When you own a company, procurement business insurance is essential
When you own a company, procurement business insurance is essential no matter the size of your enterprise. Professional liability insurance policies—also known as Errors and Mistakes (E&O) insurance—helps cover you against potentially devastating financial events, like a client’s lawsuit. Without the right insurance, you may need to cover more out-of-pocket expenses if you buy coverage.The Best Professional Liability Insurance Policies
Professional liability insurance acts as a kind of financial safety net..
However, the strength of this trap varies from one provider to another. This is why it’s important to choose an insurer who can best meet your needs and provide the right coverage at an affordable price.
With so many insurers in the market, though, knowing where to start can take a bit of research. If you’re not sure where to start, here’s a look at some of the best liability insurance policies for different types of businesses.
Thin – super flexible
For affordable, flexible policies, tumble is a great choice. Your ability to start small and adjust your coverage as your company grows, makes it a solid option for startups and small businesses that are ready to grow.
Plus, Timble has coverage options for a wide range of professions, including freelancers and independent contractors. With long-term policies, you can get coverage for short-term needs, like plans that only last days or weeks. The Best Professional Liability Insurance Policies
AIG – The Most Unique Features
AIG is a giant in the insurance industry, with its roots going back to 1919. Today, it’s the largest insurance provider on the planet, offering a wide selection of professional liability insurance policies.
A great feature is the ability to obtain open risk coverage, a policy that is more comprehensive than the designated risk alternatives. Also, AIG has exclusive options especially for media companies or those who have media-related concerns. There’s even coverage of First Amendment claims, protecting you won’t get you anywhere else.
Pogo — great for freelancers
When sole owners and freelancers often face obstacles when looking for professional liability insurance. Luckily, there is Pogo, a company that designed their services with these professionals in mind.
Technically, Pogo acts as an insurance marketplace, allowing you to learn about a range of potential options from insurance companies. When you apply, the process takes into account a variety of factors, including your business type, size, income level and structure, to ensure you get the right amount of coverage. Ultimately, each option is tailored to the individual risk freelancers and single-ownership face, making the search process significantly easier.
Ambroker — the best for lawyers
If you work in the legal field, Ambroker offers professional liability insurance policies with your specific needs in mind. It’s a go-to option for so many attorneys and features custom coverage that you can discover, tailor and manage entirely online. The Best Professional Liability Insurance Policies
A great feature is that you can do more than just setting your coverage limits. You can also choose your deduction. That way, it’s easy to find a policy that fits your needs and fits your budget. Also, not many policies have waiting periods, allowing you to secure coverage in minutes.
Hexox — perfect for medical professionals
If you have unique needs, Hexox offers pleasant professional liability insurance policies that can help you avoid one-size-fits-all coverage that may shorten or add features you need. I don’t need to. The company can adapt to a wide range of industries. Plus, there are online options for getting references, chatting with agents, managing your policy, and reporting claims.
The flexibility of Hexax
The flexibility of Hexax makes it a particular choice for professions that are hard to cover, including in many healthcare positions. Plus, coverage is available for full-time workers as well as freelance contractors and temporary employees. The Best Professional Liability Insurance Policies