IT’S Time to Review Your Professional Liability Insurance

How to start out every new year with a plan for your Business!

GOALS:

1. Cyber Disaster Plan / You need cyber / data privacy insurance

Check out your cyber policy materials and go to your online portal and create your plan with contact information.  Do you really think that you will be in the office when a ransom attack would occur?  So

get your plan done today with your carrier’s phone number, your IT professionals phone number.  Make it simple and fast.  Remember, you may be locked out of a customer list and your email addresses.  Print your contacts from Outlook and at least store on a separate hard drive for a quick reference if your computer is locked down.

If you do not have a policy, watch the video apply online now: 

https://www.useo.com/cyber/

2. Professional Liability Plan

Licensing Spreadsheet  – Your E & O policy follows your licensed activities.  You need a spreadsheet with your corporate licenses, individual licenses for employees and independent contractors.

Renewing your E & O is a one time check to make sure you have:

• Adequate Limits of Liability
• Deductibles you can afford
• Check on the definition of Professional Services on your policy.  Are doing anything outside of those licensed activities? 
• Named Insured on your policy needs to follow your licensed name with any dba’s.  If you have filed a name change, or filed a new dba, get the names added. 
• Changes of ownership need to be addressed with  your agent
• Independent Contractors that need to be insured?  Check your policy to make sure they are covered under the policy wording.  Do you have a contract with your Independent Contractor?
• Incidents or Claims – annually ask your staff if they are aware of any incidents that may lead to a claim or a threat of a claim against the company.  Ask now and ask again before you renew your coverage. 
• Changes in operations selling or buying another business or assets may need to be reported on policies.  Please call immediately to add coverage  for these purchases.  Some policies have reporting requirements and deadlines to add coverage.  Read your policy first!
• Going out of business?  An extended reporting period endorsement may be needed since you are not renewing your E & O coverage.  A “Tail” endorsement allows you to report claims back to the carrier for an additional premium.  Every E & O policy is different, so you may have to purchase this coverage before it expires, or some policies allow the purchase up to 60 days after expiration. 
• Finally, a renewal checklist can be easily drafted so for each renewal period you and your staff have a timeline and a list of actions that will get you through an easy renewal process.

3. Commercial Crime Insurance Review

Do you need a commercial crime policy?

1. Are you worried about employee dishonesty?
2. Do you hold money on behalf of your clients?
3. Do you have a fidicuary duty per a contract?
4. Do you take cash money to a bank?
5. Do you have employees that can forge signatures?
6. Do you take credit cards?
7. Do you pay your vendors online?
8. Do you have an ERISA plan or 401 (k)?

If you have answered yes to any of the questions above then go get the facts and the application at:  https://www.useo.com/crime/info.aspx

Business Owners or General Liability Insurance

If you have a business owners policy or a general liability policy in place, you should also review coverages to make sure your business is adequately covered. Many business owners work from home, but still travel for business. Explain to your insurance agent how you and your employees work for your corporation.

Also Read: No Coverage for Consultant's Theft Under Company's Crime or Property Policies