When is the Time to Shop for E&O Insurance?
Any time you go shopping for your business, it is always a good idea to go to different places and get a few quotes so that you can get the best deal possible. The same principle should apply to getting insurance policies. Although you should never get a cheaper policy at the expense of losing coverages, you can still find an affordable plan that protects you in every way. Find an errors and omissions insurance quote that works for you so that you are prepared for the unexpected.
How Often Should I Shop?
Shopping for new insurance policies should not be a yearly activity, but once every few years, it is a good idea to weigh your options to see what else is out there. However, do not feel the need to switch unless a substantially better offer is available. Savings of only 5% may not be enough to go through the hassle of switching insurance providers, but if you stand to save 25% or more and still have the same protections, then it is definitely worth it.
If it is Not Broken…
Some companies choose to stay with the same provider for decades simply because they are paying a fair price for great coverages. If you are happy with your current plan, you should not feel obligated to switch. If you do think a change might be good, getting an errors and omissions insurance quote from various agencies always helps.