Insurance professional fees result at the time of a claim. These are not fees from the broker or agent. When a claim occurs then a business will have to provide the necessary documents to show the values involved in the claim.
You will have to hire professional accountants to compile this information. The amount added in for professional fees is usually set by the insurance company as part of a package. It is a good idea for you to discuss this with your professional accountant. They will be able to give you an estimated amount for this future expense.
Consideration of the correct amount for this coverage is part of a good risk management program. At the time of a claim you will likely have many duties to take care of. It gives a certain peace of mind to know that the dollars and cents will be well taken care of by your professional accountant and you have the coverage to pay for this service.
