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Survey Results: How Your Peers Use Professional Liability Insurance
250 Patina Nation members shared their thoughts on Professional Liability Insurance. Read the survey results here to see how you align with your peers. Questions answered include:
- As an independent consultant - do you carry professional liability insurance?
- Would you be interested if competitively priced options were available to Patina Nation members?
- How much coverage do you carry?
- Have you ever had a claim filed against you under this coverage?
- Do you include this insurance coverage in your marketing or contracting document?
Thanks to all who participated. We hope you find these insights useful. Thoughts on the results are welcome in this thread.
RESULTS: PDF posted directly below and also available here: https://bit.ly/3lfVNHi
There is value of this survey to companies providing liability insurance, however, a simple offering to the Patina Nation would have been a better move. While the insurance seems to be on the minds of most that actually answered it, 2x the number of replies are missing which tells the greater story (the headline boasts 250 completions, yet it was only answered in complete by 86). For those interested in shopping levels of coverage and premiums they are left to do the footwork. Therefore, this is underwhelming and offers little insight for action. PS. there is little good that can come from informing clients that you have LI just like telling people you have an umbrella policy 😉
I work with public companies on a consulting basis, which typically require a minimum professional liability insurance of $1M-$2M. Also insurance carriers who offer coverage for services provided to public companies are very limited. In my case, I only found one carrier and the premium cost is 2-3X that of the policies covering only private clients. It would be good to know the carriers who cover professional services (non SEC or attestation service related) to public companies for comparison in a meaningful way.
A further survey question asking for the annual cost by coverage selected would have been useful. Even knowing if the annual cost is over/under $1,000. Most folks are not going to expose themselves to an onerous phone call with an insurance agent to get this info without a better idea of what the cost is. I won't.
I work with major corporations and nearly all have required liability insurance for the last 10 years. They usually require $5 million but I have always gotten them to agree to $2 million because the liability risk of my one-person firm is very low. Its' just me and a couple additional consultants on the clients' site for a couple days at at time, facilitating classes/meetings. Annual premium through Country Financial is $500.