Professional/Business Service Providers

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Professional/Business Service Providers

As a professional service firm, ICA understands the need for a professional service provider to maintain its excellent reputation. Therefore, ICA’s consultants put the due care and sense of ownership in every service provided to its professional client, as if ICA were the actual client. From sole proprietors and family offices, to prominent law firms, accounting firms, medical service providers, and other professional service providers, ICA proactively identifies and assesses the risks associated with their providing services and related business actives to the public .

It is most important for a Professional Services Organization to maintain the broadest and most relevant insurance coverage in order for that organization to stay in business. Failure to obtain cost-effective insurance coverage as well as coverage that does not transfer the appropriate risk to the insurance company will most likely cause a professional service firm from staying in business. Therefore, it is imperative that every aspect of the professional service firm’s operation be identified and properly communicated to the insurance company in order to obtain the relevant coverage needed by their firm for all the services that they perform.

A Professional Liability policy form and the exposures for a law firm are different from that of a financial advisor, medical provider, or other service provider, and therefore these professionals might be surprised to learn that their activities might be creating an unrealized exposure to strict or fiduciary liabilities that are inadequately protected against. As a result, the firm’s professionals, may be held personally liable for certain types of losses ie trustee liability, if coverage is not structured properly to respond, in such types of events.

Sometimes, the pressures of performing their services, cause professionals to reduce their risk management budget without analyzing the coverage impact or other strategies available. Downward pressure on pricing posed by competitors or others in the Professional Service Industry at large may also create a need to adapt to implementing cost-efficient processes, exacerbated by the risk of implementing artificial intelligence to solve complex problems, or to perform routine functions – including data aggregation and advertising processes that could well result in advertising or personal injury depending on the firm’s advertising practices.

Trending exposures facing all types of providers of professional services, may the provider operate in the legal, financial advisory, medical practitioner, or other specialty service sector, include a changing workforce landscape that indicates a potentially significant skills gap, whereby failure to hire and train properly could result in an Errors and Omissions claim, or an unexpected business interruption loss. For example, key exposures that must be taken into serious consideration while focusing on growing a firm’s practice, include; loss of key personnel due to injury, death, or migration to a competitor, failure to perform adequate penetration testing and systems performance analysis to mitigate cyber losses, maintaining compliance per regulatory bodies’ requirements and changes in law, employment related risks and clearly communicated procedures to reduce the chance of personal injury losses, understanding areas of liability the business accepts when hiring contractors or outside personnel to service the business, first party property losses that may prevent access to office locations with critical data or files necessary to serve the firm’s clients, potential for ensuing business interruption, extra expense, and back-up location costs, company outings and community service specific exposures, as well as auto liability exposures related to the firm’s vehicle use policy (or lack thereof).

Overall, decision makers of Professional Service firms do their best to exercise a higher degree of care as their profession requires, to their customers or clients, thus providing exceptional service that outperforms the competition. The above philosophy is utilized in stride with ICA’s approach to catch the minute details necessary and proper to form a comprehensive risk management program.

ICA’s consulting experience and unique insight has proven to be invaluable to the decision makers and providers of professional services. Apart from the professional services that ICA provides on an ongoing basis to clients in this industry, ICA is constantly recognized for the issue-spotting and recommendations provided to its clients that include noninsurance-specific matters, which they may face based on their professional engagements or activities. Understanding the nuances, roles, and services that these clients provide is critical to developing the most optimal risk management and risk transfer solutions. This is due to ICA’s core resource having aggregated a talented pool of consultants with experience from various professional backgrounds, to speak the professional service provider’s “native language” and provide the appropriate level of service demanded.

The following testimonial exemplifies ICA’s value provided to one of its Professional Service clients:

“As in the past, you dealt with our current crises as you always do in an efficient and effortless manner… we have been doing business with your company for over 10 years. In all my years’ experience in dealing with other companies, I have yet to come across a company that is as efficient, courteous and accommodating as ICA has been in handling our Risk Management Program Audit.” – Professional Services Industry Client

Contact ICA for a comprehensive list of client references.