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Top 6 Providers of Professional Liability Insurance in Texas

Although Texas is one of the states that doesn’t require professionals to carry liability insurance, it’s still a good idea to look into this kind of coverage. You can still be sued for malpractice when operating in this state. Without the protection afforded by insurance, the costs of any lawyers and legal damages could come out of your pockets.

Top 6 Providers of Professional Liability Insurance in Texas

Those living and working in Texas aren’t just limited to providers in the state. You’ll find that there are many insurance companies offering professional liability insurance in Texas. We’ve reviewed many of them and here are some of the best options:

CoverWallet: Best for Comparing Online Quotes

CoverWallet is digital broker. They are not an insurer. However, they work with several business insurance companies. They are able to provide quotes from these companies once you fill in the lead form on their website. It only takes a few minutes and you will be able to compare several quotes to select the best one for your situation.

CoverWallet also provides you with a great digital dashboard to manage all of your business insurance policies in one place if you buy a professional liability insurance policy through them.

If you want to make sure not to pay more than you should, comparing online quotes with CoverWallet can be a good option.

Hiscox: Best Coverage Across Multiple Industries

If you are in an obscure industry or just want a well-known, global company to handle your professional liability insurance consider Hiscox. They offer coverage tailored to over 180 industries. Also, Hiscox provides a wide range of small business insurance, including professional liability, general liability, workers’ compensation insurance, and business owner’s policy coverage. Read our review of Hiscox Small Business Insurance

Next Insurance: Best for Solo Professionals

This new fast-growing insurance company allows freelancers and individual professionals to sign up online and get a certificate of coverage as soon as they make that first premium payment. Next also offers online quotes and phone quotes if you prefer to speak with a live person. Read our review of Next Insurance

Higginbotham Insurance: Best Local Insurance Agency

If you would like to work with a locally based insurance provider, consider the largest independent insurance broker in Texas: Higginbotham Insurance. They are based in Fort Worth, TX, but have locations all over the state. They help clients source a variety of insurance from executive compensation coverage to professional liability insurance.

>>MORE: The Top Online Commercial Insurance Brokers

The Doctor’s Company: Best for Medical Malpractice Insurance

Medical providers may want to look for medical malpractice insurance through a company that specializes in this type of coverage. The Doctor’s Company is physician-owned so they know what kind of legal challenges doctors face. The insurer will also pair you with a patient safety specialist to create a personalized plan for your practice.

>>MORE: The 5 Best Providers of Medical Malpractice Insurance

>>MORE: The Best 4 Providers of Nursing Malpractice Insurance

Progressive Commercial: Best for Information & Resources

Known for their kooky spokesperson, Flo, this insurer has a lot of brand recognition as a car insurance company. Progressive also offers small business insurance, including professional liability insurance, through their Progressive Advantage Agency. The company website contains a lot of useful information about insurance coverage, general costs, and what business owners need to be protected.

The Law Regarding Professional Liability Insurance in Texas

You aren’t required to carry professional liability insurance in Texas, even if you are a doctor or a lawyer. The state doesn’t even regulate this type of insurance, so the coverage amounts that are available in Texas vary widely. Of course, this makes it easier for customers to choose just a small amount of coverage if they desire it. Although, it is recommended that those in high risk industry get policies with a minimum of $1,000,000 in coverage. In general, anyone providing professional services should get malpractice or professional liability insurance:

A Quick Note on Medical Malpractice in Texas

Medical malpractice insurance is another type of professional liability insurance and true to form, Texas doesn’t require medical providers to carry it. However, medical professionals may find that the clinics and hospitals where they work require them to carry medical malpractice insurance to be employed there. 

In general, it is a good idea for doctors to carry medical malpractice insurance as this is a high-risk field. According to MedScape’s Medical Malpractice Report in 2017, over half of physicians have been involved in a lawsuit during their career. It certainly pays for doctors to carry professional liability insurance, even if they aren’t required by law to do so. 

How Much Professional Liability Insurance Do You Need in Texas?

Texas also boasts lower liability limits compared to other states, in addition to a time limit for filing many kinds of malpractice suits. For instance, those filing a medical malpractice suit against a doctor will only have two years from the date of the treatment or the discovery of malfeasance to do so. 

Texas has initiated major tort reform laws in the state to curb frivolous lawsuits since the beginning of the millennium. For instance, Proposition 12 placed limits on the damages awarded in medical malpractice suits. Awarded damages can only equal:

  • $250,000 Non-Economic Injury Cap for Providers
  • $250,000 Non-Economic Injury Cap for Facilities (up to 2)
  • $750,000 Maximum Damages

These limits have also had the effect of allowing insurance providers to lower premium costs consistently in the more than decade since the law change. 

However, it doesn’t apply to those in all fields, only medical care. Professionals in other fields will want to carry about $500,000 to $1 million in liability coverage. If you have company vehicles, Texas does require a minimum amount of commercial auto insurance:

  • $30,000 Bodily Injury Liability per Person
  • $60,000 Bodily Injury Liability per Accident
  • $25,000 Property Damage Liability per Accident

How Much does Professional Liability Insurance Cost in Texas?

The cost of professional liability insurance varies by professions. A nurse might pay less than $1,000 a year for her professional liability insurance (or malpractice insurance) policy. On the other hand, a surgeon might need to pay more than $100,000 a year for his professional liability insurance policy.

Even in the same profession, professional liability insurance cost varies by companies. They have different prices for different customers. It is always a good idea to shop around with a few companies to find the best and the cheapest quote for your situation. Working with a digital broker like CoverWallet so that you can compare several quotes in one place is also a good option.

Final Thoughts:

  • Texas doesn’t require professionals to carry professional liability insurance.
  • Texas also has reduced liability limits for medical malpractice lawsuits.
  • Businesses and professionals can still be sued for malpractice.
  • Higginbotham Insurance is a major Texas-based insurance broker that offers professional liability insurance.
  • Hiscox is a British-based company that offers coverage for many kinds of small businesses.
  • Next Insurance offers online quoting and purchase of professional liability insurance.

>>MORE: Top 5 Providers of General Liability Insurance in Texas

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