There are dozens of career paths that necessitate having some form of professional liability insurance coverage. These policies make it possible to practice your chosen profession secure in the knowledge that you do not have to absorb the full cost of any professional liability claims on your own. There are some facts about these specialized policies that any insurance customer need to be aware of.
Coverage today and tomorrow
One of the most important things to understand about claims-only liability coverage is that it only addresses professional liability claims made against you during the period of time in which the policy is active. If you wish to add any degree of retroactive coverage then you will need to look for a policy that can provide this. Such policies will usually cover claims made during the life of the policy regarding incidents that occurred before the policy was purchased by the customer. Each such policy can vary in its coverage, so make sure to speak with your agent if you need to know more.
Prevent lapses in coverage
Allowing your professional liability coverage to lapse for even a day can have a serious impact on the work you do. These are just some of the professions that require insurance coverage on a daily basis:
- Third party administrators
- Residential agents
- Mortgage bankers
- Property managers
Often, your policy will remain active so long as it is renewed on time and that you continue to practice your particular profession. You can avoid lapses in coverage by making certain to renew on the same day that the policy expires; your insurance company can tell you more about how to anticipate this important task.