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Think your professional liability insurance premiums are too high? Check out these top tips to make the amount you have to pay more affordable.
Your professional liability insurance will be one of the most crucial policies you have under your belt. You need to make sure you are getting the best deal possible; the cover you need and the price you love, but this still doesn’t always mean going for the cheapest deal as you might have to give up some of the clauses you might need the most. Instead, find the deal which works best for you and then try to shave some cost off the premiums. Let’s take a look at how you could do this.
Make sure you find the best affordable professional liability insurance by shopping around first, since the initial broker you go to might not be the best after all. Just as you would check different websites for your homeowners insurance, you should do the same for anything to do with your business.
Don’t feel tied to one broker out of a sense of professional loyalty. If you are getting a better offer from another place, you should take it.
Clean History; Low Prices
One of the best ways to run down premium costs depends on whether you are buying professional liability insurance or you are buying personal insurance. If you have made few claims in the past several years, your premiums are going to be much lower than someone with an identical business who has made a rather a lot. No claims means less risk for the insurers, so they will be happy to give you a quote more in line with what you might be after.
Professional liability only covers claims made while the policy is active. To ensure maximum coverage, you should always make sure that your policy is continuously rolling over. Just like with multiple claims on the insurance, the more stops and starts in your policy means you just look like a risky client to the insurance brokers.
Bump Up the Deductible
The deductible is the amount you pay on the claim, with the insurance paying the rest. The higher your deductible is, the less the insurance company needs to pay. Therefore, they are always happy to give lower premiums to those clients who are willing to pay a little more in the event of a claim.
Review Every Year
Every time your premiums come up for renewal, you should be prepared to renegotiate your policies as you never know where you could shave a little money off. Whether you are negotiating with your existing insurance provider or looking elsewhere, you need to ensure that you are always getting the best deal. Set a reminder for yourself if you have to; come the renewal period you will find yourself the best possible deal.
Minimising your professional liability insurance might seem like a mammoth of a task but it can be easier than you think. Assess your position now and then consider implementing some of the above points to ensure that you are always getting the best price for your insurance premiums.