How Do You Protect Yourself?
Is Professional Liability Insurance Enough?
Professional liability insurance is not enough to protect your assets from liabilities which arise in your work environment. In today's professional liability insurance market, it is more important than ever to explore additional options to protect your assets. A market shift towards claims-made policies and decreases in coverage limits reduce the protection that such insurance can provide to your assets.
What would you do if you could not get professional liability insurance? This issue is being faced by an increasing number of providers in Ohio as the number of companies underwriting professional liability policies in Ohio dwindles down to five. In addition, all new policies being written in Ohio today are claims-made policies which may require a provider to purchase expensive tail coverage if the policy is cancelled, the insurer pulls out of the Ohio market, or there is a change in employers.
I recommend that you approach your asset protection strategy as if you did not have professional liability coverage.
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