AIG is a global insurance company that provides a wide range of insurance products like general liability, professional liability, and workers’ compensation in 80 countries for more than 100 years. Their professional liability is uniquely designed for many people like those in the media, lawyers, architects, and engineers.
AIG Pros and Cons
Can file a claim online
No online chat on the site
Offers niche professional liability products
Cannot sign up online to get a quote
Has an online management account tool
Offers coverages only to ten industries
Can protect policyholders from fraud
Who AIG Is Best For
- Digital media businesses: AIG’s Media Content Insurance addresses liabilities that are faced by companies that produce or distribute media content.
- Publishing companies: AIG’s Media Liability for Broadcasters and Publishers has comprehensive coverage for media exposures of publishing like news reports, podcasts, and content via wireless devices.
Prices for products offered by AIG are not published on its website. However, professional liability typically costs between $500 to $1,000 per year depending on the industry, annual revenue, number of employees, location, claims history, and risk management procedures.
AIG Alternatives 2020
(Best overall) Industry-leading customer care and specialized packages at competitive prices
Home-based business owners looking for affordable coverage
Small- to midsized businesses that want help with risk management
International coverage for business transactions and trips
Technology businesses seeking errors & omissions insurance that includes cyber liability
Manufacturing companies that need small business insurance plus industry-specific coverage
Professional liability coverage added to a business owner’s policy (BOP)
Liquor stores and restaurants that need liquor liability included in their BOP
Delivery and transportation businesses requiring affordable commercial auto insurance
Startups, particular tech companies that need management liability insurance immediately
While other insurance carriers also pride themselves for providing products such as General Liability, Professional Liability, and more., what sets AIG apart is how each industry they provide service with has their set of products already lined up, saving the time for business owners to decide on what product they think might need for their business. Below are some of its most notable features.
Global Risk Management
AIG offers its global risk management service via IntelliRisk, which is an online risk management tool that allows policyholders to get detailed claims analysis, metrics fine-tuned to the business owners’ needs, and data-driven insights for primary claims. Aside from this, policyholders are also able to report a claim via IntelliRisk, find nearby medical care in their area, and get updates on recent legislation and regulations on medical management.
Online Management Tool
AIG also offers an online management tool called myAIG that is designed for policyholders to manage their policies easily via your laptop, phone, or tablet. It can provide you with fast and real-time data, and these can be exported immediately via Excel for your own perusal. myAIG also offers total service transparency across the multinational program and is available to all AIG Multinational clients and brokers worldwide.
Comprehensive Retirement Tools
FutureFIT Academy, SponsorFIT, and Retirement Pathfinder are tools that AIG offers. While FutureFIT Academy is designed to provide financial education for students at K-12 schools, SponsorFIT is made to make policyholders manage their plans seamlessly—a digital experience that’s clear, concise, and meets the needs of their clients. Meanwhile, Retirement Pathfinder provides scenarios that give policyholders new insights towards their plans.
Most Helpful AIG Reviews
While some of the positive reviews for AIG are about their claims experience with their auto insurance, there is negative feedback online in terms of the policyholders’ experience with AIG. Some of their issues were mostly about claims processing for products like workers’ compensation, unreliable customer support, and unclear coverages for products like auto insurance.
AIG Frequently Asked Questions (FAQs)
Every business situation is unique, and small business owners should seek out answers before selecting an insurance provider. We’ve gathered some of the most frequently asked questions about AIG below and answered them.
How does AIG protect its policyholders from fraud?
AIG’s Global Investigative Services has a Special Investigative Unit (SIU) of fraud investigators to handle suspicious insurance activities. They investigate referrals, tips and leads as appropriate, and create reports of suspected fraud for further government investigation and possible prosecution.
Can AIG ensure to protect my company’s reputation and brand value?
ReputationGuard® is AIG’s way of ensuring a company’s reputation and brand value are protected by supplying innovative insurance solutions to policyholders in managing reputation threats. ReputationGuard® provides proactive protection and reactive responses to maintain stakeholder trust and confidence.
As an employed lawyer, is there a product that can help protect both myself as counsel and my employer?
AIG’s Corporate Counsel Premier® (CCP) answers to employed lawyers’ critical exposures in an ever-changing environment. It covers several scenarios, including:
- Monetary, nonmonetary, or injunctive relief demands
- Shareholder derivative suits
- Claims against past, present, and future corporate counsel
- Employment-related claims
- Moonlighting, pro bono, and notary services
- Punitive damages
Our Top Professional Liability Insurance Provider Picks
In case you still are not sure if AIG is right for you, then this article on the best professional liability insurance providers is a review of our top choices. In this guide, we reviewed several providers and narrowed them down to our top picks based on key criteria like the providers’ financial strength, underwriting process, other insurance policies offered, what each provider lacks, and customer reviews.