Shopping for Directors Insurance

Purchasing auto and homeowner’s insurance is pretty straightforward. Business insurance is much more complex, as each industry faces different risks specific to the services provided by the business. When looking for someone to handle the director’s insurance for your organization, it’s important to have an agent with experience who knows the potential liabilities of your business.

In addition to having experience, your agent should help you understand your policy. What’s excluded from coverage is just as important as what is covered. Then, your agent should explain prior-acts date or the retroactive date. This is about whether the policy handles wrongful acts in the past that have not yet been brought to light. You need to understand the terms and dates of your policy.

Ensure that the policy covers all the professional services that you handle. Many law firms handle both tax and legal services. A real estate company that’s a broker may have many different types of services, along with individual agents who are working with them. Cover all your contingencies by discussing your business with your agent.

Director’s insurance is not something that you want to shop for based on price. Although your budget is certainly a consideration when obtaining insurance, it’s more important to have the policy that fits your business to cover your services. Then work to reduce your risk and keep premiums low.

This post was written by , posted on December 3, 2015 Thursday at 8:00 am

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