The other day I was speaking with an attorney who had an interest in our Professional Liability Insurance programs.  So to start the process, I asked him questions regarding his current coverage.  Keep in mind, they were not tough questions:  Who is his carrier? Who is his agent? What are his limits and deductible? When is his renewal date?  All of these questions solicited the same response, “I’m not really sure”.  As crazy as that may sound, his next answer really took me by surprise.  When asked if I could review his current policy, he had no idea where his policy was or how to get a copy.  He actually asked me if I could get him a copy of his policy!

I realize that professionals are very busy people and insurance (for some) is considered BORING, but you spend a lot of money for this coverage.  You should at least take the time to know some of the basic details (at the very least, where your policy is kept).  If you do nothing else, take the time to read your policy once a year.  It shouldn’t take that long to read it and will be time well spent.  Some things to pay attention to are the obvious: carrier name, policy period, limits of liability and deductible.  Be sure to take note of any retroactive dates that apply as well as the definition of claim, the definition of insured and any and all exclusions.  You may find out that things you thought were covered aren’t and vice versa.  Bottom line is take the time to read your policy.  Know what you are paying for.

And, remember, you can always ask your agent to explain things that you don’t understand.