How Design Professionals Can Save Money on Professional Liability Insurance
There are many things that you can do to reduce the cost of your professional liability premium. Some of these things will even help you avoid claims.
Risk Management Classes
Insurance carriers will offer risk management webinars or online classes throughout the year on their website. If you and your employees take these classes you will receive a credit towards your professional liability premium. These classes are also designed to educate you on things that you can do to avoid claims. A professional liability claim can raise your premium and it can even prevent you from getting quotes from competitive carriers for 5 years!
Some insurance carriers will give you a discount on your Professional Liability policy for placing all of your insurance policies with them. You may have your Professional Liability with one carrier and your general liability, workers compensation and umbrella policies with a local agent in your town. It is worth a look at having your Professional Liability agent provide quotes from your Professional Liability carrier to save money.
Limitation of Liability
Having a limitation of liability clause in your contract can save you money when it comes to your professional liability premium. This limits the amount of exposure you may have in the event of a claim. Many carriers will give you a credit towards your professional liability premium. This practice can also help to reduce the dollar amount of a claim in turn helping to keep your premium down on your policy.
Your professional liability agent should be sending your application out to multiple carriers so that you can receive multiple competitive quotes. Not every carrier offers the same coverage. It is important that you are with an agent that is knowledgeable and experienced and has a good relationship with underwriters. Your agent can negotiate your premium if they feel an increase is too high or if the increase the carrier has made doesn’t match what the rest of the market is doing.
If you would like more information on what you can do to reduce your professional liability premium please contact your Professional Underwriters, Inc. agent. If you would like a professional liability quote please click here.