AdvisorSmith evaluated financial strength, customer satisfaction, ease-of-use, and more to find the best professional liability insurance companies.
Professional liability insurance, or errors and omissions insurance, is a crucial coverage for companies that provide professional advice and services and need protection from lawsuits alleging mistakes, omissions, or negligence in professional work. Your professional liability insurance requirements can vary widely depending on your industry and the types of risks you are exposed to, but there are a few salient features you’ll want to look for in an insurer. From financial stability to reliable customer service, there are a number of factors that impact the quality of coverage you’ll receive.
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To determine the best professional liability insurance companies, AdvisorSmith considered a number of variables, including financial strength ratings from AM Best and Standard & Poors, customer satisfaction data from several J.D. Power studies, complaint ratings from the National Association of Insurance Commissioners, available features and options, and availability of information and ease-of-use of the insurers’ websites. We scored insurers out of a total of five points and only included those companies that scored 4.0 or higher.
The Best Professional Liability Insurance Companies
|1||Berkshire Hathaway Guard||5.0 / 5.0|
|2||Chubb||4.9 / 5.0|
|3||The Hartford||4.7 / 5.0|
|4||State Farm||4.4 / 5.0|
|5||Zurich||4.3 / 5.0|
|6||Great American||4.3 / 5.0|
|7||Philadelphia Insurance Companies||4.3 / 5.0|
|8||AIG||4.2 / 5.0|
|9||Hiscox||4.2 / 5.0|
|10||Progressive Commercial||4.2 / 5.0|
|11||Travelers Insurance||4.1 / 5.0|
|12||AXA XL||4.1 / 5.0|
|13||Nationwide||4.0 / 5.0|
|14||Axis||4.0 / 5.0|
|15||Admiral Insurance||4.0 / 5.0|
|16||Arch Insurance||4.0 / 5.0|
*Not all insurance companies provide coverage in all states.
More on the Best Professional Liability Insurance
AdvisorSmith found and rated the top professional liability insurance companies on a five-point scale, based on financial strength, customer satisfaction, ease-of-use, and a number of other factors. While many insurers were evaluated, only those with a score of 4.0 or more are listed below.
Berkshire Hathaway Guard
5.0 / 5.0
Berkshire Hathaway Guard has an AM Best rating of A++ and a Standard & Poors rating of AA, meaning it is financially very strong, and the company’s customer satisfaction was also highly rated by J.D. Power. The company offers professional liability coverage for many industries, including lawyers, accountants, bookkeepers, architects, engineers, printers and publishers, consultants, interior designers, funeral services, photographers, and more.
Berkshire Hathaway Guard offers convenient online quotes, online claims, and policy management through its website and mobile app. Claim reporting is available 24/7, and specialized litigation and fraud units can assist with claims. Prior acts coverage is available, and policies may be written with separate limits for defense expenses and claims expenses. Personal injury coverage may be included in some policies.
4.9 / 5.0
Chubb has an A++ rating from AM Best and an AA rating from Standard & Poors, indicating excellent financial strength, and the company was also highly rated in customer satisfaction by J.D. Power. Chubb’s professional liability insurance policies cover a variety of professions, including media, technology, financial institutions, architects, engineers, lawyers, and public entities. Chubb’s policies can be tailored to fit individual businesses, and the company offers broad definitions of wrongful acts, damages, and insureds.
Since Chubb does not offer online quotes, you will need to contact an agent to purchase coverage. Chubb does offer online claims support. The company offers admitted coverage in most states.
4.7 / 5.0
The Hartford has been given an A+ rating by both AM Best and Standard & Poors, indicating a high level of financial strength. The company has high ratings from several J.D. Power surveys of commercial insurance. The Hartford offers professional liability insurance for many industries, including accountants, consultants, market research firms, interior designers, advertising agencies, graphic designers, technology companies, and more.
