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Posted on: October 9, 2017 by Huntersure
In addition to protecting your client’s legal expenses should they be sued for wrongdoing, have you told them all of the unexpected and often overlooked benefits of carrying Professional Liability Insurance? We’ve already discussed the common misconceptions, but furthering your knowledge on the unknown benefits serves your clients and you beneficially.
According to RiskPro, in the event of a claim resulting from a high-profile accident, your professional liability insurance company may offer to pay a reasonable amount of money to bring in a public relations firm. Insurers recognize your professional reputation is valuable, especially for larger professional firms. Whether your firm is well known internationally or respectable just within your industry or locality, this hidden benefit can help mitigate the negative effects of a claim on your bottom line.
Investigating a claim takes time, effort, and money, most of which can be replaced with a professional liability insurance policy. If there are travel expenses and loss of income associated with defending a claim, the insurance provider will front the bill.
Until written notice is provided to the company in questions, a claim is not active. However, this doesn’t mean that the insurance company cannot investigate and intervene before the claim is filed. These services are complimentary.
Should the company appeal a claim, this benefit can cover the associated costs. For example, up to $25,000 each proceeding and $50,000 for all proceedings might be the supplemental benefit. If the accusation is found to be legitimate, however, this coverage would not pay any resulting fines or penalties.
Huntersure LLC is a full-service Managing General Agency that has provided insurance program administration for professional liability products to our partners across the United States since 2007. We specialize in providing insurance solutions for businesses of all sizes. Our program features can cover small firms (grossing $2.5 million annually) to large corporations (grossing $25 million annually or more). We make doing business with us easy with our breadth and depth of knowledge of E&O insurance, our proprietary underwriting system that allows for responsive quoting, binding and policy issuance and tailored products to meet the needs of your insureds. Give us a call at (646) 751-3030 to learn more.
Posted in: blog Professional Liability