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When it comes to business insurance options, you have a lot to consider. If you work with patients or clients on a daily basis and work in a field where lawsuits are common, then you need to think about tail insurance.
Why You Need Tail Coverage Insurance
Tail coverage is an add-on policy. This policy is for claims that occur when your policy expires. For instance, if you are a doctor and you treat a patient while you have insurance, then retire or change insurance providers, but the patient files a lawsuit. That lawsuit would not be covered under any current insurance plan because the services provided were provided before you received the policy. Tail coverage would cover these suits that occur after you lose your insurance, but cover events that happened when you still had it.
Why You Need Custom Tailored Options
Custom-tailored insurance solutions are crucial, according to the experts at www.axisins.com. This is because every business has its share of differences. The amount of professional liability coverage that you need may differ extensively from another business. The policies that are most common under tail coverage are:
- Errors and omissions
- Professional liability
- Directors and officers
All of these coverages are important to your business, but what your individual policies are depends heavily on your company and your office’s particular needs. When it comes to your company, tail insurance is crucial to keep you afloat when your insurance coverage runs out.