What Should You Look For in a Professional Liability Insurance Policy?

/ / Business

Buying a Professional Liability Insurance policy is essential for anyone operating a business that provides a professional service. No matter what services your business provides, a Professional Liability policy is designed to cover you if an allegation of negligence is brought against you for actions resulting from your work.

So how do you find a policy that’s best for you? The key to finding the best coverage is to work with a trusted agent who can find you the best solutions for your needs.

Here are some questions you can ask to help you find a policy that’s a good match for you:

  • What has to happen before coverage is activated under the policy?
  • Am I covered for a simple allegation, or does a formal complaint need to be filed?
  • Are administrative and disciplinary proceedings with legal counsel (including the discovery process) covered?
  • If my time running my company is disrupted by legal proceedings such as a deposition and/or trial, will I be able to recoup lost revenue?
  • Does the policy have a deductible? Does the deductible apply to defense costs?
  • What if I am found guilty? Are defense costs still covered? Are judgments or settlements I owe to the plaintiff covered?

Most insurance policies vary in their coverage and limits, so it’s important to understand the coverage that is offered before you buy. Each industry has its own intricacies and unique liabilities. Doing your due diligence and research now, with the help of your agent, will save you the frustration of later learning that your policy doesn’t provide the coverage you thought it did.

Professional Liability Insurance from Lockton Affinity is tailored for your specific industry and coverage is provided by an Insurance Company rated “Excellent” or higher by A.M. Best for financial stability. Explore Professional Liability Insurance coverage from Lockton Affinity for your business today.