What to look for when deciding on a Professional Liability policy. There are so many insurance companies with different options for architects and engineers on a Professional Liability policy. It is important to know what your firm is purchasing because the coverage is most important when it comes to claim time.
With the soft market and several carriers in the marketplace, it does make choosing a policy challenging. When you are looking at the different options with your agent, it isn’t always the lowest cost policy that is the best. You want to make sure that the insurance company has a strong A.M. Best rating. This rating shows the stability of the company you are looking to place your business with. You want to be sure that the company is around when it does come to your renewal and at the time of the claim.
Insurance companies offer a variety of options with regards to limits and deductibles. When you are looking at the quotes you have be sure to review the same options as you currently are carrying. Additionally, check on the deductible type, if you have a first dollar deductible now; make sure the quote has the same deductible type.
A very important factor when comparing quotes is that all of the insurance companies offer the same retroactive date on the policy. If you have a specific date of when your firm started make sure that is the date that a company is offering as a retroactive date. Some companies do offer full prior acts as well, which is essentially the same as the start of your business.
Probably one of the most critical factors is being familiar with what is included and excluded on your policy. So it is crucial that you read the policy so you are familiar with what the company does and doesn’t cover.
As always your PUI agent is here to help, please call or email with any questions you may have.