The Most Common Professional Liability Myths
By Sandip R. Chandarana, J.D., CPCU, RPLU

As an agent, you likely understand how hard your clients work to build their credibility among clients and throughout their communities in order to grow their businesses. When it comes to business insurance coverage, however, misinformation can prevent business owners from fully safeguarding their company. It’s up to you to dispel these common myths, which include the following:

Myth #1: “People in my industry don’t get sued.”

The fact of the matter is, anyone can be sued. If your client’s business is found liable and a financial judgment is rendered against them, that judgment will be collected no matter what. This means that wages can be garnished, equipment can be seized and sold, and bank accounts and assets can be seized to pay the judgment. Luckily, the right type of professional liability policy can typically pay for the full defense costs your client incurs, as well as damages, regardless of whether the legal claim is true or not.

Myth #2: “If my employer has professional liability coverage, I don’t need it.”

This may be true in some cases, but even in those cases, it doesn’t mean that an individual policy should not be purchased. In fact, personal plans are actually encouraged in some fields. Employer coverage is meant to look out for the best interests of the employers, not the individual interests of each employee on staff.

Myth #3: “If I use good risk management practices, I don’t need coverage.”

Business owners and staff may be as careful as possible with their customers, but this doesn’t mean they don’t need insurance. No matter what type of risk management steps are taken, there is always a chance of a lawsuit. These cases can be extremely damaging and could destroy a person’s finances, or even force a business to close.

These are just a few of the most common professional liability myths that are out there. The most important thing for your clients to understand is that they can’t afford to be without professional liability insurance coverage if they are business that offers goods or services for a fee.

The post The Most Common Professional Liability Myths appeared first on Novacore.

No one likes seeing insurance premiums jump, especially for a business necessity like professional liability coverage. Yet, we all know rate hikes are a reality in a hardening market, even if they’re tough to swallow or sell to clients. That doesn’t mean you should accept them blindly. It does mean you should look closer and think about what a carrier’s approach to rate says about their business. (Hint: If a carrier is not raising rates right now, it’s a red flag.)

In this article for PropertyCasualty360, PUA Program Director Sandip R. Chandarana offers valuable perspective on professional liability carriers who are pushing rate in today’s market — and how agents can avoid costly missteps.

Read the full article here.

The post What Professional Liability Rate Increases Really Say About a Carrier appeared first on Novacore.

Are you looking for a new solution for your challenging professional liability and A&E risks? Learn how Professional Underwriters Agency (PUA) can be your new secret weapon by watching our appetite webinar.

We specialize in professional liability insurance and risk management solutions for architects & engineers (A&E), design-build contractors, miscellaneous professionals, and excess limits. For your toughest accounts, you’ll hear about our latest and greatest offering, PUA Market Solutions, available for almost every conceivable A&E risk.

The post Meet PUA, Your Secret Weapon for PL Risks appeared first on Novacore.

Agents and insureds alike are being challenged by tough economic conditions and a hardening professional liability marketplace. At the same time, it’s more important than ever for you and your clients to align yourselves with quality insurance carriers.

In this article for The Rough Notes Company, Sandip R. Chandarana, Professional Underwriters Agency (PUA) Program Director, shares proven best practices for evaluating insurance partners. These are the essential questions to ask and the red flags to look for.

Read the full article here.

The post Best Vetting Practices in a Challenging Market appeared first on Novacore.

Professional Underwriters Agency (PUA) Program Director, Sandip Chandarana, recently penned an article for ProNetwork News — the bi-monthly newsletter of aeProNet — that provides key insights on why A&E and other firms should never take a gamble when it comes to their professional liability carrier.

At PUA, our team has focused on the A&E space for more than 30 years — delivering innovative insurance solutions allowing architects and engineers to reduce their risk and stay focused on growing a successful business and reputation.

Read the full article here.

The post PUA Featured in ProNetwork News appeared first on Novacore.