Professional liability insurance—often referred to as errors and omissions (E&O) insurance—typically ranges from $500 to over $3,000 per year for small-to-medium businesses and independent contractors. The exact cost varies extensively based on your specific industry sector (such as legal, medical, accounting, or IT consulting), annual gross revenue, number of employees, geographic location, and the selected liability coverage limits. High-risk professional services require higher premiums to adequately cover potential negligence lawsuits.
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