Purchasing professional liability insurance may seem like a daunting task, but all practicing healthcare providers should get professional liability insurance. There are a number of different things you should consider before purchasing professional liability insurance. We have come up with a list of three things to consider before you settle on your professional liability insurance.
Find a reputable company
Finding a reputable company that is fully licensed and financially stable insurance company is one of the first things you should do when looking at professional liability insurance. Customer service of the insurance company is also another big thing to look into before settling on a company.
Don’t assume the least expensive priced insurance is what you should purchase
Inexpensive coverage may mean they have limited protection. Some companies may offer less expensive plans by reducing the policy limits by the amount of legal costs the company incurred. You should be doing your research on what insurance companies will provide.
Choose the type of coverage best suited for your situation
Occurrence-based coverage will tend to be more expensive than claims made coverages. Claims-made coverage may cost less but the coverage issues are more complicated. Both coverages are renewed on an annual basis.
Acadia-Pro has spent the last 25 years specializing in organizing, underwriting, and insuring physician super groups. We have great experience in dealing with potential clients. If you have any more questions on whether you should choose Acadia-Pro as your professional liability insurance, please give us a call at 862-325-5900. We will also give you a free quote!