The other day I was speaking with an attorney who had an interest in our Professional Liability Insurance programs.\u00a0 So to start the process, I asked him questions regarding his current coverage.\u00a0 Keep in mind, they were not tough questions:\u00a0 Who is his carrier? Who is his agent? What are his limits and deductible? When is his renewal date?\u00a0 All of these questions solicited the same response, \u201cI\u2019m not really sure\u201d.\u00a0 As crazy as that may sound, his next answer really took me by surprise.\u00a0 When asked if I could review his current policy, he had no idea where his policy was or how to get a copy.\u00a0 He actually asked me if I could get him a copy of his policy!<\/p>\n
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.\u00a0 <\/b>You should at least take the time to know some of the basic details (at the very least, where your policy is kept).\u00a0 If you do nothing else, take the time to read your policy once a year.\u00a0 It shouldn\u2019t take that long to read it and will be time well spent.\u00a0 Some things to pay attention to are the obvious: carrier name, policy period, limits of liability and deductible.\u00a0 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.\u00a0 You may find out that things you thought were covered aren\u2019t and vice versa.\u00a0 Bottom line is take the time to read your policy.\u00a0 Know what you are paying for.<\/b><\/p>\n
And, remember, you can always ask your agent to explain things that you don\u2019t understand. \u00a0<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"
The other day I was speaking with an attorney who had an interest in our Professional Liability Insurance programs.\u00a0 So to start the process, I asked him questions regarding his current coverage.\u00a0 Keep in mind, they were not tough questions:\u00a0 … Continue reading