First in Protecting, Your Reputation.
Professionals, such as doctors, lawyers and accountants, along with a growing number of other occupations, need special insurance protection. Besides the grand old professions, pharmacists, architects, engineers, opticians, beauticians, insurance agents, and various types of consultants are targeted by lawsuits due to the high standard of accountability under which they operate.
Mistakes or oversights on the part of an employee can also be very costly, by adding a professional liability policy to your coverage plan can help limit your financial liability for damages resulting from these mistakes.
At First Underwriters, we bring your business added value through consultations with knowledgeable and experienced insurance professionals. Our staff is empowered to provide you with immediate responses and has the support of advanced education and technology from a paperless office environment. At First Underwriters, we can help protect you against a variety of risk exposures by offering the following types of liability insurance:
- Directors and Officers Liability (D&O)
- Employment Practices Liability (EPL)
- Fiduciary Liability
Professional liability insurance protection is virtually essential for professionals in an advising capacity, such as investment representatives, general contractors, attorneys and architects.
Examples are customers who cut their hands on a sharp edge of an office’s reception desk or a customer who is hurt when she collides with a clerk who is stocking a shelf. Much more is at stake with professional activities such as the following:
- Expert Status–Persons who need professional liability coverage are those whom the general public depend upon as experts. They provide assistance with special issues such as personal health, expensive business transactions, or personal crises. Many of these situations also involve a high-level of emotion. When something goes wrong, it is much more likely that a client will pursue “justice” through the courts.
- Reputation–Any claim a client makes against a professional involves that individual’s reputation. In many instances, paying a claim bears the stigma of admitting to a mistake. The professional may suffer from a lowered status and could face sanctions from related professional associations or regulatory authorities. Further, many professionals are proud of their standing and their abilities; admitting being wrong is usually fiercely resisted.
- Defense Costs–Defending against claims of professional error or incompetence is usually very expensive and time-consuming. Trials will generally involve expert testimony and technical arguments and the likelihood of resolving issues quickly (particularly via a settlement) is extremely low.
- Identifying A Loss–The timing between when a loss occurs and when a claim or suit is filed can be a mystery. A professional may find out she’s being sued today for something that happened ten years ago. The potential for a huge time gap before a loss arises makes professional liability a very difficult type of business to underwrite and to price.
You have invested a lot in your business and your profession. It is important to be sure that you take the steps to deal with the special as well as the routine sources of loss. As usual, it is always a good idea to discuss your questions and needs with an insurance professional.
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In an economy increasingly composed of individuals and businesses dispensing professional services and advice, the need for comprehensive professional liability coverage is growing. In the past, professionals could get by with simple general coverage, but new niche markets and emerging exposures, such as cyber liability, require a great amount of customization in assembling insurance packages.
First Underwriters has unlimited access to the broadest range of liability coverage for businesses, organizations, and countless professions. Our experienced professionals can deliver insurance solutions that meet the unique needs of your clients operating within the professional services industry. The quick response team at First Underwriters understands the specific issues your clients face and can provide quick access to intelligent solutions.
Errors and Omissions (E&O)
Even the most talented professionals can make a mistake. A solid Errors and Omissions policy can prevent such mistakes from bankrupting your client’s otherwise healthy organization.
Directors and Officers in a corporation are much like the officers on a ship—they navigate their business through the sometimes choppy waters of the business world. And like the officers of the ship, they assume responsibility for the outcomes of their choices. In an increasingly regulated and litigious business environment, corporate executives can see their assets at risk for decisions they made as the leader of a company.
Traditional policies can fail to address the new threats that media companies are facing today. The media industry is exposed to a range of risks, such as defamation, invasion of privacy and intellectual property rights infringements, to name a few.
How confident are you in your Medical Liability insurance? Many basic coverages do not offer the specialized protection you need to cover your assets.
How confident are you in your Small Business insurance? Many basic coverages do not offer the specialized protection you need to cover your assets.
Social service organizations are playing a crucial role in providing care and support to those in need. However, helping the vulnerable does not come without risks. Allegations can result in legal defense costs that can cripple a social service provider financially, forcing them to suspend service. Claims may also cause significant reputation damage and put the organization at risk of losing funding or the support of donors. Without proper coverage, social service organizations jeopardize their ability to continue to operate in the wake of a claim, leaving the needs of some of the most vulnerable at risk.