The average cost of professional liability insurance in America is $750 annually. However, the cost of your individual professional liability insurance is determined by several different factors including:
Your industry – in general, higher risk industries tend to have higher premiums to the risk
Coverage limits – the higher the amounts of insurance you buy the more premium will be
The size of your business – the larger your organization and your team’s size the larger your potential for a loss which increases the premium
Experience – as the amount of time you’ve been in business and your experience increases successfully, your premiums will likely decrease
Location – where you’re located can increase your premiums if there are higher loss rates in your area
Learn more about the cost of professional liability here.