Before you sign anything, you need to read and understand your professional liability insurance policy. Trusting the insurance company or person that you are going to acquire your insurance through is not wise. You need to make sure that everything is in order on your own. If you do not understand the legal terminology, you may want to bring in your lawyer, or your insurance broker, or both, to look at the policy and see what is being offered. This should all be done before you actually get the policy. If you have already gotten the policy, it is better that you do it now instead of just forgetting about it.
What to Look For
There are a few key things that you need to look for in your insurance policy. If you fail to research your policy properly, you may find that you do not have the coverage that you thought you had. Spending the time to look over your policy now could save you thousands of dollars in the future.
Your definition of coverage should be one of the first things that you read. This is your total amount and the type of insurance that you have. You need to read over this so that you know what you are getting. If something is not listed, you are not going to get it. If you notice that you need more coverage, this is a great time to speak to your insurer and ask them for help in the matter.
Exclusion clauses should also be paid careful attention. These exclusion clauses are what will allow your insurer to get out of paying on your coverage under those certain circumstances. If it does not sound fair to you, you need to find another insurer. Before you change your coverage or seek new coverage you may want to speak with an attorney that can help you decide on your best course of action.
Cancellation clauses should be looked for as well. These clauses may allow the policy to be cancelled at short notice, with little notification. This can cause serious problems for you. Make sure that you look over these clauses carefully so that you do not end up uninsured just when you need coverage.
Using the Right Company
Now that you know how to read your policy, it is important that you are with the right company. The company that you choose needs to be big enough to pay out your insurance claim. If you are with a company that is in over its head you may not see a payout. Getting insured by a company which is big enough to pay out is very important. You can look over the track record of the company to see if it was able to make previous pay outs and if there has been any complaints about their practices but past clients. If you see a company that has a lot of complaints, it is best that you steer clear.
After reading your policy, you probably have a good working understanding about what your insurance policy offers, or what it would offer if you were to get it. This is a great position to be in. You may be able to negotiate the price of your policy if you show it to another insurance company, but always be careful when you are trying to get a lower price since you want great coverage, not just a good price. The company that you choose needs to have experts behind the scenes that work on the claims process, and they also need to have legal professionals that will be able to help.