How Does the Professional Liability Insurance Application at Insureon Work?

Anybody can make mistakes. But often, professional mistakes can lead to huge losses. Professional liability is your safety jacket from such losses. But how do you apply for one? So, here is how Insureon’s professional liability insurance application works!

But before we dive into the application process, here are little details about the insurance.

Who Does A Professional Liability (PL) Insurance Cover?

This insurance covers professionals in any business of providing services to people. Doctors, lawyers, engineers, even businesses can make professional mistakes.

Such mistakes that cost your client a financial or reputational loss can lead him to file a lawsuit against you. And thus arises the need for protection!

What Does This Insurance Cover?

  1. The cost to get an attorney to represent your case.
  2. The settlement amount is paid if the lawsuit is decided to be settled out of court.
  3. The cost endured if the judge decides against you.
  4. The administrative fees during the lawsuit.

How Can You Avail The Best PL Insurance?

There are a plethora of insurance companies that offer professional liability insurance. They have their terms and conditions as well as various benefits and premiums. So how do you decide which one is the best for you?

Such decisions require extensive research, but this is a time-consuming process and requires too much maths. But here is a more straightforward bet- Insureon! Insureon is a marketplace for providing online insurance to businesses from trusted A-rated insurance companies. By filling a small application, Insureon provides many quotes to choose what works the best for you.

Let’s now see how you can apply on Insureon!

How does Insureon’s Professional Liability Insurance Application Works?

Step 1: Fill Your Basic Information

In the first step, you will need to fill in some basic information about yourself. Things like name, place, business, etc., will be asked. If you keep the below-mentioned information handy, it will not take more than a few minutes.

Financial Information

  • Revenue incurred this year as well as the previous year.
  • The total payroll of your employees.
  • The amount of revenue that your highest client generated.
  • Your executive compensation amounts.

General Business Information

  • The structure of your company (for example, if it is an LLC, partnership, or corporation, etc.)
  • The date that your business had started (under the current ownership)
  • A brief about your company, and the work it does. A little information about your industry niche also asks several employees and types of employees you have on payroll.

Potential Business Entanglements/ Contracts

  • You will need to list the revenue generated by your client’s company if you own a share of about 3% or more in their company.
  • You will need to give your client’s contact information.
  • You will need to list the insurance policies of a subsidiary business if you own a share of 51% or more in that business.

Your Client’s Contract Information

  • You will need to list the number of clients you have written contracts with.
  • You will need to specify the purpose of these contracts as well.
  • It would help to list how often you update or modify these contracts with your clients.
  • Do you require a subcontractor to carry professional liability insurance? You will need to answer this as well.

Your Insurance And Claims History

  • List if you have ever availed of professional liability insurance from other sources.
  • It would be best to inform them about the limits and deductibles of any PL insurance policies that you have held in the past years.
  • Describe if you have made any claims under your previous professional liability insurance if you had any.
  • Inform about any ongoing disputes that might cause a claim in the future.

Step 2: Keep These In Mind During Your Application Process.

After filling out all the detailed information, your application process will finally start. Keep the following in mind while you fulfill the process.

  • You will receive an email with a password. If you cannot complete your application in one sitting, you can sign in later and continue.
  • The application is adaptive. This means certain questions can be skipped, and a few can add themselves up.

#Step 3. Get Quotes

This is the final step in the application process. After filling in all the data mentioned above, you will receive quotes for different insurance companies. Compare and decide what works the best for you.

A quote is simply the premium that each insurance company will charge and the coverage that the insurance will provide you with.

What Paperwork Do You Recieve After The Application Process?

#1: Insurance Quotes

These are the estimates of how much your insurance premium will be each year. It will also give you a fair idea about the amount of coverage that the insurance will provide you with. It often lists the additional benefits that a particular insurance company offers to get an edge over others.

#2: The Insurance Policy

This is a vast document containing around 50-100 pages. It will have all the terms and conditions of when and how your insurance will pay for your liability.

#3: Certificate Of Liability Insurance

An insurance certificate is your proof of insurance. It is a summary of your policy coverage and other details. This is the copy you show as proof of insurance to your clients before signing a contract.

A certificate of liability insurance is super helpful while finalizing a lease agreement.

In A Nutshell…

Insureon has provided a great way of comparing insurances to avail of the best insurance deals! It is especially beneficial for small businesses.

It’s simple, takes less time, and gives you the exact estimates that you would spend days calculating if you browse each company’s website separately. Furthermore, Insureon makes available your insurance policy from the comfort of your home!

I am wrapping up the discussions here. If you have any questions or suggestions regarding Insureon’s Professional Liability insurance application process, write them down in the comment section below. Also, let me know if you have ever tried their application process.

Let’s discuss!

I am all ears!

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