
Premiums are based on type of profession, annual revenue and number of clients, claim history, project risk level, and coverage and deductible selected.
How much does E&O insurance cost for consultants?
E&O insurance for consultants typically costs $1,000-$5,000 annually, depending on revenue, specialty, and coverage limits. IT consultants and management consultants often pay higher premiums due to increased risk exposure.
Is professional liability insurance required by clients?
Many clients, especially larger corporations and government agencies, require professional liability insurance as a contract condition. It's becoming standard practice for consultants, IT providers, and other professional service providers.
How can I reduce my E&O premium?
You can reduce premiums by maintaining a claims-free history, implementing quality control processes, using detailed client contracts, continuing education and certifications, and choosing appropriate deductibles and coverage limits.
What's the difference between E&O and general liability insurance?
E&O insurance covers professional mistakes and negligence in your services, while general liability insurance covers bodily injury, property damage, and personal injury claims. Most professionals need both types of coverage.
Is professional indemnity insurance the same as E&O insurance?
Yes, professional indemnity insurance is essentially the same as E&O insurance. "Professional indemnity" is more commonly used in the UK and other international markets, while "E&O" is the standard term in the United States.
Disclaimer: This estimator provides average market pricing for professional liability (E&O) insurance. Actual quotes depend on your professional services, contracts, and insurer underwriting.