Build an illustrative professional liability insurance limit from the major cost components of a severe claim. The calculator adds an uncertainty buffer, compares the scenario with any relevant requirement, and separates the amount retained by the insured. It helps structure a discussion with a licensed broker or adviser; it does not determine the correct legal or contractual limit.
The target is a scenario-based limit, not a guarantee that every cost will be covered. Sublimits and exclusions can reduce available protection.
Claims-made dates, defense-inside-limits wording, aggregation, exclusions, and local law require policy-specific review.
Add the default loss components, apply the displayed uncertainty buffer, and then compare the buffered scenario with any contractual requirement. The larger amount becomes the illustrative coverage target.
No. It provides a planning estimate using your inputs; policy selection requires review of terms, exclusions, limits, price, and personal or business circumstances.
Use a clearly defined scenario. A severe but plausible covered loss is useful for stress testing, while a typical loss is better for expected-value analysis.
Use your own credible loss history or a documented risk assessment. Do not treat the calculator default as an industry benchmark.
No. Enter values that reflect expected covered amounts and separately review exclusions, waiting periods, sublimits, and aggregation wording.
Insurers use underwriting data and policy language not modeled here. Actual payments also depend on evidence, adjustment, deductibles, limits, and coverage decisions.
| Input concept | How to use it |
|---|---|
| Financial amounts | Use one currency and the same policy period. |
| Probability | Enter a percentage from 0% to 100% based on defensible evidence. |
| Retention or deductible | Use the amount paid by the insured before eligible coverage responds. |