Preferred Professional Insurance Company Review (2024)
Exploring the robust offerings of Preferred Professional Insurance, this article serves as a comprehensive guide for professionals and businesses in search of tailored insurance solutions, spotlighting the company's commitment to safeguarding clients' interests through a range of coverage options, competitive rates, and a seamless claims process.
Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
UPDATED: Apr 23, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Apr 23, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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Preferred Professional Insurance Company
Average Monthly Rate For Good Drivers
$100A.M. Best Rating:
A (Excellent)Complaint Level:
LowPros
- Customized Coverage Options
- Competitive Rates
- Outstanding Customer Support
- Quick Claims Processing
- Diverse Range of Insurance Policies
Cons
- Limited International Coverage (if applicable)
- Rates May Vary by Location and Individual Factors
In this informative article, we explore the comprehensive offerings of Preferred Professional Insurance, a trusted partner for professionals and businesses seeking tailored insurance solutions.
Delving into a range of coverage options, from professional liability and business owner’s policies to cyber liability and workers’ compensation, we highlight the company’s commitment to protecting clients’ interests.
With competitive rates, discounts, and a seamless claims process, Preferred Professional Insurance stands out as a go-to choice for individuals and businesses seeking personalized insurance coverage.
Whether you’re safeguarding your professional reputation or securing your business assets, this article provides insights into how Preferred Professional Insurance can help you navigate the complex world of insurance with confidence.
Preferred Professional Insurance Company Insurance Coverage Options
Preferred Professional Insurance offers a comprehensive range of coverage options tailored to meet the specific needs of professionals and businesses. These coverage options are designed to provide protection, peace of mind, and financial security. Here is a list of coverage options provided by the company:
- Professional Liability Insurance: This coverage safeguards professionals against claims of negligence, errors, or omissions in their services. It covers legal expenses, settlements, and damages resulting from professional liability claims.
- Business Owner’s Policy (BOP): A BOP bundles general liability insurance and commercial property insurance. It provides comprehensive protection for small to medium-sized businesses, covering both liability risks and property assets.
- Workers’ Compensation Insurance: This coverage is crucial for businesses with employees. It provides medical benefits and wage replacement to employees who are injured or become ill while performing job-related tasks.
- Commercial Property Insurance: Protects your business premises, equipment, inventory, and other assets from a wide range of perils, including fire, theft, vandalism, and natural disasters.
- Cyber Liability Insurance: In today’s digital age, cyber threats are a significant concern. Cyber liability insurance covers expenses related to data breaches, including notification costs, legal fees, and reputation management.
- General Liability Insurance: Provides protection against bodily injury, property damage, and personal injury claims that may arise in the course of your business operations.
- Commercial Auto Insurance: Covers vehicles used for business purposes, including company cars, delivery vehicles, and trucks. It includes liability coverage, collision coverage, and comprehensive coverage.
- Business Interruption Insurance: Helps businesses recover lost income and cover ongoing expenses in the event of a covered incident that forces the business to temporarily close or reduce operations.
- Umbrella Insurance: Offers additional liability coverage that extends beyond the limits of your primary insurance policies, providing extra protection in case of a catastrophic event or a lawsuit with high damages.
- Employment Practices Liability Insurance (EPLI): Protects businesses from claims related to wrongful employment practices, such as discrimination, harassment, and wrongful termination.
- Directors and Officers (D&O) Insurance: Provides protection for the personal assets of company directors and officers in case they are sued for alleged wrongful acts while managing the company.
- Professional Indemnity Insurance: Similar to professional liability insurance, this coverage is tailored for specific professions and offers protection against professional negligence claims.
- Product Liability Insurance: Essential for businesses that manufacture, distribute, or sell products. It covers legal costs and damages in case a product causes harm to consumers.
- Fidelity and Crime Insurance: Protects businesses from losses resulting from employee theft, embezzlement, or fraud.
- Inland Marine Insurance: Covers the transportation of goods and equipment that are not typically covered under standard property insurance when they are in transit or stored off-site.
- Specialty Insurance: Depending on your profession or industry, Preferred Professional Insurance may offer specialty coverage tailored to address unique risks and needs.
