Miscellaneous Professional Liability
If clients rely on your expertise, mistakes can become claims.
A broad range of consultants and service firms can create professional liability exposure.
Examples of professional classes
Depending on carrier appetite, programs may be available for management and business consultants, marketing firms, bookkeepers, tax preparers, staffing and recruiting firms, travel agents, translators, notaries, expert witnesses, trainers, franchise consultants, logistics consultants, claims services and many other advisory or administrative businesses.
Some professions—including legal, medical, accounting, financial, fiduciary, title, escrow and high-hazard technical work—usually require specialized applications and policy forms rather than a generic miscellaneous professional policy.
What creates the claim?
Allegations can involve inaccurate advice, missed deadlines, flawed reports, failure to follow instructions, negligent referral, misrepresentation, breach of professional duty or failure to deliver a promised service. Even a defensible claim can create substantial attorney and expert expense.
Define professional services carefully
The policy should be reviewed against every current service. New revenue streams, acquisitions and work outside the described profession should be reported before assuming they are covered.
Underwriting information
Prepare revenue by service, client type and state; largest client and contract; subcontracted services; standard agreements; quality control; professional credentials; claims history; and any known disputes or dissatisfied clients.
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