When it’s nearing your favorite time of year you’ll need to have a plan in place to be sure that your E&O Insurance is renewed in a timely manner. You should set a pending in your calendar at least 30 days prior to the renewal date to be certain that you have received the proper information you need in order to renew. You’ll want to be sure that you know who your E&O contact is.
Don’t be caught off-guard with having to pay the annual premium. The premium expense can and should be part of your business’ budget plan. Also, keep in mind that as the cost to defend E&O claims increases, at some point, you are likely to have an increase in your premium. Allow for a cushion in your budget.