The Dos and Don’ts of a Professional Liability Policy for Architects and Engineers
There are many things to understand when you have or are going to obtain a Professional Liability policy. Here are a few tips of the do’s and don’ts.
Do your research on an insurance company. It is important to know that the company your Professional Liability policy is with is financially stable and will be there at the time of a claim.
Don’t just obtain a policy because the price is right. Consider all of the factors of the company, do they offer risk management and how are they at handling claims.
Do provide accurate and detailed information on the Professional Liability application. The more information you provide about your Design Firm the better understanding the insurance company has of your firm to provide competitive pricing.
Don’t lie on your application; this can be grounds for denial of a future claim. If your firm has had a policy cancel or has had claims in the past do provide that information to the insurance company.
Do take advantage of the services that the insurance companies offer such as free pre claims assistance and contract reviews for insurability.
Don’t be afraid to report a claim. In fact it’s your duty under the guidelines of the policy that you do report a claim but more importantly the insurance company is there to help you with the claim. The insurance will provide guidance through the claims process and is a very valuable resource for your Design Firm.
There is a lot of information when it comes to a Professional Liability policy. Please be sure you call or email your PUI Agent with questions.