Professional Liability (E&O)

Compliance consulting, title IX consulting, marketing positioning consultants. Not only has the consulting industry seen tremendous growth in the past 10 years, it has also seen a tremendous amount of specialization. With these niche practices comes a greater assumption of expertise - consultants are now being considered specialists and experts in their designated fields. With this assumption of expertise comes a greater presumption of improved results and a greater responsibility. When services do not deliver as advertised or your advising does not achieve the desired results, lawsuits are quick to follow. And litigation does not always need “teeth” to cause damage - even claims without merit can be extremely time consuming and costly to defend. For consulting firms and consultants working for larger companies, the nature of the relationship alone can inflict pressure - larger companies often have the resources, time and funds to bring litigation whereas the smaller consulting firms may not. The only source of protection for such claims is professional liability insurance (also known as E&O). The term Errors & Omissions insurance though can be misleading - E&O (professional liability) can offer protection against much more than simple errors and omissions, providing defense costs, fees and settlements for claims such as:

• accusations of wrongdoing or misrepresentation
• claims from 3rd parties
• claims against you by nature of being a “deep pocket”
• compliance and failure to keep up with changing regulations
• fines, penalties and regulatory investigations 
• certain cyber related claims

Professional liability insurance is not a a commoditized-like product like auto insurance, coverage can significantly differ from carrier to carrier. Failure to acknowledge or understand these differences can have far reaching coverage implications in time of need. These policies also work very differently than “occurence based” general liability policies most brokers as used to. Partnering with a knowledgable professional liability broker is a critical step in securing a well structured insurance policy/program. Some of the consultants we work with include: 

• Governance & Compliance Consultants
• Finance & Accounting Consulting
• Tech & IT Consulting
• Market & Strategy Consultants
• Executive Coaching & Management Consulting
• Industry specific consulting (Education, Healthcare, etc)