There is no fixed formula, and four things set the working range. What your client contracts require, since many specify a limit and that becomes a floor. The size and type of work, because a claim on a large engagement behaves differently from a small one. Claim severity in your profession, which varies widely between fields. And whether defense costs sit inside the limit or outside it, which materially changes how much protection a given number actually buys. Because those turn on your specific practice, review your individual needs with a licensed agent or qualified advisor.
Related FAQs
It is the date back to which your policy may respond. Keeping it intact when you renew or switch policies helps protect past work.
Not universally, but many professions, licensing bodies, and clients require it. We can review your situation with you.
A claims-made policy generally responds to claims made while the policy is active, provided the incident occurred after your retroactive date. Letting coverage lapse can create a gap. ...
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