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    5 Tips for Purchasing Professional Insurance

    In today’s market, there are a lot of different insurance policies that we should be familiar with. All of the different insurance policy plans are designed to serve a different purpose, some of which can be of benefit to us. One of those insurance policy plans is professional insurance.

    Professional insurance is a plan that helps to protect professionals against claims and negligence issued by their clients. Professional liability insurance (PLR) is also referred to as Professional Indemnity Insurance (PII), or Errors and Omissions (E&O). Professional insurance is extremely important for professionals in specific areas because general insurance plans usually do not provide protection against claims that occur in professional practices, such as: negligence, misrepresentation, or misconduct. Professional liability is a specialty coverage that should be of interest to professionals in the business industry for risk management and protection.

    When it comes to getting an insurance plan, often many people are not aware of the process and what should and shouldn’t be done. This article was designed to provide you with some tips that should be kept in mind when looking into purchasing professional liability insurance plans.

    Tip #1: Always give correct information: Make sure that when you are filling out or providing an insurance agent with the information required to apply for an insurance plan, that the information is correct. If the information is incorrect, this can result in disqualifying you or a company from coverage protection and even create a negative impact on your business. It is a good idea to review the information prior to submission.

    Tip #2: Get several quotes: Make sure to always shop around when looking into purchasing a professional insurance plan. Every company has their own insurance rates and it can benefit you in saving some money. An insurance broker may provide you with higher quotes for commission purposes. That is why it is important to get several quotes before making a decision.

    Tip #3: Do not provide false information: If you exaggerate or leave out any details in a claim, you can be committing an insurance fraud. For example: if you tell an insurance broker that you lost more in an incident than you actually did, you can be charged. Always give exact results to prevent this from occurring.

    Tip #4: Keep them up to date: Many people aren’t aware of the fact that if you have any changes in your life, it is important to tell your insurance professional. Let’s say you have switched your job and now are a professional in another industry, you want to make sure you are still protected under the professional insurance policy. Another benefit of doing this is sometimes you can even save some money! 

    Tip #5: Understand your insurance plan: It is important to understand your insurance plan and know what you are covered for. All professional insurance policies are different and may not insure you in areas that you need to be. Speak with your insurance broker to ensure that you are getting the proper protection that you need in your position.

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