These coverage options provide a comprehensive safety net for professionals and businesses, ensuring that they are protected from a wide range of risks and liabilities. The specific coverage you need will depend on your profession, industry, and individual circumstances, and Preferred Professional Insurance can help you customize a policy that fits your requirements.
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Preferred Professional Insurance Company Insurance Rates Breakdown
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| Driver Profile | Preferred Professional Insurance | National Average |
|---|---|---|
| Clean Record | $133 | $119 |
| 1+ Ticket | $164 | $147 |
| 1+ Accident | $190 | $173 |
| DUI | $231 | $209 |
| Poor Credit | $229 | $205 |
*monthly rates are based on an average of minimum and full coverage for a 45-year-old male driver
Preferred Professional Insurance Company Discounts Available
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| Discount | Preferred Professional Insurance |
|---|---|
| Anti Theft | 15% |
| Good Student | 15% |
| Low Mileage | 18% |
| Paperless | 8% |
| Safe Driver | 15% |
| Senior Driver | 10% |
Preferred Professional Insurance understands the importance of providing value to its clients. To make insurance more affordable and appealing, the company offers a range of discounts. These discounts can help clients save money while still benefiting from comprehensive coverage. Here are the discounts offered by the company:
- Multi-Policy Discount: Clients who bundle multiple insurance policies, such as professional liability and business owner’s policy (BOP), with Preferred Professional Insurance can enjoy significant savings.
- Claims-Free Discount: If you have a history of maintaining a claims-free record with the company, you may be eligible for a discount on your premiums. This rewards responsible and cautious policyholders.
- Safety and Risk Management Discount: Preferred Professional Insurance values proactive risk management. If you have implemented safety measures and risk reduction strategies in your profession or business, you can qualify for discounts.
- Professional Association Membership Discount: Being a member of a recognized professional association can often lead to discounted insurance rates. Preferred Professional Insurance rewards those who are actively engaged in their professional communities.
- New Business Discount: For startup businesses, Preferred Professional Insurance may offer special discounts to help new ventures get off the ground with affordable insurance coverage.
- Payment Discounts: Clients who choose to pay their premiums annually or semi-annually, rather than monthly, can often benefit from lower rates.
- Renewal Discounts: Staying loyal to Preferred Professional Insurance can also pay off. Policyholders who renew their coverage with the company may be eligible for renewal discounts as a token of appreciation.
- Early Signing Discount: Securing insurance well in advance of your policy’s start date can lead to savings. Preferred Professional Insurance rewards clients who plan ahead.
- Good Credit Discount: Maintaining a strong credit score can result in lower insurance premiums. The company may offer discounts to policyholders with excellent credit histories.
- Continuous Coverage Discount: If you have had continuous insurance coverage without any lapses, you could qualify for a discount. This demonstrates your commitment to responsible risk management.
- Group Discounts: For businesses or organizations with multiple members or employees seeking insurance coverage, group discounts may be available. These can provide substantial cost savings.
- Senior Discounts: Depending on the type of insurance and your age, seniors may be eligible for discounts tailored to their specific needs.
- Educational Discounts: Professionals who have pursued advanced degrees or certifications in their field may be eligible for educational discounts, as their expertise often reduces risk.
It’s important to note that the availability of these discounts may vary depending on your location and the specific insurance policies you choose. To maximize your savings, it’s advisable to consult with a Preferred Professional Insurance representative who can assess your unique situation and help you take advantage of the most relevant discounts for your coverage needs.
How Preferred Professional Insurance Company Ranks Among Providers
In the highly competitive insurance industry, Preferred Professional Insurance faces competition from several key players. These competitors vary depending on the specific types of insurance they offer and their target markets. Here are some of the company’s main competitors:
- State Farm Insurance: State Farm is one of the largest insurance providers in the United States and offers a wide range of insurance products, including professional liability insurance, business insurance, and more. They are known for their extensive network of agents and a long-standing reputation for customer service.
- Allstate Insurance: Allstate is another major player in the insurance industry, offering various types of coverage, including business insurance and personal liability insurance. They have a strong online presence and are recognized for their advertising campaigns and customer support.
- Geico: Geico specializes in auto insurance but also provides business insurance and other coverage options. Known for their humorous advertising campaigns, Geico has gained a significant market share and is often considered by small business owners.
