Benefits of having an agent that specializes in Professional Liability Insurance for Design Professionals, it is valuable for many reasons:
Identify the risks that Design Professionals face – An agent that specializes in working with Design Professionals knows what risks your firm has on a daily basis. Whether it’s working on a conceptual design or designing a repair to a building, there may be different Professional Liability policies available. It is important that your agent understand the differences of these services and insure them correctly.
Contract review – A specialist agent reviews contracts for Design Professionals on a regular basis for insurability. A generalist agent may not know what key points and areas to be aware of when reviewing a contract. A specialized agent does have the knowledge of the contracts.
Understanding of the marketplace – There are hundreds of different Professional Liability policies in the marketplace. It is best to have an agent that has the relationships with the A/E insurance carriers for both your renewal and for the time of a claim. Secondly, it is important that the insurance carrier have an understanding of the Design Professional market.
Knowing the ins and outs of the Professional Liability policy – A specialized agent knows that policies and the common policy wording of a Professional Liability policy. For example, hammer clause, Extended Reporting Period (ERP) or first dollar defense deductible. With that comes knowing the exclusions that come along with those policies and what those mean for your firm.
Familiar with other policies for Design Professionals – Not only is Professional Liability important for your firm but there may be other coverages that are equally as important. Such as Workers Compensation (depending on the State requirements), General and Automobile Liability, Cyber Liability or Employment Practices Liability (EPLI) could all be valuable policies for your firm.
PUI Agency is here to help! Please call or email with any questions with regards to insurance.