Professional Liability Insurance
What does your architecture/engineering firms Professional Liability insurance company provide? Your firm may ask why you are paying for this insurance and what does the insurance company have to offer. The short answer is the insurance company is there in the event of a claim.
The most vital part of insurance company is that they will be there for your firm at the time of a claim. Meaning they will being working with your firm to set up the claim, set your firm up with a local attorney, if needed, and work with your client on the claim.
Most insurance companies now offer pre-claims assistance. This is assistance to your firm in the event a situation has occurred that is not a full blown claim. The insurance company will work with your firm to either come up with a solution or assist your firm in communication and assistance with the pre-claim situation. Additionally, if your firm received a subpoena, the insurance company will set up a pre-claim to help your firm out.
Contract reviews are quite common with insurance companies. They provide a review of the contract for insurability. This will not be for legal issues, your firm will need to find a local attorney for those reviews. However, it is important that your contract is covered by your insurance policy and the insurance companies will review to make sure that is the case.
Insurance companies also often offer supplement payments. These will include payments for defense of disciplinary actions, ADA proceedings reimbursements and loss of earnings. Check your policy to have an understanding what the supplement payment may be with your insurance company.
Insurance companies are here to assist. If you have questions please call or email your Professional Underwriter agent.