Professional Liability Insurance Small Business Secondary Insurance The annual cost for professional liability insurance for small to medium sized businesses typically ranges from $500 to $3,000. however, the exact cost varies for each business, as it depends on factors like the industry, size, and specific risks associated with your operations – higher risk levels usually mean higher premiums. Professional liability insurance is also known as errors and omissions insurance. it covers the costs associated with claims of professional mistakes, including legal fees, court judgments and.
Professional Liability Insurance Small Business Secondary Insurance The cost of professional liability insurance will depend on your industry and the types of products and services that you offer. other factors include your number of employees, yearly earnings and years of experience. the most basic type of insurance starts at around $250 per year for about $100,000 worth of coverage. Advisorsmith found that the average cost of professional liability insurance for small businesses is $1,034 per year. this average is based upon small businesses with under $500,000 in revenue, with limits of $1 million. professional liability insurance cost is highly dependent upon company revenue and line of business. The typical minimum in canada for professional liability insurance is $1 million for small or individual businesses, but larger companies could require upward of $10 million. ask yourself these questions to get a sense of how much risk your business has and what level of coverage you’ll need:. The best professional liability insurance for 2024. best overall: aig. best for freelancers and independent contractors: pogo. best for medical and healthcare providers: the doctor’s company.
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