Professional Liability Insurance Companies
There are dozens of insurance companies that provide Professional Liability Insurance. Some of these companies specialize in the product and only provide this type of coverage, while others are larger insurers that offer a wide range of insurance products.
Choosing a company should be based a number of factors, including which insurer provides the best price, whether there are discounts available, and which policy is best suited to the needs of the insurance customers business. The financial strength or rating of the company is another concern.
In some cases insured professionals may find that the insurance company that provides their other coverage may offer a discount for buying multiple policies. In that case, the business owner should assess whether the discount makes it worthwhile to have all his or her policies in one place.
Large insurers such as State Farm Insurance and Travelers Insurance provide Professional Liability Insurance policies. Large companies tend to be highly rated and offer a wide variety of products. They are often likely to provide discounts or perks to customers with multiple policies.
There are also specialty companies that provide Professional Liability coverage to specific industries. Many of the writers of Medical Malpractice Insurance are smaller, specialized firms because of the complexity of that product. Specialist companies include Medical Liability Mutual Insurance Company and the Doctors Company, both providers of purely Medical Malpractice Insurance. Other companies can specialize in providing Professional Liability Insurance policies to the technology industry or to engineers and architects.
Some professional organizations or trade groups contract with insurers to provide discounted group rates for insurance products to their members. If a professional is a member of such a group, he or she may want to check to see if Professional Liability Insurance is one of the insurance products available.
Any professional seeking Professional Liability Insurance also must assure that they are getting their insurance from a reputable company with a strong rating. Ratings agencies such as A.M. Best assess insurance companies and rate their strength so that consumers can be sure that if they have a claim the company will be able to pay.
Professional Liability Insurance Directory