For insurance agents who work with consultants and insurance wholesalers, choosing the wholesaler that will meet the needs of the most clients can be difficult. One way that agents can find the best wholesaler is by focusing on the types of exposure that consultants are most likely to face. Insurance agents should look for a Consultants Professional Liability insurance wholesaler that offers the following commonly needed areas of coverage.
Coverage for Innocent Errors
Most frequently, consultants will face claims for professional mistakes they should have prevented. The potential mistakes consultants can make are almost limitless, but some general categories are:
- Factual issues, such as portraying facts inaccurately or failing to verify them
- Administrative issues, such as making mistakes with documentation or deadlines
- Security or privacy issues, such as losing data or violating nondisclosure agreements
- Legal issues, such as unwittingly violating federal regulations
The best Consultants Professional Liability insurance wholesaler will offer policies that address these mistakes, which most consultants will likely make at some point.
Coverage for Deliberate Actions
An insurance wholesaler should also offer policies that cover deliberate actions on the part of consultants. These may include wrongdoing by employees and intentional sharing of bad information. Of course, certain deliberate actions will not be covered under any Professional Liability Insurance policy, but ideally, a wholesaler will offer a few higher-premium policies that extend coverage where possible.
Ensuring Adequate Coverage
Choosing the right Consultants Professional Liability insurance wholesaler can be difficult for most insurance agents. However, understanding the coverage needs that are common to most consultants can provide an agent with a solid starting point for choosing the right wholesaler to partner with.