What is the process of obtaining a new professional liability policy for design professionals?
Professional liability works slightly different than many of the insurance policies in the marketplace. There are more details that go into rating a professional liability policy so that the insurance company has an accurate picture of what your firm is all about.
The first step in the process of obtaining a professional liability policy is completing the application. This includes information about your firm such as the past fiscal year billings, project types and services offered. The good news is that your firm will only to need to complete one application to obtain quotes from multiple insurance companies. If your firm is new you will need to answer all of the questions in the application based on your projections for the upcoming year.
The next step is in the hands of your insurance agent, this is to work with the insurance companies on obtaining quotes for a policy. During this step your insurance agent may ask additional questions that the insurance companies are requesting. Either more detail on your firm or clarification of how a question on the application was answered.
Next your insurance agent will provide you with quotes or declines from the insurance companies that were approached. You will meet with your agent to discuss the quotes and what will work best for your firm. This will include discussing the limits of liability, deductibles, premium and policy.
Once your firm has decided on the insurance company your insurance agent will bind the policy. There may be additional forms requested of the insurance company you bound with and your agent is there to help with those forms. After the insurance company has all the requested forms you will receive the policy from your agent.
After your policy is bound you will be issued a certificate of insurance to share with your clients if requested. You can also request to add your client as a certificate holder.
Your insurance agent is here to help along the way in the process of getting a new insurance policy. Please call or email your PUI Agent with questions.