The Hartford offers online quotes, online claims management, and information and scenarios for small business owners. Specialists can help you secure appropriate coverage for your business and help you deal with any claims that arise. Policies may include personal injury coverage, subpoena support, and lost income coverage for time spent in trials or depositions.
4.4 / 5.0
State Farm’s financial strength is rated as A++ by AM Best and AA by Standard & Poors, and the company came second in J.D. Power’s study of small businesses’ satisfaction with insurers. State Farm offers professional liability coverage for many professional services businesses, including real estate, technology, web designers, consultants, computer programmers, marketing, architects, engineers, accountants, and more.
State Farm does not offer online quotes, so you will need to discuss coverage with an agent to get more information on coverage and purchase a policy. The company does offer online claims management.
4.3 / 5.0
Zurich has a rating of A+ from AM Best and AA- from Standard & Poors. Professional liability policies are available for many industries, including technology, manufacturing, and professional services. Policies may include security, privacy, and cyber incident coverage, and may also provide risk management services to help control your exposure to cyber threats. A variety of endorsements are available and can add crisis management coverage, incentives for alternative dispute resolution, and other services.
Zurich does not offer online quotes—you will need to speak to an agent to purchase coverage. The company does offer online claims, and customers can take advantage of risk assessment resources and newsletters.
4.3 / 5.0
Great American received A+ ratings from both AM Best and Standard & Poors, indicating a high level of financial stability, and the company has received high customer satisfaction ratings in a J.D. Power study of large commercial insurers.
Great American offers professional liability coverage for a number of professions, including lawyers, design professionals, accountants, real estate agents, consultants, advertising companies, public relations firms, and more. Coverage can be customized to each customer and may include personal injury claims, cyber and security incidents, and coverage for independent contractors. Many policies do not include a hammer clause and are not cancellable by the insurer except if premiums are not paid.
Great American does not offer online quotes or online claims; you will need to work with an agent to purchase coverage.
Philadelphia Insurance Companies
4.3 / 5.0
Philadelphia Insurance is rated A++ by AM Best and A+ by Standard & Poors, indicating that it is financially strong. The insurer offers professional liability policies for media companies, technology companies, accountants, staffing agencies, mental health counselors, chiropractors, and others. It has a broad definition of professional services and a variety of available endorsements for crisis management, employment practices liability, and other policy extensions.
Philadelphia Insurance does not offer online quotes but does provide online claims reporting and management. The insurer offers risk management services and a risk management hotline to customers. Free legal consultations are also available for situations that could result in a claim.
4.2 / 5.0
AIG received an A rating from AM Best and an A+ from Standard & Poors. The company offers professional liability insurance for a wide range of industries, including media, publishing, broadcasting, education, technology, robotics, manufacturers, and other professional services. AIG also offers reputation services that can pay for communications services, brand monitoring, social media campaigns, strategic advice, and other guidance to help companies deal with crises.
AIG does not offer online quotes, so you will have to contact an agent to discuss coverage options. It does offer online claims and risk management resources.
4.2 / 5.0
Hiscox received A ratings from both AM Best and Standard & Poors, meaning it has a very strong capacity to meet its financial obligations. Hiscox offers online quotes for its professional liability insurance, and 24/7 claims service is available. The company offers worldwide coverage for claims as long as lawsuits are filed in the U.S. or Canada. Coverage includes temporary and contract workers. Policies may include personal injury coverage.
Since clients may require you to have professional liability insurance as part of a contract, Hiscox can provide a certificate of coverage online immediately after you purchase a policy. Discounts may be available for companies with certain risk management practices and for those that buy more than one Hiscox policy.
4.2 / 5.0
Progressive Commercial has an AM Best rating of A+ and a Standard and Poor’s rating of AA. The company offers professional liability insurance for many professions, including counselors, accountants, real estate, lawyers, engineers, and architects. Coverage is available for claims related to past services and for work performed in other countries.
Progressive offers online quotes and can tailor policies to individual businesses. Online claims management is available as well. Customers will need to speak with an agent to receive more specific information on coverage options.