- Progressive Insurance: Progressive is known for its competitive pricing and innovative insurance solutions. They offer various commercial insurance policies and have a strong online platform for customers to obtain quotes and manage their policies.
- Chubb: Chubb is a global insurance company that focuses on high-net-worth individuals and businesses. They provide specialized insurance solutions, including professional liability coverage, which may compete directly with Preferred Professional Insurance in certain markets.
- Hiscox: Hiscox specializes in professional liability insurance and business insurance for small to medium-sized businesses. They often cater to professionals and businesses seeking tailored coverage, which aligns with Preferred Professional Insurance’s offerings.
- Nationwide Insurance: Nationwide offers a wide range of insurance products, including commercial insurance and professional liability coverage. They have a strong presence in the insurance market and offer various coverage options.
- Travelers Insurance: Travelers is a well-established insurance company offering commercial insurance solutions, including professional liability coverage. They are known for their risk management services and extensive industry expertise.
- AIG (American International Group): AIG is a global insurance giant that provides a broad spectrum of insurance products, including specialized coverage for professionals and businesses. They compete with Preferred Professional Insurance, particularly in the professional liability insurance sector.
- The Hartford: The Hartford offers insurance solutions tailored to businesses and professionals, including professional liability and business insurance. They have a long history of serving businesses and have a strong reputation.
These are just a few of the main competitors that Preferred Professional Insurance may encounter in the market. The competition can vary by region and specialization, with some competitors focusing more on specific niches or industries.
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Streamlining Preferred Professional Insurance Company Claims Process
Ease of Filing a Claim
Preferred Professional Insurance Company offers a user-friendly claims process, ensuring ease of filing claims. Policyholders can choose from multiple convenient methods, including an online portal, phone assistance, and dedicated mobile apps. This accessibility empowers policyholders to initiate claims in a manner that suits their preferences.
Average Claim Processing Time
Efficiency is a priority in Preferred Professional Insurance’s claims processing. The company is committed to a streamlined and prompt claim processing experience. Their focus on quick claim resolution underscores their dedication to minimizing disruptions for policyholders.
Customer Feedback on Claim Resolutions and Payouts
Preferred Professional Insurance Company values customer input, particularly regarding claim resolutions and payouts. Actively seeking and incorporating customer feedback, they continuously refine their claims process. Positive customer testimonials highlight the company’s commitment to delivering fair and satisfactory claim settlements.
Navigating Preferred Professional Insurance Company’s Digital and Technological Features
Mobile App Features and Functionality
Preferred Professional Insurance Company provides a comprehensive mobile app, enhancing policyholders’ insurance management experience.
Compatible with both Android and iOS devices, this app enables policyholders to file claims, access policy details, and perform various insurance-related tasks on the go. The mobile app’s features and functionality offer policyholders accessibility and convenience.
Online Account Management Capabilities
Policyholders benefit from seamless access to their insurance accounts through Preferred Professional Insurance’s user-friendly online platform.
This platform empowers policyholders to manage various aspects of their insurance, from premium payments to policy reviews, conveniently from their homes. Preferred Professional Insurance ensures that policyholders have efficient online access to their insurance information.
Digital Tools and Resources
Preferred Professional Insurance Company goes the extra mile by providing a suite of digital tools and resources.
These resources offer policyholders valuable information and interactive tools to make informed decisions. Whether it’s educational materials or financial planning tools, Preferred Professional Insurance strives to offer digital resources that support their customers’ insurance needs.
Frequently Asked Questions
How can I request a quote from Preferred Professional Insurance?
To request a quote, visit their website and fill out the online form or call their dedicated phone line to speak with a representative. They will guide you through the process.
Are the premiums competitive?
Yes, Preferred Professional Insurance offers competitive premiums without compromising on coverage. They understand the importance of affordability for professionals.
How long does it take to process a claim?
The time to process a claim can vary depending on the complexity. However, Preferred Professional Insurance strives to resolve claims efficiently to minimize disruptions to your business.
Can I customize my insurance policy to suit my profession?
Absolutely. Preferred Professional Insurance specializes in tailoring policies to match your specific profession, ensuring you get the coverage you need.
What types of professionals can benefit from their insurance?
Preferred Professional Insurance serves a wide range of professionals, including but not limited to doctors, lawyers, consultants, and small business owners. If you need specialized coverage, they can help.
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Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
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