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J. Warren
J. Warren, Attorney
Category: Business Law
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Experience:  Experience in general business transaction and formation matters.
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Hi, I co-own a professional services business. I am about

Resolved Question:

Hi,

I co-own a professional services business.
I am about to renew my Professional Liability Insurance policy.
The insurance company is asking for almost doubled my premiums, giving the reason that our revenue almost doubled since last year.
Is this common? or do you recommend getting a different quote?

Thanks
Charles
Submitted: 1 year ago.
Category: Business Law
Expert:  J. Warren replied 1 year ago.
Hello! Thank you for your question today. My goal is to provide you with the information you seek.

Please note: (1) this is general information only, not legal advice; and (2) I will provide you with honest information and not necessarily to tell you might be hoping to hear.

Unfortunately it is not uncommon for premiums to go up as your profit goes up. Typically a range in profit will increase premiums such as profit below $100,000 has X premium, profit from $100,000 -$250,000 has Y premium.

However, it never hurts to compare shop and obtain additional quotes for premiums. Make sure if a new insurance provider is chosen that your policy contains "tail" coverage to cover any claims under your prior policy.

All my best & encouragement.

Please note that you are asked to rate my courtesy and professionalism, and not whether the answer supports your legal position. I only receive credit when rated 3 or higher. If for any reason you feel that a 2 or 1 rating is appropriate, please first give me the opportunity to address your concerns by clicking the "reply" or “continue conversation” tab.

All states have intricacies in their laws and any information given is simply information only and specifically is not intended to be, nor does it constitute, legal advice. This communication does not establish an attorney-client relationship with you.

 

J. Warren, Attorney
Category: Business Law
Satisfied Customers: 1201
Experience: Experience in general business transaction and formation matters.
J. Warren and 6 other Business Law Specialists are ready to help you

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