Professional Services
What You Need to Know About
Insurance for Professional Service Providers
Since 1956, RJ Ahmann Company has been a premier provider of insurance for professional services providers nationwide.
Wondering if your professional services company has the right insurance protection?
Most businesses that provide professional services such as architects, engineers, accountants, lawyers and business consulting firms require a customized insurance mix that includes a business owners policy (BOP) and professional liability or errors and omissions (E&O) coverage. Depending on the size and scope of your business, you may also need workers' compensation, commercial auto insurance, group benefits and other tailored coverages to protect you from your industry's unique risks.
A BOP is a package policy designed for a small business. It is a single policy that incorporates protection for both property and liability exposures. Business owners policies are designed for “main street” businesses such as professional firms, retailers, wholesalers and small offices. BOPs are not recommended for larger companies or for manufacturers who face a greater liability risks.
Business owner's policies contain property coverage (to protect your buildings, equipment and products) and liability coverage (to protect you from lawsuits). Other features you can add include business interruption insurance, which protects your income if you have to shut down due to a covered loss and crime insurance recovers money lost from robbery, burglary, employee theft and embezzlement. Since every business is different and carries different risks, BOPs can be customized to your specific needs.
Most professional liability claims do not result in judgment against the business. However, the defense costs associated with a claim can easily devastate a professional service provider's business.
Professional liability and/or E&O policies protect you if your advice or services result in financial damage to others. You may need a specialized policy to extend liability protection for the risks unique to your professional line of work. In the past, E&O exposures were limited to certain types of professionals but today, we're seeing more and more businesses sued for this type of risk. Here are a few examples:
- The hotel you designed suffers a partial collapse and you are sued for the financial damages to repair/rebuild.
- Your accounting firm fails to shred confidential client documents and a client's identity is stolen as a result.
- You work as an outsourced project manager and you are sued when a project fails to complete on time, causing financial damages for your client.
- Your professional advice causes your client to lose a major contract.
Could you survive a lawsuit without specialized liability insurance?
Whatever your business, you probably give advice numerous times each year. Every time, you're at risk of making a human mistake. If you make a mistake or suffer an oversight, will you be protected? Can you afford the legal fees, the tarnished reputation and the possibility of losing your career? With the right liability insurance, you'll be prepared for E&O and malpractice claims.
A smart solution
If you need professional services insurance, or if you just want to learn more, RJ Ahmann can help. With more than 50 years in the industry, we’ve helped thousands of professional service providers grow and prosper with the right insurance, including medical malpractice insurance. Our experienced insurance experts will help you obtain comprehensive, cost-effective insurance coverage – tailored for your firm’s unique needs. We represent a variety of “A” rated carriers so you can rest assured that your livelihood and your business is protected with stable, reliable coverage.
To ensure that you get the strongest insurance protection at the best rates, we...
- Offer unparalleled expertise and stability giving you the peace of mind that RJ Ahmann will be there when you need us most.
- Work with 32 contracted carriers to provide you with a range of choices unavailable at most other agencies.
- Have the capability to rate business owners policies online, providing you with quick feedback on the cost of this insurance.
- Employ a highly experienced and knowledgeable staff to help you understand your business exposures.
- Offer in-depth knowledge of professional liability exposures and a wide range of cost-effective solutions.
- Serve many types of clients, ranging from architects and engineers to consultants and creative professionals, so we have a broad understanding of the issues you face.
Ready to Learn More? RJ Ahmann is Ready to Help with Solutions for Professional Service Providers!