Insurance policies

The best professional indemnity insurance policies for 2022

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When you’re a business owner, getting business insurance is essential, no matter the size of your business. Professional liability insurance policies — also known as errors and omissions (E&O) insurance — help cover you against potentially catastrophic financial events, such as a lawsuit from a client. Without the right insurance, you may have to cover far more costs than you would if you had purchased coverage.

Professional indemnity insurance works as a sort of financial safety net. However, the strength of this network varies from provider to provider. That’s why it’s essential to choose an insurer that can best meet your needs and offer the right coverage at an affordable price.

With so many insurers on the market, however, knowing where to start can take a bit of research. If you’re not sure where to start, here are some of the best liability insurance policies for different types of businesses.

For affordable and flexible fonts, Thimble is a great choice. You have the flexibility to start small and adjust your coverage as your business grows, making it a solid option for startups and small businesses that are ready to grow.

Additionally, Thimble offers coverage options for a wide range of professions, including freelancers and independent contractors. In addition to long-term policies, you can get coverage for short-term needs, like projects that only last a few days or weeks.

AIG — Most Unique Features

AIG is a giant in the insurance industry, with roots dating back to 1919. Today, it is one of the largest insurance providers on the planet, offering a multitude of types of coverage that include a wide selection of professional liability insurance policies.

A nice feature is the ability to get open risk cover, a much more comprehensive policy than a named risk alternative. Additionally, AIG offers specialized options specifically for media companies or those with media-related concerns. There’s even coverage for First Amendment claims, giving you protection you might not find elsewhere.

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Pogo — Best for Freelancers

Sole proprietors and freelancers often encounter obstacles when looking for professional liability insurance. Fortunately, there is Pogo, a company that has designed its services with these professionals in mind.

Technically, Pogo works like an insurance marketplace, letting you learn about potential options from a range of insurers. When you apply, the process considers a variety of factors, including your business type, size, income level and structure, to ensure you get the right amount of coverage. Ultimately, each option is tailored to the unique risks that freelancers and sole proprietors face, which greatly simplifies the research process.

Embroker — Ideal for Lawyers

If you work in the legal industry, Embroker offers professional liability insurance policies tailored to your specific needs. It’s a go-to option for many lawyers and offers customizable coverage that you can explore, customize and manage entirely online.

A nice feature is that you can do more than set your coverage limits; you can also choose your deductible. This way, it’s easier to find a font that meets your needs and fits your budget. Plus, many policies don’t have a waiting period, so you can get coverage in as little as a few minutes.

Hiscox — Best for Healthcare Professionals

If you have unique needs, Hiscox offers bespoke professional indemnity insurance policies that can help you avoid one-time coverage that may be insufficient or include features you don’t need. The company can adapt to a wide range of industries. Plus, there are online options to get quotes, chat with agents, manage your policy, and report claims.

Hiscox’s flexibility makes it a great choice for hard-to-cover professions, including many healthcare positions. Additionally, coverage is available for full-time workers as well as independent contractors and temporary employees.

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Proliability — Most responsive customer service

With policies for small businesses and independent contractors, Proliability offers a wide range of coverage options, including policies for healthcare professionals, students, educators, legal professionals, finance professionals and others. Many policies are customizable and the associated premiums are usually quite competitive.

Proliability also offers exceptional customer service. If you need help choosing or changing a policy, its US-based agents are up to the occasion, offering ample assistance when you need it most.

The Hartford – Best for IT Professionals

Founded in 1810, The Hartford has been a leader in insurance for two centuries, and for good reason. The company is an especially good choice for small businesses, offering a range of standalone policies, professional liability endorsements and non-traditional options like workers’ compensation coverage.

For companies operating in the IT space, The Hartford is an exceptionally strong option. While coverage limits are $5 million for many professions, tech companies can guarantee coverage up to $10 million. In addition, you benefit from coverage for previous acts that occurred before the subscription of the policy, at no additional cost.

Travelers — Ideal for finance professionals

Travelers offers a wide selection of standalone policies and professional liability endorsements, giving you plenty of options. In addition, it offers specialized professional liability insurance policies for the financial sector, which works well for companies in this industry. You also have access to risk management resources, something you don’t often find with other insurers.

Another advantage is that you can cover expenses related to security breaches, which is valuable if you are handling sensitive data. There are also extensive coverage options for a range of staff, including owners, managers and even employees.

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Hannover – Best range of options

In the world of small business insurance, Hannover is a force. The company has over 40 diverse business categories, enabling it to provide professional liability insurance policies in areas that other companies cannot cover. Plus, you can set a retroactive date for the policy you purchase, extending your coverage right from the start.

Another attractive feature is the wide range of additional coverage options. Whether you need a policy that covers crisis event expenses, reputational damage, subpoenas, or other similar situations, you can probably find what you need here.

Technically, CoverWallet is not an insurer. Instead, the company operates as a broker, using proprietary technology to help customers find their ideal carrier and secure a competitive rate. This makes CoverWallet an exceptional place to start if you find the process of finding and buying professional liability insurance a bit difficult. Additionally, it may be easier for companies often excluded by traditional insurers to find a reasonable option.

When you submit an application to CoverWallet, you receive multiple offers from multiple carriers. Although you may have to pay a few additional fees to use the service, it can significantly simplify the purchase of professional liability insurance policies.