Address change on insurance policies for architects/engineers-
While it might seem tedious to update your firm’s address on policies, it is important for several reasons. In a world where most transactions are by email, there are some reasons, depending on the insurance policy, that the insurance company will need an updated address.
The business owner policy is probably the most important to not just update your firm’s mailing address but the location information. The premium for your insurance policy is based on the location information. Also, if your firm has a claim at a location, it is very important for the insurance company to have the information for the specific location. If your firm has multiple locations always make sure the insurance company has that up-to-date information as well.
The workers compensation policy premium is also based on locations. Many folks work from home it is imperative that the insurance company have all the locations of each employee. Not just for a rating basis but in some locations the insurance companies are not able to write a workers compensation policy, these are known as monopolistic states. These states will have their own policies and your firm will need to get a policy specific to that state.
With regards to professional liability the address is important more specifically to claim time. The insurance company will find an attorney for your firm based on the location of your firm. Also, the insurance company may need to send additional claim information via mail instead of email, so having the most current address is important.
With other policies such as cyber liability, automobile and employment practices liability always update your insurance company on the address and location changes, these also make a difference at rating and claim time.
If you have any questions with regards to address changes please call, or email, your Professional Underwriter agent for assistance.