Saving Money On Professional Liability Insurance Coverage

182457_9046-300x225As you probably already know, insurance coverage can be expensive. Depending on what type of professional you are, professional liability insurance coverage can be even more expensive. The good news is that such coverage does not always have to be that expensive. With a bit of research, lowering your monthly premiums becomes a very real possibility.

The first thing that you will have to do is shop around. If you live in Hope or in surrounding areas, looking into obtaining as many Hope insurance quotes as possible and then comparing them should figure high on your list of priorities. This will give you a general idea of what to expect and will also help you find companies that are more budget-friendly.

When shopping around, also ensure that the policy that you are about to buy only includes what you need. Some policies offer more than what you need, and those extra “features” often tend to cost more. To avoid surprises of this nature, it is important that you remain in touch with your broker. After all, their job is to assist you.

If you have already chosen a company (and a policy), you have one more trick up your sleeves, although we only recommend relying on that one as a last resort. As you already know, the deductible is the amount of money that you need to pay in order to file a claim. What some people don’t seem to understand is that the lower their deductible is, the higher their premiums are. It would make sense, therefore, that by agreeing to pay a higher deductible you would save money on your premiums.

Keep in mind, however, that you will have to pay the deductible should you happen to file a claim. So think carefully before doing this (or be sure to have enough money on the side)!

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.