When was the last time you looked at your professional liability insurance cost? You probably just pay the bill without even considering the changes in your business over the last year. Opening yourself to more risks by hiring more employees, taking on more clients, or adding services without changing your coverage leaves you open to lawsuits and complaints. If you are underinsured when the grievance is made, there is no time to cover the gap.
Instead of growing your business, maybe you are not taking on as many clients as you are nearing retirement. You could be paying for more coverage than you need. One of the factors that goes into your professional liability insurance cost is the types of clients you have.
You should review your business practices with your insurance company on an annual basis. When you make major service changes to your business, you need to make sure that your policy covers that service. Don’t leave yourself open to lawsuits when you are learning how to implement the practice into your business.
The review of your professional liability insurance cost is an important part of your risk management plan. It forces you to consider where you are vulnerable in your business. Being underinsured is almost worse than having no coverage, but you shouldn’t pay for insurance that you don’t need. Find a specialist who understands your unique specialty and maximize your insurance coverage while minimizing your costs.