Insurance comes in all forms. For professionals and small businesses, having multiple types of insurance is a must. You may have general liability insurance, cyber liability insurance, and various umbrella policies. However, it’s not uncommon for many professionals and businesses to be underinsured, especially when it comes to professional liability insurance. It happens. It may simply come down to not knowing what coverage you need. Certain professions may need more specialized coverage that’s not provided in your umbrella policies, like malpractice insurance nurse practitioner level specializations. In figuring out what you may need (or not need), reviewing your professional and small business (SMB) insurance documents every year can be critical.

You Might Not Have the Coverage You Thought You Had

Many SMBs may have general liability insurance. This is a type of insurance no small business should be without. However, it’s easy to assume “generally” that it’s enough or that it covers all you need it to cover. It may have been enough at one point, and you may have eked by. But as your business changes and grows, you may need to expand or add policies to cover more aspects of the business, your team, or even yourself.

You Might Not Be Fully Covered By an Employer

Starting a new job or changing employers? In the professional space, you may be covered by your employer for certain aspects of your job—but not every aspect. Nurses, for example, may be covered by the private practice or hospital only partially—and you should review what that coverage is. Leave no stone unturned. As you read through the policy, you might not have coverage if you receive a malpractice claim or you’re up against a board complaint. Malpractice insurance for nursing can include coverage to take care of these issues and more.

Policies May Have Updated

Insurers may routinely update their policies. They’ll send notice along with documents to review if anything changes. There should be no surprises. However, it’s easy for changes to fly under your radar. Perhaps your dental malpractice insurance now covers more specializations, such as periodontists and pediatric dentists, giving you an opportunity to expand your practice. This is another reason to take time to review documents. Review documents when you renew your policy—and anytime an insurer makes an update to the policies they provide when they send you notice. And don’t hesitate to reach out to your insurer if you have any questions!

The Bottom Line

Insurance is made to help protect you, your career, and your business if you’re an SMB owner. When you sign up for a new policy, take the time to read through every line. In some cases, there may be a lot to read, but it’s worth it—it’s worth it to know how you’re covered to the letter. It’s also important to work with an insurer that has your back and is ready and willing to answer your questions and go through every detail of your policy. When you’re fully informed about your coverage, you’re better prepared for whatever may come your way.

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