Custom Coverage at a Competitive Price
Many businesses view their insurance agent as a “vendor”. That is not us. We are a “guide” in helping you navigate the complex world of Insurance & Risk Management. Here are the 3 ways you can get started with us now:
What Our Clients Are Saying
Our goal is to give you clear choices in an ever-increasingly complex world of insurance and compliance requirements. We protect our clients through appropriate coverage and experienced insight.
Contact Us to speak with an Insurance Advisor today at 888-421-RISK (7475)
Q: I use my Drone for my business, is it insured under my current General Liability Policy or do I need to purchase a separate Drone Liability Policy? A: Your General Liability coverage usually includes an exclusion that prohibits aviation coverage. In many cases,...read more
Q: My client mentioned that their lender will request to have a separate agreement signed, in addition to my professional services contract. Is this typical, or does this signal additional risk? A: Your client’s lender is not generally the intended recipient of your...read more
Q: When the contract requires protection of confidential/proprietary information, what information may not fall into that category? A: Keeping in mind that this is not an all-inclusive list, following are some examples of information that may not be truly...read more
Professional Liability Insurance Company
Professional Liability insurance is the first type of policy a firm needs when providing Professional Services. Risk Specialty Group is an insurance and risk management firm that provides businesses with access to specialty Professional Liability carriers , some of which, your current agent may not even know exists. Because of longstanding relationships with insurance underwriters, we help our clients improve their existing insurance coverage while reducing associated costs.
Errors and Omissions Insurance
Professional liability insurance, or Errors & Omissions (E&O), covers liability arising out of the negligent act or omission of a professional, such as an engineer, architect, or surveyor, in the performance of their services. A separate policy is necessary because professional liability is usually excluded within general liability policies.
It is important to have an experienced agent on your side that will review your agreements and ensure that your interests are represented. A confusing area between general liability and professional liability is in how a claim is reported. For example, most of the general liability policies are written on an “occurrence” basis. This means that the date of the situation that caused a claim is when the coverage must be in effect and points to which insurance carrier should be notified. Professional liability policies use a claims-made basis. This is quite a significant difference. The availability of coverage is determined by when the claim is made, not when the event leading to the claim occurred.
You can switch feel comfortable switching your carrier for professional liability coverage as long as your current Retro Date and existing coverages are matched by the new carrier. The Retro Date is usually the first date that the coverage was purchased and tells us “how far back” your coverage goes.
Professional Liability Insurance
Not all policies for professional liability are the same. In fact, many only cover financial and economic losses for third parties. This is what professionals like real estate agents or accountants need. For professionals like engineers, architects and surveyors, they need Property Damage and Bodily Injury to be included due to the nature of services they provide.
Why Choose Risk Specialty Group?
We provide the detailed advisory services that are required by Design Professionals, which includes:
- Access to Best Practices
- Access to Benchmarking (see how your firm compares to peers)
- Quick responses to certificate and Insurance Compliance requests
- Contract Reviews for insurability
- Relationships with specialty underwriters worldwide
- Knowledge of the unique risks of the design industry
- Negotiating with 3rd party certificate verification firms
We are an independent insurance agent. This means we represent you. We don’t try to sell you a particular product or use a specific carrier. We can provide you with clear choices from more than 20 “A” rated carriers.