How to Reduce Your Professional Liability Premium
Professional Liability premiums are higher premium, compared to general liability, for architects/engineers because it is an areas of higher risk. There are ways you can help out in your premium.
Risk management is one way to reduce your premium. Risk management is twofold. The first, is that your firm has in place the best risk management practices to avoid claims. Frequency and severity of claims are a reason for increased premium. If your firm can avoid claims altogether this is the best way to keep your premiums down. Secondly, the overall risk management practices will give your firm a reduction in premium. This amount will vary from company to company but it does provide some relief to your firm’s premium.
Deductible and deductible options is another tool to reduce your firm’s premium. A higher deductible, if available, will reduce the premium. This may not be available for all firm sizes but it can provide a premium savings. The deductible type, again if available, can save your firm on premium. The straight deductible type will not be as high of a premium as the first dollar deductible.
Your firm’s services and project types can make a difference in the premium. There are areas of service that can have a lower premium, such as landscape architecture or interior design. Also, project types is a large factor in premium. Condos continue to have claims issues, these types of projects will increase your premium.
Having multiple policies with the same insurance company will provide discounts. If your firm has Professional Liability, workers compensation and general liability all with the same insurance company they will give discounts on the policies.
If your firm has any questions with regards to premium savings on your firms Professional Liability policy please call or email your Professional Underwriters agent for assistance.