"Professionals are typically intelligent articulate people used to dealing with issues of great complexity within their fields of expertise. But due to time pressures and other demands on their attention,our experience is that they're often unaware of deficiencies in their professional services cover. Deficiencies that could seriously expose their business, and themselves personally."
"But it's not just the lack of time and focus of the professional that creates the potential for exposure. For a number of reasons, the attitudes of Insurers and Underwriters towards certain professions and occupations changes over time. If the broker isn't on top of these changes at all times, there is a very real risk that they won't serve the client effectively, and may fail to provide adequate protection.
By way of example, we were appointed by a first tier law firm to review their professional risks program. Armed with knowledge of the latest changes in attitude by insurers that impacted on law firms, and of new products that had come onto the market that could be tailored to this firm, we were able to deliver a solution that expanded the cover.
In fact, by negotiating with the insurer, updating the cover, and consolidating out-of-date policies, we achieved a 37% reduction in insurance cost for the client. An excellent result."
If your business involves providing professional services, its security rests on the quality of the professional risks insurance solution. This is a specialised area and an insurance broker must be fully aware of the risks and exposures that affect your business, as well as the variety and detail of the insurance products.
Austbrokers Professional Services is a division of the Austbrokers Group that specialises in advising businesses and their professionals on professional risk management and insurance solutions.
"If the broker isn't on top of these changes in attitude of Insurers towards your profession at all times, there is a very real risk..."