Professionals such as accountants, doctors, consultants, financial advisers, brokers and IT developers need many of the same types of insurance policies as other businesses.
This includes cover for property, public liability, motor vehicles, business interruption, burglary, equipment and workers compensation. However, more specific cover may also be required, depending on the service provided.
Professional Indemnity (PI) insurance for example is designed specifically for service businesses. PI insurance covers the business in case of mistakes, oversights, negligence or breaches of contract. For instance, if advice given by a service professional leads to loss for a client and they take legal action, PI provides cover for damages and related costs.
Management liability may also be required. This insurance financially protects the assets of managers, directors and the business, in case of claims of wrongful action or mismanagement. Management liability may also include employment practices liability, directors’ and officers’ liability, and tax audit cover.
If you run a professional service business, take the time to meet with your Reliance Partners broker to discuss your specific insurance needs.