How To Save Money On Your Edmonton Professional Liability Insurance Coverage

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You are never really happy to be covered (or unhappy not to be covered) under a professional liability insurance policy until you find yourself in need of it. While you are not required by law to purchase this policy, some companies in Edmonton will require that you do regardless. Unfortunately, insurance policies tend to have negative connotations among certain people. But what those people don’t know is that insurance coverage doesn’t have to be complicated… or expensive for that matter.

Today, EasyCover would like to share with you 3 tips on how to save money on professional liability insurance coverage. If you find yourself tight on money this summer, then you have come to the right place. Here’s what you can do to save money on your monthly premiums:

1. Raise your deductible. As you already know, before submitting a claim to your insurance company you must pay a fixed sum of money — or pay what is commonly known as a deductible. But here’s the thing: The lower your deductible is, the more you end up paying each month, and vice versa. Raising your deductible is therefore one of the quickest and surest ways for you to save money on your Edmonton professional liability insurance policy.

2. Bundle up! If you own an Edmonton car insurance policy or an Edmonton homeowner’s insurance policy, the good news is that you may be able to bundle up those policies with your professional liability insurance policy, effectively saving you money down the road. Certain insurance companies like to offer discounts to people who that so don’t be shy and ask away!

3. Shop around. The best insurance rates are found. If you think you are paying a bit too much to be covered under this policy, then shop around and try to find out for yourself whether there really exist better rates in Edmonton. (Chances are they do.)

Good luck!

Categories:

Professional Liability Insurance/PLI

(Errors and Omissions Insurance)

  • Flawed professional advice and services that may have resulted in financial loss to the customer or client.
  • Protects professional individuals or companies from responsibility of the full cost of defending against a negligence claim and damages awarded in such a civil lawsuit.
    • Professional liability insurance covers the costs of judgments, settlements and legal defense.
    • Damages paid under a professional liability policy are typically financial rather than physical.