There are many professional liability insurance companies in the marketplace, however, not all policies are equal. Always review not just the quotes your firm receives but the professional liability insurance policy your firm is considering. Here are some areas to pay attention to in the policy and in the quotes.
Does the insurance company offer the prior acts coverage that your current policy provides? Full prior acts coverage is a retroactive date back to the time your firm started. Or it may be presented as a specific date, April 19, 2020. Verify that the insurance company quote is providing the same retroactive date.
Exclusions are always an important area to review. Does it seem like typical exclusions that a professional liability policy would have such as warranties and guarantees and contractual liability? Review the policy to make sure there are not any additional exclusions such as specific project type exclusions.
What are the extended reporting period options? Some insurance companies will offer more options as far as time periods than other insurance companies. Additionally, there may be policies available that offer an extended reporting period for retirees.
What is the definition of an insured? Some insurance companies will include leased or contracted employees, while others will exclude those. This will depend on how your firm is set up and whether those employees need to be included or not.
Does your policy include mediation credit? This means that if your firm goes through mediation during a claim your deductible may be reduced by a specific percentage.
Other items to look out for is if the policy covers your firm nationwide, does it include free pre-claims assistance and what types of risk management the insurance company is offering.
If you have any questions about comparing professional liability policy quotes please call, or email, your Professional Underwriter agent for assistance.
To read more on Typical Coverages, click HERE.