A Word From Our Sponsor On Your Insured Needs Professional Liability Coverage

When you and your insured agree they need miscellaneous professional liability coverage it is not just a matter of picking up the phone and calling your usual underwriter. You will want to talk to your underwriter to see if their company can provide the coverage for your insured and then there will be a discussion about what kind of coverage will best protect your insured. There are many choices and just as many restrictions either by the company or the profession in which your insured works.
Within the many miscellaneous professional liability coverages there are some that are profession specific. Your insured could be bound by industry-specific professional liability requirements. The purpose of any professional liability is to protect your insured from claims that they were somehow negligent and caused their client harm either physically or financially.
Regardless of the miscellaneous professional liability coverage you and your insured decide is right for their business, there will be limits and deductibles that will be applicable. You will want to discuss the deductibles with your insured. It may be very tempting to go with higher deductibles to save money, but they could change their minds about that once there is a claim. In addition to picking the right deductible you want to make sure your insured’s limits of liability are adequate in case of a loss as well. By having limits too low your insured could run the risk of being forced out of business if the settlement is too big.