6 Tips for Saving on Professional Liability Insurance

It’s important to be responsible as a business owner. This means having professional liability insurance, regardless of what industry you may be in. We live in a “sue happy” society and therefore you want to be ready for anything that may occur. There are some tips to help you save on your liability insurance in Florida so that you can still contribute to your bottom line.

Add Coverage

One of the first thing that you need to realize is that a basic professional liability insurance policy may not be sufficient. It can actually be more cost-effective for you to add more coverage to your policy. This will reduce the likelihood of you having to pay out-of-pocket. You want your insurance company to pay for everything. If money runs out on your policy, you would be financial responsible for the remainder – and it could be enough to bankrupt your business.

You may be surprised by how little it costs to add tens of thousands of dollars of coverage to your policy on a monthly basis.

Explore Different Companies

A variety of insurance companies in Florida offer professional liability insurance. This means you should not limit yourself to working with just one company. Take the time to explore two or three companies to see what their reputation is and what they have to offer.

You may find that one company offers slightly better coverage. You should also look at the financial stability of the insurance company. This may have an impact on how quickly they pay on claims so that you don’t have to wait any additional time.

Get Multiple Quotes

It is always a good idea to get multiple quotes on your insurance. This will allow you to compare to see who has the best rate. If you don’t get three or four quotes, you are making an assumption that you are getting the most affordable rate. However, you won’t know for sure until you have a point for comparison.

Ask for Discounts

Some insurance companies have discounts available. However, they aren’t going to give them to you unless you ask. Find out what discounts are available. Even if you don’t qualify for them right away, it can give you something to work towards so that you can get a reduction on your premium for the following year.

Stack Your Business Insurance

Business insurance packages in Florida can allow you to save a significant amount of money. You can stack all of your business insurance needs into one policy. This means you would get your professional liability insurance right alongside of your workers compensation, property insurance, and anything else that you may need for your business. Insurance companies are known for giving discounts when you get all of your insurance from a single company. It can also make your life easier when you need to file a claim.

Work with an Independent Agent

Another great way to make sure that you save on professional liability insurance is to work with an independent insurance agent. They have experience in the industry to assist you every step of the way. You may not be aware of certain companies or how to get the best quotes. An agent can guide you through the process of purchasing insurance and answer any questions you may have along the way. Perhaps most importantly, they can obtain quotes on your behalf so that you can save time.