 Personal Finance PowerPoint Presentation. Liability Insurance Companies. Get ready to get financially fit by practicing personal finance. We've been breaking the financial decisions down into the short-term decisions, the long-term decisions, the short-term ones, being those that we're gonna train our gut to trust our gut, honing down our habits so we can depend on our habits, the long-term decisions, however, being those that we want a more formal process because we can't use the same trial and error system for the long-term decisions using the adage of measure twice, cut once, the usual process or thought process for long-term decisions such as our insurance strategies would be to set our goals, develop a plan to reach the goals, put the goals into action, review the results and then start the whole thing over again. This is our chart we've looked at in prior presentations, items that we would want to think about possibly having some protection for disability, illness, death, retirement, property loss and liability. We're looking now at the best professional liability insurance, this is from Investopedia, this is clearly an opinion, but just to get an idea on what you can look at in terms of companies to then start forward in doing your own research. Remember, of course, you want to be doing your own research if you're talking to any kind of broker within insurance that doesn't mean they're lying to you, but it does mean that, of course, they have a vested interest in selling the policy. You want to do your own research and you also might want to talk to other people such as friends, family, attorneys, if you know any and or CPAs, for example, might be people that you can talk to, possibly pay professionals to give you advice for personal planning, those that are not actually going to be financially benefiting from the financial products that you would be purchasing so you get an independent decision. So this is from Investopedia, best professional liability insurance companies. You can take a look there online, look at the references, resources, you can continue your research from there. This is just to give an idea. This is by Elizabeth Ravillier, updated September 25th, 2021. We personally don't have any invested interest in any of these companies. Investopedia may, however, so do your own research. So best professional liability insurance, if you own a business and work with clients, it's good idea to purchase professional liability insurance. Professional liability insurance also called errors and omissions, E and O insurance pays for your legal defense if a client or customer sues your business for negligence or malpractice. Without professional liability insurance, your business is on the hook financially if you end up in a lawsuit, whether you win or you lose. Professional liability insurance is one of the most valuable business insurance policies that you can have, but not all insurance providers are created equal to find the best professional liability insurance companies. We started with a list of 17 carriers and closely evaluated each one based on policy options, ease of use, industry specialty price and customer satisfaction. So this is just a list, again, that was come up from Investopedia. That's a place that you could start looking into your research if this is a type of insurance that is applicable to you. So the best professional liability insurance for 2022, according to Investopedia, best overall, AGI, best for freelancers and independent contractors. They have Pago, Pago, best for medical and healthcare providers, the doctor's company, best for lawyers and broker, best for small businesses, Thimble insurance, best for realtors, it's Hiscox, Hiscox. So we'll look at a couple of them just to get a little bit of what they say about each of them. You can go to Investopedia to continue your research from there and check out the resources, go to the insurance companies and you can continue looking into them from that point. So AGI with a variety of policy options for every industry specialty coverage and it's significant reputation guard program. AGI is the best overall professional liability insurance provider according to Investopedia. The pros offers professional liability policies for individuals in many different industries. Reputation guard coverage protects your brand identity from a lawsuit, sells all the standard business insurance products plus unique policies. So it looks like they have a pretty broad range so it could be a one stop shop kind of place more so than a specialized place here which can be useful depending on your needs. Cons must get a quote by contacting an agent doesn't offer general liability insurance policies. So based on our research, AGI is the best overall professional liability insurance provider that company serves nearly every industry including aerospace, healthcare, hospitality, construction, transportation, education and many more. You can choose from a long list of coverages including specialty options you won't find anywhere. So no matter what happens in AGI professional liability policy has you covered. Through AGI you can purchase a policy that is designed specifically for the errors that are most common in your specific industries with unique coverage for robotics, professionals, business leaders and publishers just to name a few. Another benefit of its reputation guard coverage which pays for services like crisis communications, media training, rapid response and social media management if your business gets involved in a major lawsuit. You can also choose to purchase income loss protection as part of the reputation guard program. Although AGI offers a wide variety of business insurance products it doesn't offer the most basic one general liability insurance which is kind of weird you would think so. Some of the policies available include accident and health insurance, cyber liability insurance, environmental insurance, mergers and acquisitions insurance and surety bonds. To get a quote for AGI professional liability insurance you will need to get in touch with an agent. AGI handles claims via phone and email and you can refer to the claim reporting guide to find the right contact for your industry and policy type. So then we have the next one which is Pogo P-O-G-O insurance marketplace is designed specifically for freelancers and sole proprietors and it can help you find reliable coverage at an affordable price. So it's a bit more specialized here. The pros, one application provides multiple quotes from different insurance carriers. Pogo works exclusively with freelancers so the coverage is tailored to your unique risks. So instead of the one stop shop kind of place you got a more specialized thing which if that is your specialty maybe they would be better at that particular thing since that's what they're specifically geared towards possibly. So many other business insurance policies are available cons according to Investopedia. No option to get an instant rate quote online doesn't disclose which insurance company is partnered with. Pogo is a newer insurance company that essentially operates as an online insurance marketplace. So the fact that they're newer could have some pros and cons. You would think of course you want the longer established companies are probably the ones that you would be wanting in general because you wanna make sure they're an established business but then you can rely also on the recommendations and so on and Investopedia seems to have a high opinion of them based on their searches and research. So it's our top recommendation for freelancers because the company specializes in coverage for independent contractors and understands the unique risks that self-employed professionals face. So clearly the fact that they're newer if they're trying to get a niche in a particular area you can see why that might be a rationale for them being like a newer company doing something a little bit different by carving out a specific niche which can be a good thing. So you wanna check the reviews on them and so on. When you fill out an online application Pago will match you with several insurance companies that fit your coverage needs based on the type of business you own, the size of business, your income and the structure of your business. So an agent can also recommend an appropriate amount of coverage to adequately protect your professional liabilities. So in addition to professional liability insurance freelancers can work with Pago to purchase general liability insurance, a business owner's policy, workers' compensation insurance, cyber liability insurance, business property insurance, business auto insurance and inland marine coverage. Pago is a solid choice for professional liability insurance if you work on a freelance basis but the company does have some downsides worth mentioning. First the company doesn't say which insurance companies it partners with which is kind of interesting so they're gonna be, it would be nice to be transparent in my opinion typically you'd like to know what's going, who you're working with directly and so on. So we'll have to request a quote in order to see your matches. So you get the quote and then they'll have the matching up. So and once you submit the form you have to wait for a Pago agent to reach out with your results. So we won't go over all the rest of them here but that's just a quick start that you can go in and you can take a look at your research from there and do some comparative testing and so on and so forth from that point.