Professional Liability Insurance Calculator
Estimate your professional liability (E&O) insurance premium in seconds. Built for consultants, accountants, lawyers, and professional service firms.
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How Much Does Professional Liability Insurance Cost?
Professional liability insurance costs between $500 and $10,000 per year for most professionals. Consultants and marketers typically pay $500–$2,000. Accountants pay $1,000–$4,000. Lawyers pay $2,500–$10,000+. Architects and engineers fall in the middle.
What Factors Affect Your Premium?
1. Profession
Riskier professions pay more. Lawyers face the highest claim frequency and severity. Marketing and IT services are lower. Accountants are moderate because errors can cause significant financial loss.
2. Annual Revenue
Revenue correlates with the size of engagements and potential losses. A firm billing $1M per year is exposed to much larger claims than one billing $100K.
3. Number of Professionals
Each licensed professional adds to the exposure. A firm with 10 professionals pays roughly 5–7x what a solo practitioner pays.
4. Claims History
A clean claims history earns significant discounts (10–25%). Even one claim can double your premium for 3–5 years. Insurers price based on the assumption that past claims predict future claims.
Frequently Asked Questions
Is professional liability insurance required?
It varies by profession. Lawyers are required in nearly every state. Accountants, architects, and engineers are required in most. Consultants and marketers are rarely required by law but often required by clients as a contract condition.
What does professional liability cover?
Claims of negligence, errors, omissions, misrepresentation, and breach of professional duty. It covers legal defense costs and settlements/judgments. It does not cover intentional wrongdoing or criminal acts.
What's the difference between E&O and general liability?
General liability covers physical injuries and property damage. Professional liability (E&O) covers financial losses caused by your professional advice or services. Most businesses need both.