While it may not require much effort to buy a professional liability insurance policy–you can simply fill out an application online and pay your premium with a credit card–professional liability insurance policies deserve close attention by the buyer, especially in tough economic times. It isn't a luxury item for a single professional or small professional firm; instead, it is a critical tool required for securing clients and providing protection while rendering professional services. Further, as a professional agent, your reputation is on the line when you recommend a specific product and insurance carrier.

First, during bad times, economic pressures will cause many buyers to consider lower price points and/or alternative coverage scope. Focus on the financial stability and security of the insurer. Will they be around if there's a claim to be paid?

Second, it is important to carefully review the policy. There are a variety of policy forms with different terms and conditions. Insurance carriers tweak policies to offer more or less coverage depending on, among other things, the economic environment, current results and market positioning.