As an architect/engineer how does my firm choose a Professional Liability policy?  This is a very good question and the answer isn’t always premium.   What your firm should think about is what is important to your firm.

Risk management services may be very important to your firm.  Some insurance companies offer a robust risk management program including monthly or bi-monthly webinars.  Newsletters are also common with insurance companies in their risk management offerings.  There are some insurance companies that have searchable information on their website if your firm is insured with them.  Also, does the insurance company offer contract reviews for insurability, this is a helpful resource as well.

Claims handling is another important factor to consider when reviewing an insurance company.  Your insurance agent will have experience with the insurance company with regards to the claims handling, so ask your agent.  Also, you can look for reviews online or speak with peers that have had experience with the claims department.

The rating of the insurance company is also another factor you may want to review.  Both AM Best and Standard and Poor’s provide ratings on insurance companies.  What the ratings mean is the financial stability of that insurance company.  This may be a factor in your contracts you have with your clients as well, it may be important to know the ratings.

An insurance company’s capacity to offer higher limits as needed may be another factor to consider.  Admitted insurance companies have to file with each state that they do business in.  This includes the varying deductible and limit of liability options that they have available.  If your firm needs $10,000,000 in limits but the insurance company is only able to offer $5,000,000, this may be a consideration.

As always ask your insurance agent questions, when it comes to placing a new policy or renewing your firms current policy, with an insurance company.  Please call or email with questions to your Professional Underwriter agent with regards to Professional Liability.