You Cannot Afford to Cancel Your ASID Professional Liability Policy
When times are tough, companies examine their expenses more carefully. Some designers may even consider going without professional liability coverage to save money. However, dropping your coverage can cost you more than you think.
Professional liability policies "self-destruct" once you, or the carrier, cancel your policy. That means if a claim is presented 6 months after your policy was dropped, you'll have no protection whatsoever! If you drop coverage now, it will be as though it never existed. So consider carefully the services or issues with which you've recently been involved. Even if your policy was active at the time, if a claim is brought against you after you've let your coverage lapse, it won't be covered by that policy. Keeping your coverage, even at a reduced limit, is the best way to protect yourself against future claims.
Insurance protects your businesses assets, as well as your personal assets in some situations. Remember; even frivolous claims cost you time and money to defend yourself.
Who will be with you if a claim is brought against your firm? If you are an ASID professional liability policyholder and a lawsuit is brought against you, you are matched with a defense attorney who will fight for your company. We also offer pre-claims assistance to help you deal with an issue or problem before it becomes a claim.
- Staying continuously insured could reduce your costs. The ASID professional liability policy is a discounted policy with a low deductible and very broad coverage offered exclusively to the members of ASID. You may be eligible to receive longevity credits just for staying continuously insured in our program.So what do you do if you're not doing as much work and need to reduce your costs? ASID offers limits as low as $250,000 per claim, you can always reduce your limit and increase your deductible to save premium dollars, but do not cancel your policy and leave yourself unprotected!
Visit www.tie-inc.com/asid or call 800-346-1403 for more information on The Insurance Exchange’s custom insurance programs for ASID members!