Protect Yourself and Your Business with Professional Liability Insurance
Even experts in their field make mistakes, but Prendiville Insurance can help cover you and your company from financial loss.
For Professionals such as Lawyers, Doctors, Accountants, Consultants Engineers, Non Profits, and other professionals, it’s essential that you have an agent that is well versed in the details of Professional Liability Coverage. Having the wrong policy could result in overpaying, or worse, having a claim denied. Prendiville Insurance Agency has access to all of the top insurance companies that have the broadest coverage available.
Prendiville Insurance can help you identify the following issues that arise with Professional Liability insurance. When searching for the right insurance company for our clients, the following are some key considerations we take into account.
What constitutes a Claim?
Insurance policies have different definitions of what constitutes a “claim” and the differences can make the difference between getting coverage or not. Did you receive a written notice that you are being sued, or was it a verbal threat? Are you in possession of a demand for financial remuneration, or is the demand a call for action? These are some of the questions that a claims adjuster will ask upon receiving a claim to determine if you are covered, or not.
Who is Insured?
Policies extend coverage to different categories of individuals/entities. We make sure that your professional liability policy includes the broadest possible definition as to “who is considered insured” (who is converge extended to?) by considering the following:
- Past, present and future attorneys, partners, board members, etc.
- Independent Contractors
- Predecessor Firms
What is a Wrongful Act?
Many policies require you to do something wrong before coverage kicks in. We will do our best to provide you a policy that triggers a defense as early as a simple accusation is made against you.
Defense outside the Limit?
Many policies deduct the cost of your defense from the policy’s limit of insurance. If you have a $1M policy and the cost of defense is $300,000, you have $700,000 of remaining coverage for the potential settlement/judgment. Other policies’ defense cost will not erode your total coverage limit, keeping your $1M for a potential settlement/judgement, regardless of the cost of defense.
Choice of Counsel?
Many professionals have a close relationships with their attorneys. It’s disappointing when your attorney is not selected to represent you in the time of a claim. We will search the insurance market for a policy that allows you to choose your counsel.