Protecting your professional service
If you are an accountant, a lawyer, an architect or a consultant, your clients rely on you to handle tough, important work. When you are in the business of offering expert advice to clients, you are entrusted to provide an important service. You also are exposed to claims of negligence and the risk of protecting sensitive customer information.
As a professional service firm, you should consider several types of insurance. First, if you have employees, and to comply with state laws, you need Workers Compensation insurance. You need protection for your space (whether leased or owned) and your property. General Liability covers your legal costs should an injured customer sue your practice, and an Umbrella policy will protect you from exceeding the limit of your coverage. Professional Liability (with various types of malpractice coverage) can reimburse you for legal costs should a customer sue you for mistakes in the service you provided.
Need more information? Speak with one of our insurance experts to find the right coverage for your business.
The policies you need
The benefits of a Business Owner's Policy
A Business Owner’s Policy (BOP) is a packaged insurance policy that contains all of the essentials most professional services businesses need. A BOP combines the two primary commercial coverage types – General Liability and Property Insurance – into one, affordable policy. This packaged policy covers the widest range of risks that the average business owner faces: protection from lawsuits, damage to their business space and property loss.
There are also many add-ons that can be included in a Business Owner’s Policy to protect the unique needs and risks inherent in a professional service business. For example, Professional Liability, which can help protect you from claims of negligence, can be included. Business Interruption, a coverage that pays an insured if business operations are suspended due to a loss, is included in most BOPs.