Here are some key differences to keep in mind:
* Physical damages vs. financial damage: A standard General Liability policy includes Products-Completed Operations Liability Insurance. This coverage protects the insured from lawsuits over finished work that physically harms someone. Though this may seem to be the domain of Professional Liability, physical damage is the dividing line. Professional Liability Insurance concerns itself with lawsuits over financial losses that result from someone’s products or services.
* General Liability and Professional Liability cover different risk exposures. Only General Liability can spare your business from lawsuits over a visitor slipping and falling on your commercial property. And only Professional Liability Insurance can shield you from the high cost of alleged professional mistakes that cause a third party financial losses.
Directors and officers liability Insurance (often called D&O) is liability insurance payable to the directors and officers of a company, or to the organization(s) itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers. Such coverage can extend to defense costs arising out of criminal and regulatory investigations/trials as well; in fact, often civil and criminal actions are brought against directors/officers simultaneously. Intentional illegal acts, however, are typically not covered under D&O policies.
Replacement Cost Value represents the average estimated cost to rebuild the building after a total loss. This includes materials, construction costs, labor, etc. to rebuild the entire building from the ground up. Many agents fail to differentiate between the replacement cost of a building and the value of the building. The replacement cost estimate will improve our ability to evaluate the risk and protect our customers with more appropriate policy limits.
Choosing a broker or agent with a wide array of carriers will ensure that you are getting pricing not only from one insurance company but from five or six. We can help you select the best coverage plans for your individual business and walk you through any coverage that may seem unfamiliar to you while still offering competitive premiums. Choosing the right market for your business is essential in acquiring competitive pricing. We work with carriers across the board who offer insurance programs for contractors, restaurants, small businesses, conglomerates, and everything in between.
No. In fact, many of our clients enjoy vastly improved insurance coverage with lower premiums.
Not necessarily. We are experts in evaluating your entire underwriting submission, identifying strengths, and also addressing weaknesses proactively. We also have lost control experts who can provide you with proper advice to help control loss exposures that will benefit the underwriting submission and your operations. We not only focus on what has happened in the past but also what you’ve done to correct those deficiencies to make it less likely that the event will occur again.
Policies can be replaced by midterm. However, some policies will have minimum earned premiums and other cancellation penalties that can impact the amount of your return premium. Although it is best to evaluate replacing an insurance policy or policies three to four months ahead of the expiration date; we understand that unique circumstances at your last renewal such as sharply raised premiums, higher deductibles, reduced or worsened coverage terms, or broker to satisfaction may make waiting the additional months undesirable for your organization. When your organization is faced with these circumstances, it is best to have a private discussion with our insurance professionals on the best course of action for your organization. We can replace policies midterm or entire insurance programs midterm under many circumstances where it is beneficial for your organization to do so.
If you have any doubts regarding the quality of your coverage, please contact us and we can arrange a discussion with one of our insurance professionals who are experts in coverage and pricing.
If you have any doubts regarding the pricing competitiveness of your coverage, please contact us and we can arrange a discussion with one of our insurance professionals who are experts in coverage and pricing.
Yes, Hotaling Insurance Services is a full-service brokerage and we are experts and specialize in commercial and personal lines property and casualty insurance, as well as group benefits, life, and title insurance. Our suite of service offerings is geared towards clients receiving a streamlined insurance servicing platform from a single source, for all of their personal and commercial lines insurance needs.
Although professional relationships should be seen at all times as professional relationships, we all value personal relationships and can understand this dilemma facing many clients. To address this concern, we first suggest that you contact our insurance experts for an objective review of your insurance. Should it be inevitable and in the best interest of yourself or your insured organization to go in a different direction than your current broker, we recommend (and can help you with crafting) a very professional, very courteous and a personal letter thanking your current broker for their service to date while informing them of the decision, highlighting how the decision was ultimately made in the best interest of the organization as an opportunity to materially improve your or your organization’s insurance program and is not a reflection of the broker personally; such that any troubling feelings are minimized.