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Hello I am a new DMM and I am quoting out the insurance. Dominion was very expensive. I read another post that suggested Hiscox. When I originally called them they said they do not cover DMM’s. I ended up calling back and they suggested that they write the policy under Business Manager, as it would cover what we do. I received an excellent rate, but I am wondering what does everyone else have. Does this seem like it might be an issue? I am in California so I know rates tend to be slightly higher.
Hi Kelly – I just emailed you some information re: Hiscox, let me know if you have any questions.
Hi Todd,
I’m in same boat as Kelly. New DMM just talked with Dominion today. Could you send me the info on Hiscox that you sent to her?
Best Regards,
Tammy CordesHi Tammy email me at todd@dailymoneyman.com
Thanks!I have been with Dominion from the start 3 years ago. While their prices may be higher, remember you are paying for peace of mind if a claim arises. Cheapest is not always the best way to go. I am counting on them knowing the business from the start and what we do, not having to figure what they could classify us under. You also would want to verify how they cover you as in a claims made or claims incurred basis. One of the reasons why Dominion is more expensive is the cumulative coverage you get over the years. They are really nice and easy to talk to (Lynn Cain), taking time to explain the coverage and various options you can chose to customize your coverage. Hope this helps in your search. Rich
I’m also looking for advice about insurance. I agree Dominion is very high and I do not feel like I am paying for peace of mind. I really need to shop around.
Kelly & Tammy, I would like to know what you each decided on. Could you share your insights?
Hello Marianne,
I went with Hiscox. I found them to me more informative and friendly. I was very disappointed with Dominion. I was under the impression that they knew what DMM’s were and I would be able to have conversation with them regarding my concerns; unfortunately, that just was not the case. They were not familiar with this or our organization (could have been the person I was talking too) however, he did not seem interested in finding out and that just left a bad taste in my mouth. It was completely different when I spoke with Hiscox. They were more informative, although they did not know what a DMM was either, they were very helpful in discussing the issues and my concerns, and who we were in terms of what we did. I also found the price much more affordable. I have never had a claim, so I can not speak to that, however, I truly felt like I would be protected should something arise.
Thank you Kelly. That is very helpful. I agree about Dominion, I thought they would know more about the field.
I found Dominion to be less expensive than a general business policy that other places sell. It sounds like you may not have talked with Lynn and instead gotten one of the other agents. As they say, Your Mileage May Vary.
Hi Todd! Can you send me the same information for Hiscox? – budgetbuddyllc0@gmail.com
Thanks!I agree with you. I was just on the phone with Dominion and they could not have acted more disinterested and unprofessional. I ended the call without pursuing anything further with them. I just did not get a good feeling at all from them. I spoke to two different people and with both I had to ask if they were with Dominion because they never identified themselves or their company. It was very strange.
New DMM here….
Are there AADMM or generally recommended limits and deductibles for E&O, General and Cyber for your first year in business? Going thru the application process now a bit blind…
If it’s easier and you would be willing to share you coverage page, please email to jeremyzizmor@gmail.com
Thanks in advance!
I am a new DMM and bought a professional liability policy, including debt counseling coverage, from Dominion in November (Lloyd’s is the underwriter).
I have two questions:
1 is anyone in the AADMM community aware of a claim being made against the policy, and, if so, what was the nature, what was paid?
2 under a typical policy, would Lloyd’s pay if there was an actual lawsuit in which the policyholder lost? Would Lloyd’s represent the policyholder in court?
Thanks.
Re the other comments above, I agree that the customer service at Dominion was subpar, but that doesn’t necessarily mean that the coverage is. I do think it’s worth sharing this feedback with Dominion.
Email me at hilary@your-money-matters.com if you want to speak more specifically about coverage.
Jeremy,
Did you get any guidance on this? I’m in the same boat as you were earlier, I’ve gotten quotes from Old Dominion and another company. It’s hard to compare the two and I’m not sure of my coverage needs.
If anyone else on the forum could provide some insight, I would be very grateful. My email is wendy@balancedmm.com if you’d prefer to email me.
Thanks!
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