Having the professional liability policy to protect your firm is a benefit. However, the policy does have additional values that your firm may not be aware of or utilizing.
One of the best benefits and probably the most underutilized are the contract reviews for insurability. The insurance companies will provide feedback on your firm’s contracts that will make you aware of areas that will not be insurable. This is not a legal review, but it certainly will be helpful to your firm in negotiations.
Pre-claims assistance is also a great benefit that most insurance companies have available. The pre-claims assistance can be used if your firm thinks that there may be an issue on a project, but it hasn’t turned into a demand or claim. The pre-claims assistance will be helpful in your relationship with your client and will not count against your firm in the claim history report.
Your firm’s policy will also have supplementary payments within the policy. These supplementary payments include reimbursement of expenses for attendance of mediation meetings, arbitration proceedings, hearings, depositions, and trials relative to the defense of a claim. Your policy may also include paying reasonable attorney’s fees and expenses incurred for disciplinary proceedings. Other supplementary expenses may include loss prevention assistance, A.D.A., F.F.H.A and O.S.H.A. expense reimbursement and crisis management expenses. Keep in mind that these supplementary payments will have limits to them.
In addition to all the benefits of your firm’s policy, your firm may also have additional risk management services such as webinars and online learning events.
As always, review your firm’s policy to understand what benefits your professional liability policy includes. If your firm has additional questions on the benefits of your firm’s policy please call, or email, your Professional Underwriter agent for assistance.