Professional Services Insurance – Offices
Due to the high reliance on electronic equipment and the Internet, most professional offices fail to understand the exposure and inadvertently under-insure or fail to insure the main components of their professional services insurance program. Detailed below are some of the covers critical for maintaining a great Professional Service.
Along with the physical insurance on the equipment this cover can be arranged to insure other risks such as accidental damage (i.e. cup of coffee, knocking off the bench etc) and internal breakdown. Depending on the insurer this may be part of the property section, an addition or a separate policy or policy section to the main policy. Fortunately replacement costs have decreased and in a number of cases, reliance on the internet and cloud based applications has reduced the sums insured and mitigated the risks to some extent. Unfortunately this is also leaving you open to Cybercrime attack and being held to ransom for your database, client records and other important information required to continue servicing your clients. Ordinary electronic policies do not offer any protection in the case of Cybercrime to pay for or mitigate the risks identified.
We find that a continuing number of professional offices have not taken business interruption cover in case of a major loss from fire, storm etc to their offices. In other cases the premises is owned by a separate entity and the loss of rent and additional costs of relocation have not been addressed or taken into account in the policy. Following a loss there are additional costs of working which are required to adequately ensure that the business cash flow is not interrupted and that the business is able to continue operating. E.g. relocation costs, urgent advertising, telephone diversion costs, restoration of data costs etc.
Covering your public and products liability as an office also should extend to your business activities outside of the office with regards to functions, marketing, banking etc. Products liability is required to cover any food and drinks you serve clients during interviews etc. Typically the legal liability risk for most professional offices is low and the insurance premium reflects this.
The majority of risk is in the risks of professional negligence, Director’s & Officers liability and EPL exposures. Our Brokers will discuss your business activities and what locations you have to correctly insure your legal liability exposure.
Our focus is on ensuring that as a Professional Services Office you protect your business cash-flow, protect against litigation and provide effective cover on your office equipment vital to the continuation of your business.
Nothing can replace professional expertise advice from an experienced Specialist Insurance Broker.
To arrange an introduction with our Professional Services Insurance Specialists, please either call 07 5313 7871 or complete the form below.