A lawyer, an accountant, and an engineer all fill important roles in a city’s business environment. They may make a similar income, and the prestige of their jobs may carry equal weight at social gatherings. Their business insurance needs, however, are very different. For example, any firm would be wise to consult an insurance professional to consider the unique needs of a particular industry before purchasing professional liability insurance. It’s a necessity of the modern business world to hedge against financial losses from contractual losses and litigation.
The Agent Must Know the Industry
While a surgeon considers insurance, he might be thinking immediately of a malpractice policy, which could cover an alleged mistake that affected a patient’s health negatively. For an architect or accountant, however, professional liability insurance might be a bit more subtle, dealing with paperwork that had errors, or even sections omitted. A good insurance agent should know the idiosyncrasies of the industries he serves. He can tailor his help by offering the following:
- Identifying gaps in coverage
- Building custom insurance programs
- Risk management knowledge
- Competitive pricing and responsive quoting
Investing in Insurance Makes Fiscal Sense
When a business owner considers how to allocate their budget, it’s easy to consider rent and utilities, technology infrastructure, office supplies, licensure, and labor costs. Insurance may not be the first thing that comes to mind. If, however, potential losses from lawsuits are factored into the equation, a good package of professional liability insurance policies may be one of the most important line items on the budget for an architect or financial planner.