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?

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