Selecting the right professional liability insurance involves considering several factors:
- Industry-Specific Needs: Different industries have unique risks. Tailored policies are often available to address specific needs. - Coverage Limits: Assess the maximum amount the insurer will pay for a single claim and the total for all claims during the policy period. - Policy Exclusions: Understand what is not covered by the policy to avoid surprises when a claim arises. - Cost: Premiums can vary significantly. Balance the cost with the extent of coverage to find a policy that offers good value. - Insurer's Reputation: Choose an insurer with a solid reputation for processing claims efficiently and fairly.