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An Insurance Dilemma If you are an adult day care owner, you most certainly have professional liability insurance, known otherwise as a PLI. The question, however, remains. How familiar are you with the ins and outs of your plan? Now, to be even more specific about your coverage, ask yourself this. Is your policy written on a claims-made form? Or is it written on an occurrence form? You join many if you can't come up with a precise answer. The fact presents little consolation to you because the knowledge holds the key to recognizing if your business is at liability risk. To clarify the matter, explore the ramifications in this pertinent insurance example: Stella (not real name) owns an adult day care. Though Stella recognized the importance of acquiring a professional liability policy, she did not realize that there were two kinds - one that is written on a claims-made form and one that is made up on an occurrence form. The Distinction A high percentage of PLI plans are written on a claims-made form. When Stella purchased her policy, she became part of that equation. In order for Stella to be covered for an episode that happened during the course of the policy, she must file her claim before her policy expires. Should Stella fail to file her claim during the policy's duration, the repercussions could be shattering. In fact, even if Stella's claim reflected an occurrence that took place while her policy was active, she would no longer be eligible for coverage. Stella explains in her own words: "I purchased a PLI policy that was dated for the beginning of 2013 until December 31st of that year. On January 1st of 2014, I opted to replace my former plan with another Professional Liability policy. At the end of April of 2014, one of my employees brought a suit against me in regard to a fall accident that took place on my premises, months before - on December 15th of 2013. Because the fall occurred before my current policy was in place, I was not covered by that plan. But I wasn't covered by my previous plan either! My 2013 professional liability policy was written as a claims-made form. Since I was no longer on that plan, it would not cover me for the event either!" The bottom line for business owners like adult day care owners is to empower yourself with insurance knowledge. Look past any enticing low quote. Know what you are acquiring and if there are any gaps in the coverage! PRIME Insurance is a winner of numerous industry awards and appointed to directly deal with more than 40 leading companies - like AIG, MAPFE, TRAVELERS, American Modern, CAN, FOREMOST, LIG, Liberty Mutual, Safeco, USLI, Conventus, Global Liberty. etc. Offering nationwide coverage at competitively low quotes, PRIME also specializes in NJ general liability, homeowner, auto, commercial, life, workers comp and other policies.