The PROtique Masterplan policy comes with liability coverage that doesn’t disappear! This is NOT Claims Made Coverage. There’s a reason why some insurance policies are cheaper – they have disappearing liability coverage (although you won’t see it marketed as disappearing liability – it goes by the more obscure name “Claims Made coverage”). If you have Claims Made liability coverage and you stop paying the premium, the liability coverage you’ve paid for all those years actually disappears. It’s as if you never had liability insurance even though you’ve paid for it. The insurance company is off the hook even though they took your money.
This means the insurance policy you paid for won’t cover you if you get served with a lawsuit after you stop paying for the policy. You may think it’s ok to stop paying for the policy because you’re no longer in business or because you bought another insurance policy, but did you know that lawsuits are often reported 2 years after the actual incident, and in some cases even longer if you have clients under 18. You’d have to keep paying for the policy long after you’ve stopped providing the service.
You don’t have to worry about this with PROtique – you always have the coverage you’ve paid for (by the way, this is called “Occurrence” coverage) and we think it’s well worth the small additional premium to have much less risk of being left without coverage. And when you’re ready to retire, just cancel the coverage and feel confident knowing your liability coverage won’t disappear.
Ask if the liability coverage you’re buying is Claims Made or Occurrence.