How does my architecture/engineering firm decide on a Professional Liability insurance company?
Since the professional liability policy is where your firm’s biggest risk lies, it is important to have a good company by your side. There are several ways to determine what company is best for your firm.
The first is your past experience with the company. It is best if you can stay with one company for a longer period of time. The stability of working with an insurance company can be beneficial because they then fully understand your firm and some insurance companies will provide premium credits for longevity.
It’s always good to ask friends and colleagues as to what insurance companies they work with. The experience of others with their insurance companies is typically a good indication of how working with them will be for your firm.
Your agent is a great resource for determining what insurance company will be best for your firm. Insurance agents have relationships with program managers and underwriters at the insurance companies and they can help to navigate the many options your firm may have.
Reading the policy is a really important part of determining the insurance company. This will tell you the exclusions or additional coverages the insurance company offers. Many insurance companies also have a ‘highlights’ page that is helpful in determining what is best for your firm.
A.M. Best rating is another resource for your firm. They determine the insurance company’s stability and rate the company based on the financial strength. If the insurance company is having some financial issues that will be reflected in the rating.
If you have any questions with regards to the different insurance companies in the marketplace please call or email your Professional Underwriters agent for assistance.