4.1 / 5.0
Travelers Insurance is considered financially strong, with a rating of A++ from AM Best and AA from Standard & Poors. The company was also highly rated by J.D. Power’s digital experience survey. The company offers professional liability coverage for many professions, including accountants, design professions such as architects and engineers, lawyers, financial institutions, real estate businesses, and more.
Travelers policies can be tailored to fit individual business needs. Depending on the type of industry being covered, policies may include coverage for network and information security incidents, crisis event management, and bodily injury or property damage coverage. Risk management services and consultations are also available to policyholders.
Travelers does not offer online quotes, but it does offer online claims and resources providing education about common risk scenarios.
4.1 / 5.0
AXA received an A+ rating from AM Best and an AA- from Standard & Poors. The company received a high rating from J.D. Power’s study of customer satisfaction with large commercial insurers. AXA XL’s professional liability coverage includes accountants, architects, engineers, interior designers and other design consultants, technology companies, telecommunications firms, real estate agencies, lawyers, and more
AXA XL does not offer online quotes or claims. Businesses will need to consult with an agent to obtain coverage. The company does offer personalized risk consulting services to clients.
4.0 / 5.0
Nationwide received A+ ratings from both AM Best and Standard & Poors, indicating that it is financially strong. The company focuses its professional liability coverage offerings on contractors in the building trade, such as plumbers, HVAC technicians, electricians, and sheet metal workers. Coverage is also available for consultants and personal care businesses such as salons and barber shops.
Nationwide offers online quotes for professional liability insurance, and claims can be managed online as well. Customers have access to online resources for small businesses and loss control services.
4.0 / 5.0
Axis Capital has an A rating from AM Best and an A+ rating from Standard & Poors. The company offers professional liability insurance for industries including media and entertainment, architects and engineers, consultants, printers, public relations companies, and more.
Axis policies have a broad definition of wrongful acts that may include actions by rogue employees, punitive damages where allowable by law, and disciplinary proceedings. Blanket additional insured coverage is available where required by contracts. Optional breach and crisis management coverage is available.
Axis does not offer online quotes, so you will need to contact an agent to gather more information.
4.0 / 5.0
Admiral Insurance has received an A+ rating from both AM Best and Standard & Poors. The company offers professional liability coverage for many professions, including architects, engineers, technology companies, insurance brokers, and more. Policies may include coverage for contingent bodily injury and property damage, and flexible limits are available.
Admiral insurance does not offer online quotes or claims. Risk management and loss control services are provided for policyholders, including an online risk management resource center, newsletters and webinars, and pre-claim assistance and contract review services.
4.0 / 5.0
Arch Insurance has received a rating of A+ from both AM Best and Standard & Poors. Professional liability policies are available for a number of industries, including accountants, captive agents, design professionals, insurance agents, and lawyers.
Arch Insurance does not offer online claims; prospective clients will need to speak to an agent for more information. Online claims management is available.
In order to determine the best professional liability insurance providers, AdvisorSmith considered a number of factors that reflect an insurer’s financial strength, customer satisfaction, and ease-of-use. Using our own proprietary scoring algorithm, we weighted the various factors based upon what we believe to be important for small and midsize business owners. These factors included carrier ratings from AM Best and Standard & Poors, customer satisfaction data from several J.D. Power studies, complaint ratings from the National Association of Insurance Commissioners, an evaluation of each insurer’s policies, options, and website features, and more. Our algorithm outputted a score out of five total points. While we considered a number of insurers, we only included in this article those companies that scored 4.0 or higher.
The AdvisorSmith rankings are based upon our editorial team’s quantitative and qualitative analysis, and they are intended to serve only as a guide for our readers. We encourage our readers to conduct their own research when selecting an insurer, shop and compare quotes, and make a decision based on their own unique business needs.
AdvisorSmith is in no way compensated for any of our reviews.