Best Professional Liability Insurance Companies
Professional liability insurance, also known as errors and omissions insurance, is crucial for businesses to protect against legal costs if sued for negligence. Investopedia’s research evaluated 16 companies based on coverage limits, customer complaints, financial strength, and digital features to determine the best providers.
Best Overall: The Hartford
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Investopedia’s Rating: 4.8/5 stars
The Hartford stands out for its high coverage limits, with a professional liability aggregate limit of $5 million, the highest in Investopedia’s study. It offers convenient online tools for quotes, claims, and proof of insurance, along with a wide range of additional coverage options. However, it received more customer complaints than expected for liability coverage.
Pros & Cons
Pros:
- Highest coverage limits in the study
- Online claims, quotes, and certificate of insurance available
- Wide selection of additional coverages
Cons:
- Poor customer complaint record for liability coverage
Best Online Experience: Thimble
Investopedia’s Rating: 3/5 stars
Thimble offers a fully digital experience for professional liability insurance, with online quotes, claims filing, and proof of insurance access. It provides live customer service chat, making it convenient for businesses seeking quick insurance solutions. However, its coverage limits are lower than competitors, and it has a poor customer complaint record.
Pros & Cons
Pros:
- Online claims, quotes, and certificate of insurance available
- Offers live customer service chat
Cons:
- Competitors have higher coverage limits
- Poor customer complaint record for liability coverage
Best Customer Complaint Record: Travelers
Investopedia’s Rating: 3.6/5 stars
Travelers excels with fewer customer complaints than expected for liability coverage and demonstrates financial strength. It offers specialized coverage for financial institutions and includes additional services like cyber breach prevention. However, it doesn’t disclose coverage limits upfront, and online quotes are not available.
Pros & Cons
Pros:
- Excellent customer complaint record for liability coverage
- Financially strong
- Wide selection of additional coverages
Cons:
- Coverage limits not disclosed
- No online quotes
Best for Estheticians: Associated Skin Care Professionals (ASCP)
Investopedia’s Rating: 4.8/5 stars
ASCP is ideal for estheticians, offering high liability limits up to $6 million annually and coverage for advanced cosmetic procedures. It’s written on an occurrence-form basis, providing long-term protection. However, it lacks some coverage types estheticians may need, such as workers’ compensation.
Pros & Cons
Pros:
- Excellent customer complaint record for liability coverage
- Highest limits among esthetician insurance companies
- Covers advanced cosmetic procedures
Cons:
- Lacks some coverage types estheticians may need
Best for Trades Workers: Huckleberry
Investopedia’s Rating: 4/5 stars
Huckleberry is suitable for independent trades workers, offering up to $2 million in professional liability coverage and convenient online tools. It has a good customer complaint record and provides live chat support. However, it lacks some coverage types trade workers may need, and online claims filing is not available.
Pros & Cons
Pros:
- Good customer complaint record for liability coverage
- High coverage limits
Cons:
- No online claims
- Lacks some coverage types carpenters, plumbers, or home repair workers may need
Investopedia’s research is based on thorough analysis of industry data, customer search trends, and company performance across multiple criteria. The rankings help businesses make informed decisions when selecting professional liability insurance.
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