A digital tool designed to estimate the cost of coverage for professionals against potential claims arising from errors or omissions in their services. This resource typically requires inputting details such as profession, business size, annual revenue, and coverage requirements to provide a premium indication. For example, an architect might use this to gauge the expense of safeguarding against liability resulting from a design flaw.
This form of estimation is significant because it offers a quick and convenient means for businesses to understand the financial implications of acquiring essential protection. By facilitating informed decision-making, these tools allow professionals to proactively manage risk and budget accordingly. Historically, obtaining such quotes involved a more protracted process of direct consultation with insurance brokers.
