Choosing the right professional liability plan requires looking beyond price alone. These insurance policies are as diverse as the insurers that write them.
As part of our ongoing dedication to educating our customers, Brunswick Companies Professional Liability Department has compiled the Checklist for Comparing Professional Liability Insurance Policies (PDF) to help you make an informed decision.
As always, our professional liability specialists stand ready to assist you in your quest for securing the level of coverage that best fits your practice at the best available price.
Evaluating the Policy
Recognizing the quality of the different “products” is important when selecting a professional liability insurance policy. A lower premium may often reflect a restriction on the risk assumed. The differences between policies can be significant:
- Which employees are covered by the policy?
- Are there exclusions that limit coverage?
- Does the retroactive date/prior acts date mirror that of your expiring policy?
- How much control will you have over your defense in the event of a claim?
- Will the cost of litigating a defense reduce the funds available for a settlement?
Careful comparison of competing insurance plans requires investing the time in performing detailed policy comparisons, reviewing the applicable definitions, exclusions, conditions, and endorsements.
The first step is to obtain a complete copy of each policy under consideration, including the cover jacket and all endorsements. It’s a good idea to allow at least 90 days in which to conduct your review and obtain premium quotations.
You may want to seek the advice of a knowledgeable professional who specializes in the placement of professional liability coverage. While unable to provide legal advice, a broker can sometimes provide a written summary of the coverages provided under different policies.
Our Checklist for Comparing Professional Liability Insurance Policies (PDF) provides a detailed list of important questions to ask. As always, our Professional Liability specialists are also available to answer your questions at 800-686-8080.