Professional Liability

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In a previous episode, we talked about general liability and cyber insurance with Ryan Andrew from The Andrew Agency. Today we’re finishing up our time with him to talk about professional liability insurance. If you’re a baby boomer, this episode is especially relevant.

The Andrew Agency is located in Richmond, Virginia, offering professional insurance services in Virginia, Maryland, and D.C.

Key points

  • General liability vs. professional liability.
  • If your business is about providing advice to others, you need professional liability insurance.
  • When there is a lawsuit, it costs you even if you win the case.
  • A look at examples where professional liability has been claimed.
  • “Per occurrence policies” vs. “Claims made policies.”
  • What is tail coverage?
  • Details that an underwriter will consider when determining the cost of a premium.
  • Your insurance agent should be licensed to operate in your state.
  • There is a good reason why most agencies choose to operate in only a few states.
  • Make sure your agent knows what business you’re going to be doing, who you’ll be doing it for, and where you’re going to be doing it.
  • Depending on your business, the omission of certain coverage could result in hefty fines.
  • Starting a business is exciting but take time to ensure that you’re properly covered.
  • A tip on questions to ask your broker before you take out a policy.

Tune in to get valuable information for your business.

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