Advantages to Working with a Broker that Specializes in Professional Liability InsuranceAs an insurance agent, you spend your day helping others gain the necessary coverage to protect them in their daily business. However, how often do you think about the insurance you need for yourself? Professional liability insurance should be a key component of your own insurance coverage mix.
In the event that a former client should sue you, it is important that you are fully protected to save your livelihood and potentially that of your company. More commonly known as error and omissions insurance (E&O), professional liability insurance fills in the gaps not covered by other insurance policies you may have. In choosing who to purchase your E&O insurance from, you'll have a number of factors to consider. An insurance broker who specializes in professional liability insurance will likely be your best source of information on the topic, and here's why:
Customized Group ProgramsIf you work for a larger insurance company, it is likely that a professional liability insurance broker can develop a unique plan that is tailored to your company's needs. Rather than opting for a one-size-fits-all approach, the insurance broker can evaluate the unique requirements of your organization so that you and your fellow employees can get the coverage they need without paying extra for coverage that they don't.
This will save both you and your company time and money in choosing which insurance coverage you need, simplifying the process for future employees wishing to obtain adequate E&O coverage. Another added benefit of group purchasing is that your company can often save money by bundling multiple policies together for a discounted rate. This helps everyone in your organization to cut down on the costs for professional liability insurance coverage.
Competitive AdvantagesIn dealing with a broker who specializes in professional liability insurance, it is likely that the broker has cultivated successful working relationships with a variety of carriers, giving you the option to choose which carrier offers the best policy to meet your needs. In building those relationships, your broker can often negotiate lower rates, thanks to his ongoing work with those companies.
It is a mutually beneficial relationship for both the broker and the insurance company, so it is in the insurance company's best interest to keep the broker satisfied. That way, he will be more likely to send them new clients in the future. This benefits you because you can take advantage of that relationship to keep your cost down as well. If you were to contact the insurance company directly, you would not have as much bargaining power in negotiating better rates for yourself. Your broker can also guide you in evaluating the various insurance organizations to ensure that you are getting the best policy to meet your needs.
Additional ServicesThrough working with a specialty broker rather than going it alone, you may be able to gain access to additional services that the broker offers. This can include things like administration, claims handling and other services related to your policy. Because the broker specializes in the professional liability insurance area, she will have a better handle on dealing with the insurance company than you will. After all, it is the core of her business and something that she deals with on a daily basis. This can save you a lot of time and hassle in the event that you ever do need to file a claim. The broker can streamline the process for you, freeing you up to continue handling your day-to-day business duties, rather than having to focus on dealing with the insurance company yourself.
These are just a few of the key benefits to working with an experienced professional liability insurance broker. Before purchasing any new insurance policy, it is always best to conduct your own independent research to ensure that you understand the process and know exactly what you are getting. The more you know, the better your broker will be able to assist you in obtaining the best policy for your needs.
All information provided in this blog is for informational purposes only. The sources used are presumed accurate. CalSurance Associates, Brown & Brown Program Insurance Services, Inc. and Brown & Brown, Inc. will not be liable for any errors, omissions, losses, injuries or damages arising from its display or use and will not assume responsibility for any misguided information. No guarantees are implied.