However, dropping your coverage can cost you more than you think. Here's why:

1. If you drop coverage now, it will be as though it never existed

Professional liability (PL) policies are claims-made, meaning that coverage must be in force at the time of the claim to be covered. Even if your policy was active while you were working on a project, 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 after a project is completed - is the best way to protect yourself against future claims.

2. Insurance protects your assets

The average cost of a claim against a smaller environmental firm is around $120,000 when payment is made to the plaintiff. And remember, even frivolous claims cost you time and money to defend yourself.

3. Keep small problems from becoming big ones

Free Pre-Claims assistance can help prevent small incidents from becoming large claims. This free of charge service can help mitigate a circumstance before it becomes a formal complaint.

4. Who will be with you when a claim is brought against your firm?

If you're a policyholder and a lawsuit is brought against you, you will be matched with a defense attorney who will fight for you and your reputation.

5. You may be contractually required to have professional liability coverage. 

Many projects require environmental consultants and engineers to have PL insurance. Keeping up your PL coverage is a good way to make sure you're meeting your obligations - both past and present - and ensures that you're eligible for more projects.

6. You get easy access to our risk management library. 

As a policyholder, you get access to our risk advisory library which offers an array of important articles to help you take control of your risks. 

7. We'll work with you to make coverage more affordable.

With our new multi-year policies, lower minimum premiums and by using a rolling 12 month's billings as the base of our underwriting, your coverage is more affordable.

8. As a professional, you owe it to yourself.  

As a professional, your clients have high expectations of your work. You're responsible for upholding a standard of care in your community and safeguarding public health, welfare and safety. Take the next step in your professional career by purchasing insurance to protect yourself and your clients.