Tips for Choosing an Architects/Engineers Professional Liability Policy
There are many Professional Liability insurance companies in the marketplace, 60+ at last count. It can be difficult to choose and insurance company with so many companies available. A few suggestions are listed here to help determine what insurance company works best for you.
A great resource for choosing a policy is looking at the A.M. Best rating or Standard and Poor’s. These rating systems provide the financial stability of the insurance companies. Many of your firm’s contracts may require a specific rating from one or both of these companies.
Read the specimen policy of the insurance company that your firm is interested in binding coverage with. Specifically know what the exclusions are and what are they covering.
Word of mouth or reviews are another way to determine what insurance company is best for your firm. Other design firms may have a policy with the insurance company your firm is interested in, that is a great resource. Your insurance agent also has experience with the insurance companies and can share that with you when you are making a decision.
What limits of liability are available with the specific insurance company. If your firm is large and in the future may need to increase your limits of liability, what does the insurance company have available. Some insurance companies offer up to $5,000,000 and others up to $10,000,000.
Review the insurance company’s website. That will tell what other types of insurance they have available, the highlights of the policy you are interested in and an overall feel of the insurance company.
If you have questions with regards to Professional Liability insurance policies for architects and engineers please call or email your Professional Underwriters agent for assistance.
