Common Mistakes When Purchasing Malpractice Insurance
Are you thinking of purchasing malpractice insurance? You may be a professional in a field like healthcare, law, or accounting – and that makes having malpractice insurance absolutely crucial for you. However, beware of the common pitfalls and mistakes that many individuals are exposed to while purchasing this type of insurance. Read through this blog to keep some key tips in mind.
Overlooking Coverage Limits
First and foremost, let’s talk about the most common mistake made by professionals; overlooking coverage limits. If you’re considering going for just the minimum amount required, remember that it may not fully cover you in case of a claim. Sit down and assess the risks associated with your field, and pick the limits that could cover your costs with comprehensive protection adequately.
Neglecting the Exclusions
Once you do choose your limits, also ensure that your policy does not contain any exclusions that may lead you to trouble. Review your policy in detail and have a detailed conversation with your insurance agent regarding any exclusions present in the policy.
Focusing on Lowering Your Costs
We all know that when choosing insurance coverage for ourselves, we try to pick the cheapest options. But that, again, is yet another mistake all insureds make! Reducing your costs means reducing the coverage you receive in case of an unforeseen event, and that means incurring the costs later. You might as well pick the policy with a balance between the cost and the right comprehensive coverage, ensuring that your requirements are met.
Forgetting to Compare Carriers
When going shopping, do you just buy the first thing you find? No, you shop around – looking for the option that is just right for you. It should be worth the price and fit you right. Shopping for insurance is just the same, and you should never just settle for the first policy that you find – because you’re missing out on better options! Try to look around and compare multiple carriers and policies, and make sure to go for top-tier insurers that have experience and a reputation in malpractice coverage. Pro Tip: Reviews always help!
Failure to Update Coverage
As your practice grows, so do your malpractice insurance needs – and that is something that is always overlooked by professionals. As you switch jobs, add new services or even move to a different practice, it is crucial for you to review your policy and update your coverage accordingly to ensure that it is sufficient for your profession.
Insurance can feel quite like a maze. However, having an expert agent by your side can help navigate challenges and complexities. The right agent, in combination with the right coverage, can help you enjoy your passion in peace.
For expert advice, contact Shayne Bevilacqua at Professional Liability Insurance Group.
Call or Text us at +1 (877) PLIG – 123, That’s (877) 754 – 4123.
