Providers of professional services don’t typically sell products, build property, or provide any kind of tangible goods. Their time and expertise are the product they provide to their clients. They typically possess a unique set of skills or knowledge that allows them to charge for their time and effort. Some common “professionals” that Coverage Pro works with are:
- Real Estate Agents
- Mortgage Brokers
- Financial Advisors
- Software Design Companies
- Technology Service Providers and more
Professionals usually need general liability to cover injury and property damage that arises from their premises and operations. Workers compensation cover them for injuries to their employees and property insurance provides coverage for their office building, desks, chairs and computers.
Professional service providers also have a need for a special kind of policy that provides coverage for the actual services they provide. Professional liability provides coverage for damages caused by the action, failure to act, errors, or omissions of a professional. It fills the gap that most general liability policies leave by excluding coverage for professional services. A few examples of the kind of claims a professional liability policy would cover are:
- Medical Malpractice
- Inappropriate actions of a realtor
- Incorrect advice given by an attorney
- Failure of a software program to perform to the required specifications
- Bad design by an architect leads to a construction delay
- A chiropractic adjustment causes and injury
- The failure to secure a network leads to a data breach
Most professionals go through extensive training to become experts in their field. However, they are not usually trained to manage the issues that arise from running a business. Interruptions such workplace injuries can lead to lost revenues and fines when the professional has to deal with OSHA. Poor disaster planning can leave a professional without a place to practice after a hurricane or fire. Unfair hiring practices can leave a professional facing lawsuits for discrimination.
Coverage Pro Insurance provides support for Professionals and their office operations. In addition to affordable insurance, they provide:
- Employee manuals and guidelines
- Office ergonomics rules
- Computer, Email, and Cyber Security Rules
- Cyber Security Training
- Disaster Planning and more
Having an agent who understands a professional’s office and industry is vital to protecting the business. Every industry has its nuances and it takes an experienced agent and underwriter to make sure the business is properly covered.