E&O/Professional Liability Insurance Costs

[Bret Ford]

For those of you that are in business for yourself, I’m curious how much insurance is costing you on a monthly or annual basis.  There have been some general discussions on the topic here, but no numbers.  I understand there are many variables from state to state and person to person, but is there anybody out there that isn’t afraid to throw out their numbers?  Of course, including coverage limits, deductibles, etc. would greatly help to put the numbers in perspective.

[Tim Hoelle]

If you’re talking about a “stand-alone” professional liability insurance policy, your pricing is probably going to be at least $1500 for a policy providing $1 MILL limit, and the deductible would be $2500 or so. As you stated, revenue, loss history, how long insured, extent of services, location and limits will all impact the premium.

 

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