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Professional Liability Insurance

Professional Liability Insurance

Professional Liability Insurance

(OP)
Hello:

In a couple of months I will be going on my own and therefore am currently shopping for professional liability insurance.  Could anyone suggest a company to consider, and companies not to consider?  And why?  I would truly appreciate any comments.

Thank you.

RE: Professional Liability Insurance

When your business is less than a year old, it is very difficult to get coverage.  Ask your current firm's insurance or call a colleague who is in business and have them refer you. Also note that you will likely deal with the brokers instead of the insurance companies directly.

If you're coming from the government sector or have little contact, then try to join ASCE or NSPE and then get quotes from their insurance affliates.

RE: Professional Liability Insurance

contact an insurance agent who specializes in E&O insurance for engineers.  typically they will shop you around several different companies to get you the best deal.  talk to them about getting a policy that locks your premiums for three years.  that may or may not be something you want to do or can do, but as a startup company your premiums may increase significantly between the first and second year.  best to put off an increase until you've been in business for a couple of years.  depending on the type of work you do during the first few years, your insurance could increase quite a bit in addition to the normal annual increases.

RE: Professional Liability Insurance

ASCE used to offer professional liability insurance for about $600/year.  I'm not sure if they still offer it though.

RE: Professional Liability Insurance

Go to www.xldp.com

I have my insurance with XL Design Professional.  They have programs for single practitioners and others.

RE: Professional Liability Insurance

Believe Kemper and St. Paul have e&o insurance programs for smaller firms.

RE: Professional Liability Insurance

Originally, I had DPIC until just after 9/11/01.  Then I had Kemper but they eventually got out of the professional liability market and I'm now with XL who is somehow involved with DPIC.  I think I went around a circle!  The only things that changed are that the insurance got more expensive and the deductibles increased.

RE: Professional Liability Insurance

The two universal constants are premiums will rise and insurance companies will make money.

RE: Professional Liability Insurance

If you don't mind telling us, how much is the premium and wht kind of engineer are you?

RE: Professional Liability Insurance

Who?

RE: Professional Liability Insurance

Ron and PEinc, since they seem to have insurance.

RE: Professional Liability Insurance

I'm not Ron or PEinc, but I have currently have E&O insurance thru US Specialty.  I've had E&O insurance with Ramco and DPIC.  Switched from DPIC to Ramco when XL purchased DPIC.

current premiums are approximately $18000 per year.

RE: Professional Liability Insurance

archeng59 - what type of work to you do?  Have you ever used the insurance?

RE: Professional Liability Insurance

primarily commercial, schools and health care buildings.  one claim in last 10 years.

RE: Professional Liability Insurance

IFRs,

Click on my name for a description of my work.  I carry $2mil/$2mil for about $14000 per year before a credit for using LOL and for education credits.  So far, no claims in about 8 years of coverage.  I probably just jinxed myself!  My volume is up a lot this year so I'm sure my next premium will increase also.

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