Firms who provide professional services, are held to a higher standard for their work by both the legal system and general public. Lawsuits against professional services firms are continually on the rise. Even if the lawsuit does not result in a judgement against the firm, these lawsuits end up being a large unexpected expense for the firm.
Professional liability policies are designed to protect professional service firms when a negligent act is alleged by their clients. Many firms believe that their General Liability policy would provide coverage for any liability they may face, but this is not the case. General Liability policies contain an exclusion for any liability arising out of “professional services”. They are only designed to provide coverage for bodily injury & property damage, and do not provide coverage for financial losses.
LJ Stein’s team understands the unique exposures that companies who provide professional services face on a daily basis. Our professional liability team works with a wide variety of professional service firms, such as:
- Land Surveyors
- Environmental Engineers/Consultants
- Financial Firms
By working with your team to get an understanding of your operations, we are able to design an insurance program that will cover the unique exposures that your firm faces.
Through our relationships with the top domestic insurance companies and Lloyds of London markets, our team is able to place coverage for a wide range of professional service firms.