Understanding the Mediation Deductible Credit
Practicing architects and engineers can help bolster their business by carrying the proper insurance. Errors & Omissions insurance, or professional liability insurance, creates a secure atmosphere for conducting business. Understanding the mediation deductible credit that is included in the terms of many policies is one step in choosing both coverage and a provider that is ideal for you.
General liability insurance offers no protection for the work that you do. Without secondary coverage your business is vulnerable to the unexpected and unforeseen events that can occur when there are negligent oversights or design flaws that are introduced in the process of drafting plans. Clients that experience significant loss due to errors and omissions in the products or services that are provided will want compensation, which means that it is best to have the proper insurance to protect against losses.
An additional benefit of having professional liability coverage is that it makes your business far more appealing to potential customers. Having the tools to deal with mishaps helps companies maintain a reputation of reliability and trustworthiness. By investing in Errors & Omissions insurance companies make it easier for themselves to both grow and thrive in their available market.
A mediation deductible credit is a credit offered by insurers for companies that are able to resolve their issues in mediation. If a solid resolution is made the insurer will reduce the policy holders deductible by up to fifty percent, with a limit of usually $15,000. Finding a policy that offers a fair mediation deductible credit is key to maximizing the potential savings in this area.
If you are new to professional liability insurance it is best to shop through a seasoned and knowledgeable broker that can give you the information that you need to select the right coverage. There are numerous terms and features to cover, the mediation deductible credit being only one of a vast many.
We're more than just brokers. We're A/E specialists, delivering the right coverage and exceptional value and service to hundreds of design firms of all sizes. Of course we leverage the latest industry resources to provide you with coverage, risk management and contract review tailored to your practice. But we also remember the difference between simply billing clients and actually serving them. See for yourself. Contact us of a competitive quote on your professional liability insurance.