WHAT EXPERTISE TO EXPECT FROM YOUR PROFESSIONAL LIABILITY INSURANCE AGENT
Increasingly, our world is one of specialization. For any singular need you have, you can turn to an expert in that realm for service or advice. Need to fix your lawn mower? You'd go to a lawn mower repairman. Want someone to help you reshape your business's image? You'd seek the help of a brand consultant.
What you may not know is that insurance agents have specializations, too. For example, the agent who sold you your Residential Property Insurance might not be able to get you a Professional Liability policy for your small business. If they can, they likely don't have intimate knowledge of all your Professional Liability options, small business needs, or the dynamics of your industry.
When looking for an agent to help you protect your business investments, it's important not to settle. It might cost you dearly in the long run. Here are some pointers that will help you find the appropriate agent for your Professional Liability needs.
LOOK FOR AN AGENT WITH PROFESSIONAL LIABILITY INSURANCE EXPERTISE
Look For An Agent With Professional Liability Insurance Expertise
Professional Liability Insurance (also called Errors & Omissions Insurance or Malpractice Insurance) covers third-party lawsuits that allege you performed your services negligently, failed to deliver on promised results, or somehow committed a professional error.
Because of the claims it covers, Professional Liability Insurance must be tailored to your specific business. And only an insurance agent with experience writing Professional Liability Insurance policies can ensure your small business gets the appropriate coverage. Your agent will check for…
- Coverage for specific risks. This may include trademark infringement, cyber liability, or environmental concerns.
- Provisions for the "right and duty to defend" against a lawsuit. This clause ensures the insurance company must manage the day-to-day administration of the claim and communications with your lawyer.
- An accurate description of your business activities. This step is incredibly important, as it determines the scope of your coverage.
CHOOSE AN AGENT WHO SPECIALIZES IN INSURING YOUR INDUSTRY
Choose An Agent Who Specializes In Insuring Your Industry
All insurance agents will know about the insurance business — but will they know about your business? The risks in one industry can vary drastically from the risks in another. Having an insurance agent with experience insuring businesses like yours means you'll receive a policy more tailored to your needs.
An agent who understands your type of work will consider…
- The coverage types you need. An energy efficiency consultant may need intellectual property coverage, whereas an IT professional may require cyber liability coverage.
- Your market dynamics. Whether your revenue depends on many clients or few will impact your policy limits and deductibles.
- Your liability exposure. The damages a medical professional faces will be different than those of a general contractor. Even within the same industry, risks can vary. For example, a physical therapist's liabilities differ from those of a mental health professional.
BE SURE YOUR AGENT HAS EXPERIENCE WITH SMALL BUSINESSES
Be Sure Your Agent Has Experience With Small Businesses
Business realities for small companies are more varied than their larger competitors. Your market tends to be more locally focused, competition dynamics are different, and you might not have deep pockets. An insurance agent that treats all businesses the same won't be able to fit a Professional Liability Insurance policy to your specific situation.
GET A QUOTE FROM A PROFESSIONAL LIABILITY INSURANCE AGENT TODAY
Get A Quote From A Professional Liability Insurance Agent Today
Apply online for Professional Liability Insurance quotes, and we'll pair you with an agent who specializes in small business insurance for your industry. You'll receive quotes from multiple insurers tailored to your small business, instead of cookie-cutter quotes mass produced by less specialized agents.