Choosing Professional Liability Insurance

FGIB

When you need professional liability insurance Pasadena CA, you need a reputable agency that can ensure your company is protected. According to FGIB, these are the things you should consider when seeking an excellent insurance agency.

Find a Carrier With a Good Rating

Insurance companies receive letter grades based on how secure they are themselves. When choosing a company to provide you with professional liability insurance, seek out one that has an A rating. Those with lower ratings may be more affordable but are less likely to be standing when you need them.

Know Your Payment Options

You need to know what your cash flow can handle, which means you need to compare payment options. Can you afford to pay your annual premium all in one lump sum? If not, seek out an agency that allows you to pay it off in several payments throughout the year. Keep in mind that missing a payment could create a coverage gap, though.

Understand Penalties

Before signing up with a company, understand its penalty policy. What happens if you are late on a payment? What if you decide you want to switch agencies, or what if your company goes out of business? Most places require a 10% cancellation fee, but will you still need to pay premiums for the rest of the year?
Choosing the right agency for professional liability insurance takes a bit of legwork. However, by putting in the effort now, you can be sure you have a company you trust when you need it.