Can I cancel my coverage at any time, is something that many professional liability insurance holders are asking themselves when they first begin. This could be because they are worried about signing on with a plan and locking themselves into a contracted agreement without low insurance coverage rates. When that occurs, they may feel less likely to expand their business in other ways because they don’t want to overextend themselves. If this happens, they may be focusing more on maintaining their professional liability insurance instead of how they can serve their customers even better. In order to make sure they have an escape clause if it is needed, then will ask their providers what the process is for cancelling. Normally, this is not the ideal objective of the business owner, but if they need to, they should know what the correct procedure is.
Using Proper Notifications
Most of the time, you’re able to cancel your coverage with the right notifications. This doesn’t mean just a phone call. Instead, they will need to have a signed document affirming that you do intend to cancel your policy. It keeps them out of any legal trouble and makes sure you are completely aware of the cancellation date. You can use this for your records so you know when you should stop receiving bills and what situations that occur near that date will be covered. Of course, if you’re dealing with a current liability hazard, then you may not want to cancel it just yet.
In the cases where you make that call to cancel your policy, find out if your bill is current. If you have paid ahead, such as for the quarter or the year, then you may be receiving a refund. However, if you still owe for the month, then perhaps they can prorate the coverage you have already received. The policies of the professional liability insurance company may differ from others, but their representative can explain all of this to you when you call. Feel free to send an email also to get the details on this process and let them reply when it’s convenient.
Choosing Easy Contact Methods
More likely, this will be your preferred method of communication since as a business owner, you have so many other demands on your time. Of course, you are also free to call them at any time during regular hours to talk to someone directly. If you don’t want to play electronic tag, this is a great way to get fast answers. However, if they need to do some additional research, this will give them time to get this information together for you and send it on. You can let them know what your preferred method of communication is at that time.
While it’s not great, it’s nice to know the answer to, can I cancel my coverage at any time. You always want to protect your business and your clients and employees alike. However, if you find a better price rate with a competing company and it’s worth switching for, then you may be ready to cancel a prepaid policy with your current provider. Anything that lets you keep money in your account and use that to expand your business is a helpful item. By saving on professional liability insurance, you’ll have more financial ability than you may have anticipated with the purchase of coverage. You can also get some advice from a professional agent when you tell them what you’re trying to achieve. They can let you know when the best time to cancel is according to when your policy naturally expires.